The Modi 3.0 government is set to present its first budget of the year on July 23. Finance Minister Nirmala Sitharaman will be presenting her 7th budget for the fiscal year 2024-2025, surpassing Morarji Desai’s record for the most consecutive budget presentations.
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People’s Expectations
With Narendra Modi’s third consecutive win in the Lok Sabha elections, the citizens of India are hopeful and expectant for relief measures in this year’s budget.
Expected Announcements
1. Focus on Agriculture, Infrastructure, and Development
- Special Announcements: The government is expected to make significant announcements regarding agriculture, infrastructure, and its vision of making India a developed nation by 2047.
2. PM Kisan Samman Nidhi and PM Kisan Yojana
- Fund Increases: There is anticipation for announcements to increase funds for the PM Awas Yojana.
- Farmer Benefits: Possible increases in the financial assistance provided to farmers under the PM Kisan Yojana.
3. Income Tax Reforms
- Tax Exemption Limit: To further bolster the new tax regime, it is expected that the income tax exemption limit could be raised from ₹3 lakh to ₹5 lakh.
4. Focus on Women, Youth, Farmers, and the Poor
- Capital Expenditure: The government is likely to continue its emphasis on capital expenditure.
- Electric Vehicles (EV) Incentives: New incentives for Electric Vehicles may be announced.
5. Promotion of Green Energy and Defense Modernization
- Green Energy: Announcements related to promoting green energy are expected.
- Defense Sector: There could be a focus on modernization and indigenization within the defense sector.
- Regional Financial Assistance: In response to demands from NDA and allied parties, financial assistance and special schemes for Andhra Pradesh and Bihar might be announced.
Conclusion
The first budget of Modi 3.0 is highly anticipated, with expectations for comprehensive measures across various sectors, aiming to boost the economy and provide relief to various segments of society.
