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Budget 2024
The Central Government’s Interim Budget 2024 is said to focus on several key sectors including social welfare, health, infrastructure, education, and agriculture. These will be implemented till the new government presents the budget after the elections. As this is the last budget to be presented before the Lok Sabha elections in April-May 2024, it is full of various expectations. Union Finance Minister Nirmala Sitharaman will present the interim budget for 2024-25 on February 1. While there are no major announcements about this interim budget, let’s see which sectors are getting more attention.
Expectations of Budget
Union Finance Minister Nirmala Sitharaman is all set to present the Union Budget for the sixth consecutive time. This budget is expected to see more announcements on everything from India’s infrastructure to defense sectors. Apart from this, Nirmala Sitharaman’s special announcement for middle-class families and employers is said to be announced in the budget. Employment is the biggest concern among the youth, thus this budget is expected to have a lot of room for policies and programs to create more employment opportunities to tackle unemployment.
Special Features of Budget
Considering the upcoming Lok Sabha elections this year, expectations are high that the interim budget will include schemes to increase employment opportunities. Apart from this, there are likely to be more concessions in terms of tax breaks for the middle class, home loans, relief from inflation, and interest rates on home loans. It is said that the central government may expand the Self-reliant India employment scheme. This will create more employment opportunities. At the same time, the budget of NREGS can also be increased under the Rural Employment Scheme. Apart from this, some special announcements may also be made to create employment opportunities in sectors like railways, defense, and infrastructure.
To reduce the tax burden on the middle class, the central government is expected to announce income tax exemption in this budget. It is said that the limit of deduction under Section 80C of Income Tax may be increased above Rs 1.5 lakh per annum. Doing so will increase the tax exemption provided under PPF and insurance, which will directly benefit the middle class and salaried employees. Similarly, exemptions related to insurance may also be announced in the 2024 budget. In this budget, the finance minister is also said to exempt insurance policies from GST. This will reduce the insurance premium. If this exemption is given, the number of insurance companies will also increase and the economy will grow.
