Budget 2024: The Wait Is Over - What's In Store For Modi Government?

On July 23rd, Nirmala Sitharaman, the Finance Minister of India, may make some major announcements. A significant budget could be released for sectors such as infrastructure, manufacturing, auto, green energy, real estate, and agriculture. Additionally, there could be significant announcements regarding tax exemptions, employment, and benefits for farmers.

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Finance Minister Nirmala Sitharaman will present the first budget of Modi 3.0 government on July 23, 2024. Central Parliamentary Affairs Minister Kiren Rijiju has shared this information through a social media post. He mentioned that the Central Budget 2024 will be presented on July 23, with the budget session commencing on July 22. The President has approved discussions on the budget in both houses from July 22 to August 12.

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The budget will be presented in the Lok Sabha on July 23, and the budget session will run until August 12. Finance Minister Nirmala Sitharaman will present this budget. There are high expectations from this budget for Modi's new term. People are particularly hopeful for tax breaks for the middle class, schemes to empower women, increasing farmers' income, and providing employment opportunities for the youth. Experts also predict that Nirmala Sitharaman may announce significant allocations for infrastructure, manufacturing, auto, green energy, real estate, agriculture, railways, and road and transport sectors in this budget.

It would be interesting to see what expectations the common people have from this budget.

1. Announcement of possible tax exemptions is being considered.

2. The Ministry is contemplating various options related to tax relief to provide relief to the middle class in the budget.

3. In the past five years, the government introduced the New Tax Regime, where no tax is levied on income up to 7 lakh rupees by merging the 50,000 rupees standard deduction. However, no changes were made under the Old Tax Regime. There is a possibility of changes in the Old Tax Regime this time.

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4. The Finance Minister may increase the current income limit of 3 lakh rupees to 5 lakh rupees for individuals before any tax deductions in Budget 2024. The government is attempting to boost expenditures for individuals with low incomes by providing tax cuts in Budget 2024, which could apply to New Tax Regime users.

5. Furthermore, adjustments in tax slab rates are possible to benefit the general public.

6. The government might consider increasing the amount under the PM Kisan Scheme in the budget. The annual incentive amount under this scheme could be raised from 6,000 rupees to 8,000 rupees, allowing farmers to receive quarterly installments instead of three annually.

7. Experts believe that in the upcoming full Budget 2024, there could be subsidies and tax relief for women's welfare. This might include subsidies on essential items such as kitchen gas and healthcare services. The government is also contemplating providing tax relief to women, which could vary based on factors like marriage, employment status, and parental responsibilities.

8. Reports suggest that in recent years, job opportunities have increased in the private sector. It is hoped that in this budget, opportunities for youth may arise in sectors like infrastructure, manufacturing, IT, green energy, and railways. Experts suggest that the government's focus should be on creating more job opportunities for the people.

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