Finance Minister Nirmala Sitharaman Today, the general budget will be presented in the Lok Sabha at 11 am. Many big announcements are expected in today’s budget, which may include relief to farmers, income tax exemption to salaried people, concessions to businessmen, increasing the scope of PLI scheme and many other big announcements. Let us know what important announcements are expected in the budget.
Budget allocation may increase in health sector
There is every possibility of increase in budget allocation for the health sector. It is expected that there will be adequate budget provision for National Health Mission, National Health Authority and AIIMS Hospital.
There will be an emphasis on job creation
The government may focus on job creation in the budget. Also, tax relief may be announced for taxpayers. The budget is expected to focus on agriculture, start-ups, housing, railways, defense, electronics and renewable energy. Some announcements are expected on NPS and Ayushman Bharat in the budget. There has been a lot of discussion at the state level regarding pension schemes. The central government had also constituted a committee regarding NPS (New Pension System).
Many announcements are possible for MSME
To promote micro, small and medium enterprises (MSME) in the country, an announcement may be made in the upcoming budget to increase the loan limit under the Mudra scheme to Rs 20 lakh. The loan limit under the Pradhan Mantri Mudra Yojana (PMMY) is likely to be increased from Rs 10 lakh to Rs 20 lakh and the credit guarantee cover for loans considered unsecured for MSMEs is likely to be increased from Rs 2 crore to Rs 5 crore.
Emphasis will be on investment in rural infrastructure
Economy experts say that to boost the economy in rural areas, the Finance Minister may announce an increase in investment in the budget. This will also benefit the Indian economy.
Announcements may be made on Ayushman Bharat
Economists believe that there may be some announcements in the general budget regarding the new pension system and social security schemes like Ayushman Bharat. While releasing the manifesto of the Bharatiya Janata Party for the Lok Sabha elections, Prime Minister Modi had said that all citizens above 70 years of age will be brought under the ambit of the Ayushman scheme for free treatment up to Rs 5 lakh.
Government may increase defence spending
India’s defence budget is expected to meet the rapidly changing geopolitical scenarios globally. Hence there is a need to increase the defence budget. Defence experts say that given the current geopolitical scenario including the threat posed to India from China and Pakistan, India should spend at least 25 per cent of the total central government expenditure in the upcoming budget.
There may be an emphasis on the safety of railway passengers
The upcoming Union Budget for the financial year 2024-25 may focus more on increasing passenger capacity and safety on the railway network. The Railway Ministry will consider allocating adequate funds to create more facilities for the general public and to increase rail capacity by expanding the network, reducing congestion and avoiding operation-related accidents. Let us tell you, Union Railway Minister Ashwini Vaishnav recently announced that the national transporter will manufacture 10,000 non-AC coaches in the next two financial years.
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