Representative image | Photo credit: BCCL
New Delhi: The BJP-led NDA government is ready to present its latest budget ahead of Lok Sabha’s elections. Although it has traditionally been an interim budget, Finance Minister Arun Jaitley recently hinted in a speech that the government may make an important announcement. He hinted that the budget could go beyond account voting.
It can be noted that in the last 12 post-independence interim budgets, none of the governments have made any big announcements to ensure that the new government can present the full budget but, there is a chance that this government will deviate. of conventional practice and announces something huge.
Here are 6 things that can be announced in the provisional budget
1. Sops for farmers: Many agricultural analysts and economists believe the government could announce a series of measures for the agricultural and social sectors, ranging from providing quick loans to farmers at the lowest interest rate, in an effort to please to the rural poor of India.
Officials say the prime minister’s office (PMO) has held several rounds of talks with the agriculture ministry to develop a plan to provide significant assistance to the agrarian sector. They also hinted that it could take the form of a Universal Basic Income (RBI) for farmers.
2. Tax benefits: According to ET Now sources, the government is considering tax benefits for retirees and employees. Other media also suggest that the income tax limit could be increased to Rs 5 lakh from the current limit of Rs 2.5 lakh. If you have an income over Rs 2.5 lakh per year now you have to pay income tax. Now this exemption limit could be doubled to 5 lakh rupees.
3. Universal Basic Income (RUB) for the poor: It is something that is discussed before each budget. As part of the universal basic income, the poor receive a fixed amount. It is not yet decided whether it will be announced in this interim budget. However, given the elections, a big plan can be announced for the poor which could be in the form of UBI.
4. Changes in customs duties: ET Now learns from its sources that the government may announce a change in tariffs on certain products in this interim budget. It should be noted that rights changes were also made in the last interim budgets. This time too, there may be a change in the customs duties of some products.
5. Insurance scheme for businessmen: Besides the insurance scheme for traders, the government is also working on an insurance scheme for businessmen registered under the GST. Whether this scheme is announced in the budget or out of budget, it is not yet decided. The government may also make some announcements regarding corporate tax in the budget, as the FICCI has requested that corporate tax be reduced in the budget.
6. The vision of the NDA: This is the last budget before the general election, which means big announcements could be made that will allow the people to see the vision of the NDA and what the government plans to do if it returns to power in 2019. The government could also present a preview of the 5-year model.