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.
Kuldeep is Senior Editor (Newsroom) at Swarajya. He tweets at @kaydnegi.
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