Budget 2024: Finance Minister Nirmala Sitharaman will present the first general budget of Modi 3.0 on July 23. The government has held extensive discussions with representatives of the industry and other sectors regarding this budget. Prime Minister Narendra Modi himself has held a long meeting with economists and taken their suggestions. However, this time BJP, which failed to get a majority on its own, also faces many challenges. It has to live up to the expectations of the general public as well as two important allies TDP and JDU.
The government is busy with activities regarding the budget of developed India. This budget will also give a road map to make India a developed nation by 2047. PM Modi has met economists in Niti Aayog regarding this. Economists have suggested the Prime Minister to focus on employment, rural economy and manufacturing. Also, suggestions have been sought from all the ministries as to what should be included in the budget?
Table of Contents
There was a hint about the budget during the President’s address. President Draupadi Murmu had said that this budget will be an effective document of the government’s far-reaching policies and vision for the future.
In the 2024 Lok Sabha elections, BJP suffered a major setback in rural areas. BJP’s seats were reduced in these areas. In such a situation, special attention can be given to rural and agriculture sector in the budget. The government will focus on capital expenditure in the upcoming budget. That is, the government can make a special announcement on infrastructure and agriculture. It is expected that the Modi government will make some big announcement regarding Kisan Samman Nidhi, PM Kisan Yojana in this budget. Measures may be announced to accelerate the growth rate of the agricultural sector.
This time the Finance Minister can announce to increase the funds for the PM Awas Yojana. Some increase is possible in the 6000 rupees given to farmers annually under the PM Kisan Yojana. The President has also given indications about income tax in his address. In such a situation, it is expected that Finance Minister Nirmala Sitharaman can give some relief in income tax to the middle class in this year’s budget. In the new tax regime, the income tax slab can be increased from 3 lakh to 5 lakh.
Middle class is the driver of the country’s development – PM Modi
PM Modi had said in his speech on 7 June that the middle class is the driver of the country’s development, their well-being and convenience is our priority. Modi had said that we will make a policy in the direction of how the middle class can save some money and how their life can be made easier. This indicates that the government can give some relief to the middle class in the budget.
Possibility in the budget for the middle class:
PM Kisan Samman Nidhi can be increased.
Measures may be announced to accelerate the growth rate of the agricultural sector.
An announcement may be made regarding the PM Awas Yojana in rural areas.
There can be announcements regarding the possibility of increasing the working days of MNREGA and including agriculture related works as well.
There may be focus on women, youth, farmers and the poor.
In the new tax system, the limit of income tax exemption slab can be increased to Rs 5 lakh.
There may be an emphasis on increasing consumption, more money is expected to come into the hands of consumers.
New concession is also possible on taking housing loan.
The government will remain focused on capital expenditure; spending on infrastructure can be increased.
Special attention can be given to MSME.
The situation regarding OPS may become clear. The committee has submitted its report on this.
New incentives may also be announced for EV i.e. electric vehicles.
Green energy can be promoted.
The PLI scheme can be expanded to other sectors.
Clarity can be given on the labor code regarding labor reforms.
10 big expectations from the budget:
1. A strong India
- Road map for developed India by 2047
- The budget will draw a blueprint to make India a five trillion dollar economy
- The budget will show the way to achieve the goal of making the world’s third largest economy
2. Focus on development
- Special emphasis on rural economy
- Announcement regarding PM Housing Scheme in rural areas
- Boost to infrastructure and manufacturing
- capital expenditure and increase
3. India Shining
- Rapid pace of disinvestment
- economic growth rate accelerates
- Reduction of budget deficit
- Emphasis on defense modernization and indigenization
4. Jai Kisan
- New schemes for agriculture sector
- Increase in Kisan Samman Nidhi
- Increasing the limit of Kisan Credit Card
- Possibility of increasing the working days of MNREGA
- Including agricultural work
5. Care of the middle class
- Changes possible in income tax slabs
- Emphasis on increasing consumption
- More money is expected to come into the hands of consumers
- New concessions are also possible on taking housing loans
6. Employment will increase
- Special focus on youth
- Employment oriented incentive scheme possible in service sector
- Promote skill development
- Special focus on MSME
7. Major economic reforms
- Long-term policies
- Major economic and social decisions
- Infrastructure, manufacturing and labor continue to improve
8. Attention from colleagues
- Special focus on Andhra Pradesh and Bihar
- Special schemes may be announced
- Both states can get a gift
9. Gifts to the elderly
- Restoration of concessions in railway travel for senior citizens
- Clarity on OPS, fixed pension in NPS
- Treatment up to Rs 5 lakh under Ayushman Bharat
10. Green India
- Concession on EV vehicles
- Focus on green energy
- Clean air, clean fuel
Also Read:
Budget 2024: Common Man Pleads for Tax Relief; Will This Budget Finally Deliver?
Budget 2024: Will the NDA Deliver on Common Man’s Hopes Post-Election?
Rajasthan Budget 2024: CNG-PNG Prices Slashed by 4.5% VAT Reduction, Jaipur Metro to Speed Up!
