The 22nd edition of the fortnightly government roundup covers the union budget 2023-24, economic survey 2022-23, reports, consultation papers released NITI Aayog and TRAI. In this 22 edition of Factly’s Fortnightly Government Data Roundup, we look at the key reports released in the fortnight from 27 January to 9 February 2023. These include the Union Budget 2023-24 and Economic Survey for 2022-23, reports released by NITI Aayog, and a Consultation Paper released by TRAI. Union Budget 2023-24 Brief about the report Article 112 of the Constitution of India states that a statement of estimated receipts and expenditure of the Government of India for a financial year needs to be laid before both the houses of the Parliament. The legislation refers to the Union Budget as ‘Annual Financial Statement’. Before the beginning of the next financial year (01 April), the budget is required to be passed by the parliament. Thus, every year, the parliament session in the month of February is dedicated to the annual Union Budget and is thus called the budget session. A detailed explainer by Factly on the process behind the preparation of Union Budget can be accessed here. In the ongoing budget session of the parliament, the finance minister Nirmala Sitharaman announced the Union Budget for 2023-24. This would be the NDA Government’s last full budget before the 2024 elections. Key takeaways from the Union Budget 2023-24 While announcing the Budget, the finance minister emphasized that Indian economy is on the right track, and despite a time of challenges, heading towards a bright future. She listed seven priorities of the Union Budget and that complement each other and act as the ‘Saptarishi’ guiding the nation through the Amrit Kaal. They are Inclusive Development, Reaching the Last Mile, Infrastructure and Investment, Unleashing the Potential, Green Growth, Youth Power, and Financial Sector. Some of the key achievements of the government as mentioned in the annual budget are listed below. Atmanirbhar Clean Plant Program, Pradhan Mantri Kaushal Vikas Yojana 4.0, Agriculture Accelerator Fund, Digital public infrastructure for agriculture, Sickle Cell Anaemia elimination mission, and PM Programme for Restoration, Awareness, Nourishment and Amelioration of Mother Earth (PM-PRANAM) are some of the initiatives planned to be launched. Some amendments with respect to direct taxes are given below. With respect to indirect taxes, proposed amendments have been listed below. Legislative changes in Customs Act, Customs Tariff Act, and CGST Act have been proposed too. Economic Survey 2022-23 Brief about the report Published annually by the Ministry of Finance, the Economic Survey is a report that reviews the performance of the Indian economy in the last financial year. It is usually presented by the finance minister in the Parliament a day ahead of the Union Budget. This year’s Economic Survey is significant as it captures the impact of the Russia-Ukraine war that started while the pandemic started receding, as well as India’s recovery following the pandemic. Key Highlights Consultation paper on ‘Regulating Converged Digital Technologies and Services –Enabling Convergence of Carriage of Broadcasting and Telecommunication’ Brief about the report Over the years, technological advancements have resulted in the convergence of devices, services, and networks. Factors such as efficient utilization of resources, increased level of competition, more innovative user applications and technological developments are driving convergence, which has been beneficial to various stakeholders. Technological convergence not only enables possibility of delivering a broader set of products, but also benefits through lower entry barriers, promotion of competition, lower cost equipment, quicker market response, and new business opportunities. However, there are challenges too. The paper deals with the issue of regulating converged digital technologies upon enabling convergence of carriage of broadcasting and telecommunication services and seeks views of the stakeholders on changes required, if any, in legal, administrative, and licensing framework to deal with them. It has flagged issues like standards and technical license conditions from a policy perspective. The last date for submission of comments is 27 February 2023 and for counter comments is 13 March 2023. The Comments and counter-comments may be sent to [email protected]. Transition to accrual accounting: Models and learnings for Urban Local Bodies About the report The Indian Government comes up with initiatives to improve the financial reporting in Urban Local Bodies (ULBs) which include linking grants with accounting reforms among other things.