1. Finance Minister Nirmala Sitharaman to present Interim Budget 2024-25.
2. The budget holds significance for the pre-Lok Sabha election period.
3. Expected to provide a comprehensive economic roadmap for India’s development.
New Delhi, Feb 01: Finance Minister Nirmala Sitharaman is set to present the Interim Budget 2024-25, outlining the government’s approach for the final stretch before the Lok Sabha elections. This interim budget holds significance as it is expected to provide a comprehensive economic roadmap, reflecting the government’s commitment to transforming India into a developed economy.
Anticipated Areas of Focus
1. Support for Farmers
Amid challenges like export bans and adverse weather conditions affecting harvests, increased financial support for farmers is expected. This may include higher allocations for farm sector schemes and subsidies on essentials like fertilisers and cooking gas.
2. Job Creation
Addressing concerns about unemployment, the budget is likely to concentrate on job creation. Investments in sectors with significant employment potential are anticipated to feature prominently.
3. Infrastructure Push
Continuing its emphasis on infrastructure development, the government is expected to allocate funds for roads, railways, and digital initiatives. This strategic spending is crucial for sustaining economic growth.
4. Fiscal Prudence
Balancing expenditure and revenue, the government aims to reduce the fiscal deficit to 4.5% of GDP by FY26. Fiscal prudence remains a priority, showcasing the government’s commitment to financial discipline.
5. Income Tax Relief
While major changes in personal taxation are unlikely, there could be additional benefits under old and new income tax regimes to provide relief to taxpayers facing the impact of high inflation.
6. Social Security Boost
An introduction of a social security fund for informal sector workers, including those in gig jobs, is anticipated. This aligns with the government’s focus on inclusive growth.
7. Affordable Housing
Addressing housing needs, the budget may witness a substantial increase in funding for low-cost housing projects. This move would not only cater to housing demands but also stimulate the construction industry.
8. Divestment and Asset Monetisation
Continuing the divestment drive, the government may aim for strategic asset sales to improve fiscal health without excessively burdening taxpayers.
9. Women’s Empowerment
Special measures to empower women, such as increased subsidies for cooking gas and loans, are expected. Recognizing the crucial role of women in the electorate, the government might introduce initiatives to enhance their economic participation.
10. Green Energy Investments
In alignment with the global shift towards sustainable energy, the budget could allocate funds for green hydrogen and electric vehicle initiatives. This move would position India at the forefront of the green revolution.
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Nirmala Sitharaman’s Interim Budget is poised to address multifaceted challenges while strategically aligning with the government’s vision for inclusive growth, economic development, and sustainability.
The focus on key sectors reflects a comprehensive approach aimed at meeting the diverse needs of the nation.
