After Prime Minister Narendra Modi assumed power for the third time, the central government will present its first full budget today. This time the service class is hopeful that the government will give them some relief in income tax. The scope of standard deduction or 80C will increase. On the other hand, people of the business class are looking forward to concessions from the government. Women also have great expectations. According to sources, the government can make some big announcements for farmers in this budget. The government’s focus can be on railway network, airport and water transport.
When Finance Minister Nirmala Sitharaman presents her seventh consecutive budget for the financial year 2024-25 on Tuesday, a record will be registered in her name. With this budget, she will break the record of former Prime Minister Morarji Desai. According to experts, the government can make some big announcement regarding the economic prosperity of the general public. A big decision can be taken regarding farmers. At the same time, some new announcements can be made about renewable energy.
Most of the announcements revolve around Modi’s statement
The Prime Minister has already announced to make India the third largest economic power in the world in the next five years. Therefore, most of the announcements in the budget are going to be made around that time. Assembly elections are going to be held in Maharashtra this year. In such a situation, the government can make some announcement regarding Maharashtra. A big package can be given for Bihar and Andhra Pradesh. Because the Chief Ministers of both the states are demanding it. Bihar was earlier demanding special status, but the government has told that it is not possible.
Economic survey shows the pace of growth
Before the budget, Finance Minister Nirmala Sitharaman presented the Economic Survey on Monday. It estimated that India’s GDP growth rate could be between 6.5 percent to 7 percent in the financial year 2024-25. This shows that India’s economy will perform well even in the current financial year. Experts estimate that the government will try to reduce the fiscal deficit. There may also be some cuts for this.
FIRST PUBLISHED : July 22, 2024, 23:33 IST
