Budget Expectations: The country’s general budget will come on July 23. President Droupadi Murmu has approved holding the budget session from July 22. Parliamentary Affairs Minister Kiren Rijiju said on Saturday that the budget session will run till August 12, and Finance Minister Nirmala Sitharaman will present the budget for the financial year 2024-25 on July 23. The country has thousands of expectations from this first budget of the third term of the Narendra Modi government. It is believed that through this budget, the government can make many big decisions like making business more accessible, increasing infrastructure spending, and giving tax relief to the middle class.
Exemption In Standard Deduction May Be Announced
It is claimed that the central government can announce an exemption in the standard deduction for employed people. A standard deduction of Rs 50 thousand is available under the new tax regime. It is believed that in this budget, it can be increased to Rs 1 lakh. Apart from this, home loan borrowers can also be given more relief under the Income Tax Act.
Many Schemes Can Come For Women
Apart from this, many schemes to provide relief to women are expected to be announced in this budget. This includes schemes like gas subsidies. Announcements to give relief to women can also be made in healthcare schemes. Apart from this, the income tax exemption of Rs 10,000 currently available on savings accounts’ interest can be increased to Rs 25,000. This exemption for senior citizens is presently Rs 50,000.
Emphasis Will Be On Infrastructure, Defence, Railways and Renewable Energy
In this year’s budget, in addition to arranging more money for infrastructure development, special attention is also expected to be given to the defense, railways, and renewable energy sectors. Steps can also be taken to promote the ease of business in the country. The government can announce rules to minimize business-related fines and court cases. For this, the Mediation Council of India can also be formed. Also, there is full scope for reform in labor laws.
