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There is little hope of relief in the matter of income tax. Experts are saying that to boost the economy, emphasis on infrastructure, increase in rural and agriculture related allocation and steps to promote micro and small industries are likely to be taken. Some experts also believe that the government can fulfill its promises made in the manifesto.
Prime Minister Narendra Modi
Finance Minister Nirmala Sitharaman will present the Budget 2024-25 for the seventh consecutive time and the first budget of the third term of the Narendra Modi-led National Democratic Alliance (NDA) government in the Lok Sabha on Tuesday, July 23.
When asked about the expectations regarding social security schemes in the budget, renowned economist and Professor of National Institute of Public Finance and Policy (NIPFP) NR Bhanumurthy said that some announcements are expected on NPS and Ayushman Bharat in the budget. There has been a lot of discussion at the state level regarding pension schemes. The central government had also constituted a committee regarding NPS (New Pension System). The Prime Minister has said some things about Ayushman Bharat. In such a situation, some announcements can be expected in both the schemes.
The government can release the funds
The government may release more funds for Pradhan Mantri Awas Yojana-Gramin in the budget. In such a situation, the release of new funds will help in achieving the target of building 31.4 lakh houses in rural areas by March 2025. Pradhan Mantri Awas Yojana has been the flagship scheme of the Modi government. This scheme has been created to fulfill the government's Housing for All target. Under the Pradhan Mantri Awas Yojana, a target was set to build 2.95 crore houses in rural areas by March 2024. Since the launch of this scheme in November 2016, the work of building 2.63 crore houses has been completed in the country so far. The Modi government re-launched this scheme by making radical changes in the Indira Awas Yojana of the previous government.
Under the Pradhan Mantri Awas Yojana-Gramin, in most states, the central government bears 60 percent of the cost of the house. The rest of the expenses are borne by the state governments. Not only this, in the northeastern states, the central government bears up to 90 percent of the expenses. Whereas in the Union Territories, the central government bears 100 percent of the expenses.
Prime Minister Modi had promised
Let us tell you that while releasing the manifesto of Bharatiya Janata Party for the Lok Sabha elections, Prime Minister Modi had said that all citizens above the age of 70 years will be brought under the ambit of Ayushman Yojana for free treatment up to Rs 5 lakh. He also said that the party's focus is on ensuring dignity and better life and employment of the people through investment.
Regarding NPS and Ayushman Bharat, economist and director general of research institute RIS (Research and Information System for Developing Countries) Sachin Chaturvedi said that this is a very important area. Major programs are already close to reaching the full target… New measures can be expected in this direction. In this regard, Professor Lekha Chakraborty at NIPFP said that social security schemes are important in the post-pandemic fiscal strategy. However, insurance schemes in the health sector make this system more expensive. Instead of insurance schemes, we need strong health infrastructure and health workers.