On February 1, Finance Minister Nirmala Sitharaman will present the budget, marking her eighth consecutive one. This budget is expected to include six major announcements:
1. Price Adjustments: Petrol and Diesel Prices May Drop
Excise duty on petrol and diesel could be reduced, potentially lowering prices.
The import duty on consumer electronics parts may be cut, making items like mobile phones cheaper.
The import duty on gold and silver could be increased, which may lead to a rise in their prices.
2. Income Tax: Tax-Free Income up to ₹10 Lakh
Under the new tax regime, income up to ₹10 lakh per year may be exempt from tax.
For income between ₹15 lakh and ₹20 lakh, a 25% tax rate could be introduced.
The basic exemption limit may be raised from ₹3 lakh to ₹5 lakh.
3. Schemes: PM Kisan Samman Nidhi May Be Doubled
The PM Kisan Samman Nidhi could be increased from ₹6,000 to ₹12,000 per year.
The scope of the Ayushman Bharat scheme could be expanded.
The monthly pension under the Atal Pension Yojana (APY) may be increased to ₹10,000.
4. Employment: Internship and Employment Policies
The government may introduce a “Unified National Employment Policy”.
Internship programs for graduate youth may be introduced in rural areas.
An International Mobility Authority may be set up to assist in securing jobs abroad.
5. Healthcare: Increase in Medical College Seats
The healthcare budget may be increased.
A plan to add 75,000 seats in medical colleges over the next five years could be presented.
Import duties on medical equipment may be reduced, potentially lowering treatment costs.
6. Housing: Affordable Housing Limit May Increase
The limit for affordable housing in metro cities could be raised from ₹45 lakh to ₹70 lakh.
The tax exemption on home loan interest could be increased to ₹5 lakh from the current ₹2 lakh.
These announcements aim to provide relief to the common people, boost employment, and strengthen the country’s economy.
Shashi Rai
