NDA Government Budget / Modi 3.0 focuses on employment and reform, cuts in taxes, this time's budget will be like this

Vikrant Shekhawat : Jun 19, 2024, 09:23 AM
NDA Government Budget: The new government has been formed, Narendra Modi has once again become the Prime Minister of the country with the NDA alliance. The previous government presented the interim budget of the country on February 1, now that the new government has been formed, Finance Minister Nirmala Sitharaman will soon present the full budget as well. There are many expectations from this budget from the general public to taxpayers and working people. In such a situation, let us know how the full budget is going to be this time in Modi 3.0.

The round of consultations has started regarding the budget to be presented next month. But according to the indications received so far, the BJP manifesto and election results can be seen in this budget. In all these, the maximum focus can be on providing employment, reform, taxpayers and middle class.

The budget can be like this

According to the information received from the sources, the category on which the maximum focus is going to be in the full budget can be the middle class. The most direct way to give relief to the middle class is to give relief in income tax. However, till now the government's stance has been that the new tax regime will provide relief to the middle class. But there is a section among the policy makers who believe that more needs to be done on the income tax front. This can also increase the decline in consumption growth. Similarly, providing subsidy on home loans is also considered a good option. This will not only provide cheap houses to the common people but will also give a boost to real estate and related sectors.

It is worth noting that in its manifesto, BJP has also made promises like reducing the cost of construction of houses for the middle class, reducing the registration price. In such a situation, the government can increase its focus on this.

What is special for taxpayers

According to sources, in the budget, individuals earning Rs 15 lakh annually are expected to get relief in income tax. At present, in the income tax slab, 5 to 20 percent tax has to be paid on annual income up to Rs 15 lakh. Similarly, on earning more than 15 lakhs, tax has to be paid at the rate of 30 percent.

Focus on employment

One of the issues on which the budget is going to focus can be employment. For this, there is going to be an emphasis on promoting the manufacturing sector. At the same time, the government seems very excited with the success of the Production Linked Incentive Scheme. According to sources, some new sectors can also be included in this by expanding the scope of this PLI scheme. For example, products like toys, furniture can be included. To increase employment, there can be a focus on promoting service sectors like tourism and startups in small and medium cities. An internship program can also be started to connect academic and practical skills.

Apart from all this, many promises made in the BJP's manifesto-Sankalp Patra-can be seen coming true in the budget. Whose focus can be on villages and farmers.