News Brief
Finance Minister Nirmala Sitharaman with the Union Budget (Pic Via Twitter)
Finance Minister Nirmala Sitharaman will present the Union Budget today (1 February) in the Parliament.
However, this will be an interim budget for the upcoming financial year and a full-fledged budget is likely to be presented after the Lok Sabha elections by the new government in July.
Sitharaman's budget speech is expected to broadly focus on potential strategies to boost employment by increasing spending on infrastructure and enhancing farmers' incomes.
There might be an increase in allocations for some of the key welfare schemes aimed at benefitting farmers, women, and the poorest households.
The middle class remains hopeful of some positive tax-related announcements to tackle rising inflation.
The possibility of major changes in taxation is unlikely in the interim budget but there are chances that the old income tax regime may get some additional waivers.
According to reports, there might be an introduction of a social security fund for informal sector workers, including those in gig jobs, reflecting the government's focus on inclusive growth.
With a global shift towards sustainable energy, the budget could allocate funds for green hydrogen and electric vehicle initiatives, positioning India at the forefront of the green revolution.
Support Swarajya's 50 Ground Reports Project & Sponsor A Story
Every general election Swarajya does a 50 ground reports project.
Aimed only at serious readers and those who appreciate the nuances of political undercurrents, the project provides a sense of India's electoral landscape. As you know, these reports are produced after considerable investment of travel, time and effort on the ground.
This time too we've kicked off the project in style and have covered over 30 constituencies already. If you're someone who appreciates such work and have enjoyed our coverage please consider sponsoring a ground report for just Rs 2999 to Rs 19,999 - it goes a long way in helping us produce more quality reportage.
You can also back this project by becoming a subscriber for as little as Rs 999 - so do click on this links and choose a plan that suits you and back us.
Click below to contribute.
Latest