Attention is likely to remain on these sectors, major announcements are possible
Union Finance Minister Nirmala Sitharaman will present the first Modi Budget 3.0 in Parliament today i.e. on July 23. All kinds of speculations are going around about this budget. From the common man to students, farmers, taxpayers and industrialists, there are a lot of expectations from this budget. From the first day of the budget session, the government made it clear that this time the budget will focus on presenting India as a developed nation by 2047.
This budget is believed to be the roadmap to make India a developed nation by 2047. What will be the blueprint to make India a five trillion dollar economy? There may be big announcements for some sectors in the budget. In such a situation, let us know which sectors will be the focus of Modi’s first full budget 3.0…
Attention can remain on these
focus on employment
There may be a focus on employment in the Budget. The Economic Survey presented yesterday also said that to meet the needs of the growing workforce, the Indian economy needs to create an average of around 78.5 lakh jobs per year in the non-agricultural sector by 2030. This means that if the growth of the economy is to be sustained, employment opportunities will have to be provided to an average of 78 lakh people every year, so that there is no decline in demand and supply and demand are maintained in balance.
Apart from this, the government can take policy initiatives to create employment opportunities in various sectors. There are chances of big announcements in the budget in the areas of manufacturing, infrastructure and MSMEs. The government can focus on making youth employment-ready by providing them with vocational training. Measures can be taken to promote start-ups and entrepreneurship. Economic reforms can be implemented to promote ease of doing business and reduce regulatory burden.
Attention can continue to focus on infrastructure and agriculture
It is believed that the focus of the government in the budget may be on capital expenditure. That means the government may make special announcements on infrastructure and agriculture. It is expected that the Modi government may also make some important announcements in this budget regarding the farmers’ honour fund and the Prime Minister Kisan Yojana. During this period, measures may be announced to accelerate the growth rate of the agriculture sector.
PM’s housing fund may increase
The Finance Minister may also announce a further increase in funds for the PM Awas Yojana in this budget. There is a possibility of some increase in the amount of Rs 6,000 given annually to farmers under the PM Kisan Yojana. The President has also given indications on income tax in his speech. In such a situation, it is expected that Finance Minister Nirmala Sitharaman may give some relief in income tax to the middle class in this budget. In the new tax regime, income tax may be increased from Rs 3 lakh to Rs 5 lakh.
Attention may focus on the middle class
PM Modi said in his June 7 speech that the middle class is the engine of the country’s development. Their welfare and comfort is our priority. Modi had said that we will make a policy in this direction to enable the middle class to save some money and make their life easier. This indicates that the government may provide some relief to the middle class in the budget.
These can be big decisions
- Prime Minister Kisan Samman Nidhi may be raised.
- Measures may be announced to accelerate the growth rate of the agricultural sector.
- There may be an announcement regarding the Prime Minister Awas Yojana in rural areas.
- Attention can focus on women, youth, farmers and the poor.
- In the new tax system, the limit of income tax exemption can be 5 lakhs.
- The increase in consumption can be emphasized.
- A new loan is also possible when taking out a home loan.
- Spending on infrastructure can be increased.
- Particular attention can be paid to MSMEs.
- The situation regarding OPS may be clarified. The commission has submitted its report on the matter.
- New incentives may also be announced in relation to electric vehicles, i.e. electric vehicles.
- Green energy can be promoted.
- The PLI scheme can be extended to other areas.
- Clarity can be provided on the labour code in terms of labour reforms.
- Government may launch Digital Agriculture Mission.
- The loan limit of Kisan Credit Card may be increased.
- The limit can be increased from Rs 3 lakh to Rs 5 lakh.
- The loan without any possible collateral increased from Rs 1,60,000 to Rs 2,60,000
- Funding for the National Oilseeds Mission
- Fund for the modernization of agricultural markets
- Government will promote crop diversification
- Additional budget may be provided for PM-AASHA scheme.
- Announcement of complete acquisition of Toor, Urad and Masoor dal is possible
- Income tax payer can get relief
- The standard deduction can be increased.
- There may be a change in the tax rate of up to Rs 12 lakh.
- Possible changes in NPS for government employees
- NPS can be made more attractive.
