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    Budget 2023 should offer growth steroids to small businesses

    Small businesses play a critical role in employment and income generation. They need budgetary support to push up consumption. Will the Budget 2023 pass that key test?

    Subir Roy
    January 09, 2023 / 03:40 PM IST
    Budget 2023 should offer growth steroids to small businesses

    The Budget needs to be guided by the precept that the way to raise revenue is not to raise rates but improve the tax administration so that honest taxpayers are not harassed and there is enough incentive for businesses and high net worth individuals to pay their taxes. (Representative image)

    The latest advance estimates by the National Statistical Office of GDP growth in FY2023 have pegged it at 7 per cent. This is likely the highest that any large economy (except perhaps Saudi Arabia) is expected to achieve. Therefore, it is imperative that the Union finance minister presents a budget which helps take forward such growth into the next fiscal year. A caveat that needs stressing right away is that the growth estimate has assumed relatively low level of international...

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