Budget 2024: What the nation wants from Finance Minister Nirmala Sitharaman

All eyes have turned to Finance Minister Nirmala Sitharaman ahead of Budget 2024. From boosting job creation to income tax reliefs, here's what the nation wishes for

Interim Budget 2024: All eyes are on Union Finance Minister Nirmala Sitharaman as she prepares to present the Interim Budget 2024-25 today, which will set the tone for the government's final push before the Lok Sabha elections later this year.

Although this is an Interim Budget, economists and analysts anticipate Sitharaman to present a detailed economic roadmap on how the government plans to transform India into a developed economy.

With the economy rapidly expanding and the government benefiting from a tax windfall, expectations are high for targeted measures that could bolster growth and placate voters.

Here's a list of things that the nation wants from Nirmala Sitharaman's Interim Budget speech.
 

 

Support for farmers

Following last year's export bans on essential crops and rains that hampered harvests, there is a high expectation of enhanced financial support for farmers. This might include increased allocations for farm-related schemes as well as subsidies on essentials such as fertiliser and cooking gas.

Job creation

With unemployment being a major concern, the Budget is expected to prioritise job creation. This may entail investing in industries that have the potential to generate substantial employment opportunities.

Infrastructure push

Consistent with past emphasis on infrastructure, the government is likely to continue its spending spree on roads, railways, and digital programs that are critical to economic growth.

Fiscal prudence

Despite the need for spending, maintaining fiscal discipline is still a priority. The government plans to lower the fiscal deficit to 4.5 per cent of gross domestic product (GDP) by FY26, suggesting a cautious balance between expenditure and revenue.

Income Tax relief

While the likelihood of major changes in personal taxation remains low, some experts have advocated for additional benefits under both the old and new income tax regimes to help taxpayers cope with the effects of rising inflation.

Enhanced social security

A social security fund for informal sector workers, including those in gig jobs, may be established as part of the government's focus on inclusive growth.

Affordable housing

To meet housing requirements, the Budget may include a considerable increase in funding for low-cost housing projects, boosting the construction industry.

Divestment and asset monetisation

To enhance fiscal health without burdening taxpayers, the government may continue its divestment drive, with the goal of raising revenue through strategic asset sales.

Focus on Naari Shakti

Special measures to empower women, such as increased subsidies for cooking gas and loans, are expected, recognising their crucial role in the electorate.

Green Energy Investments

With a global shift toward sustainable energy, the Budget might include funding for green hydrogen and electric vehicle programs, putting India at the forefront of the green revolution.

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