Union Finance Minister Nirmala Sitharaman.Image credit source: PTI
Finance Minister Nirmala Sitharaman will present the first budget of the Modi government 3.0 on July 23. People have high expectations from this budget. The salaried class is expecting a big relief. The business class is also expecting a big announcement. What the budget will look like will be known only after it is presented in Parliament. But the debate on it is intense.
In this budget, questions are already being raised on what is the plan of the PM Modi-led NDA government on developed India, economy, jobs, green economy, new tax regime, standard deduction and PM Swanidhi scheme. Let us know what could be the budget for Modi-3.0.
- There will be a five-year roadmap for Modi-3.0 in the budget.
- India’s developed strategy will be revealed.
- Measures will be taken to boost the economy.
- New possible decisions to increase employment.
- There will be no compromise on financial discipline.
- There may be an emphasis on the green economy.
Will there be any relief on income tax?
- Expected change in tax rates under the new tax regime.
- Expectation to increase standard deduction limit from Rs 50 lakhs.
- Option to reduce corporate tax on new factories and new investments.
- Emphasis will be placed on startups in Tier 2 and 3 cities.
- An increase in the salary cap is likely to be announced in the budget.
- The scope of PM Swanidhi’s plan may be expanded.
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A day ahead of the Union Budget, the leaders of both the houses of the NDA met on Monday. On behalf of the government, Parliamentary Affairs Minister Kiren Rijiju, Minister of State for Parliamentary Affairs Arjun Meghwal and L. Murugan were present. It was decided in the meeting that the NDA should be seen united inside and outside the House as far as the budget is concerned. All the allies of the NDA will speak with one voice on the budget.
It was decided at the meeting that all MPs should be present in the House on time. After the presentation of the budget, the main points of the budget will be shared with the colleagues. The NDA parties have also been asked to provide names for the list of common spokespersons of the NDA.
Minister of Finance presented Economic Report 2023-24
According to sources, JDU has given the name of its spokesperson Rajiv Ranjan as its spokesperson. All the parties in the NDA have been asked to provide two names each for their spokespersons. A day before the budget, Finance Minister Nirmala Sitharaman presented the Economic Review 2023-24 in the Lok Sabha. The accounts of the last fiscal year were presented in it.
A time of 20 hours was set for the discussion.
The Union Budget for 2024-25 will be presented in the Lok Sabha on Tuesday. 20 hours have been fixed for the debate on this issue in the House. Apart from the Union Budget, the BAC (Business Advisory Committee) has decided to discuss with the ministries of Railways, Education, Health, MSMEs and Food Processing. This committee comprises leaders from different parties.
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The Congress has put the economic review presented by the government in the spotlight. The Congress says the economic situation in the country is disappointing and this government has tried to present an optimistic picture that everything is fine. Jairam Ramesh said the budget presented on Tuesday is expected to be in line with reality.
The economic report released by the government estimates that the economic growth rate in the current fiscal year will be 6.5 to 7.0 percent. Along with the need to create more jobs, it also supports more foreign direct investment (FDI) from China to boost exports.
