Finance Minister Nirmala Sitharaman is set to present the Modi 3.0 government's first budget on July 23, 2024. The Union Minister of State for Parliamentary Affairs Kiren Rijiju has shared this news via a social media post. He announced that the Union Budget 2024 will be presented on July 23, with the Budget session commencing from July 22. The President has granted approval for the discussion of the budget in both houses of the Parliament from July 22 to August 12.
The budget will be presented in the Lok Sabha on July 23 and the session will continue till August 12. With the new term of Modi's leadership, there are high expectations from this budget, especially for tax concessions for the middle class, empowerment plans for women, income enhancement for farmers, and employment opportunities for the youth.
Experts also believe that significant announcements could be made by Nirmala Sitharaman on July 23. A substantial budget allocation for sectors such as Infrastructure, Manufacturing, Auto, Green Energy, Real Estate, and Agriculture is anticipated. Additionally, there could be increased funding for Railways and Road & Transport sectors compared to previous budgets. Let's explore what common citizens can look forward to from this budget?
Source: aajtak
Potential Tax Relief on the Horizon
It is rumored that the ministry is earnestly considering options for income tax relief for the middle class within this budget. Over the past five years, the government only implemented the New Tax Regime, with a standard deduction of 50,000 INR allowing for a non-taxable income up to 7.5 lakh INR. There have been no changes to the Old Tax Regime. As such, residents are hoping for revisits to the previous system in this round.
Tax Slabs May See Revision
Finance Minister Nirmala Sitharaman could propose an increase in the non-taxable income limit for individuals from the current 3 lakh INR to 5 lakh INR in the upcoming budget (Budget 2024). The government aims to boost consumption among lower-income individuals by introducing this tax cut. This exemption could apply to those under the New Tax Regime. Furthermore, tax slab rates might also be reduced to benefit the general populace.
Source: aajtak
PM Kisan Scheme Amount May Increase
The government is considering an increase in the incentive amount granted under the PM Kisan Scheme within the budget. The annual grant of 6,000 INR could be raised to 8,000 INR. If approved, farmers would receive four installments per year instead of the current three. At present, the government dispenses a sum of 2,000 INR every four months under the Pradhan Mantri Kisan Samman Nidhi Scheme.
Could There Be Announcements for Women?
Experts believe that the full budget for 2024 may include subsidies for women's welfare and additional tax reliefs to lower the prices of essential commodities. From cooking gas to healthcare services, subsidies could be provided to ease burdens. Furthermore, the government might consider offering tax exemptions to women based on varied criteria such as marital status, employment, and parental responsibilities.
Is a Flood of Jobs Expected?
Some reports suggest that there have been employment opportunities created in the private sector in recent years. It is hoped that this budget will open up additional job prospects ranging from government to private sectors including Infrastructure, Manufacturing, IT, Green Energy, and Railways. Experts anticipate that the government will focus on creating more job opportunities for the masses.
