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Budget 2024: Finance Minister Nirmala Sitharaman is presenting the budget (Budget 2024) today on 23 July. Crores of people of the country have high expectations from this budget. Especially after the Modi government came to power for the third time, everyone from the poor, farmers to the common man is hoping that they will get a big gift in the budget.
Taxpayers especially want a big relief in income tax from the government. At present, there is no tax on income of more than Rs 7 lakh and it is likely that the government may increase it further. Meanwhile, an experienced stock market investor has demanded tax exemption on income up to Rs 12 lakh from the government. Ramdev Agarwal, chairman of brokerage firm Motilal Oswal Group, has suggested this to the government. He said, “We should give this relief to taxpayers so that if they have more money, they are encouraged to consume.”
It is expected that the Finance Minister will make many big announcements for farmers in this budget. It is believed that the government can make important provisions regarding the Prime Minister Kisan Samman Nidhi Yojana, Kisan Credit Card and PM Kusum Yojana.
Minimum Support Price (MSP) by farmers' organizations After the persistent demand for legal guarantee of subsidies and the declaration by farmer organisations of Punjab, more money may be kept in the budget for purchase of other crops at the support price.
In the Lok Sabha elections, the BJP-led NDA did not get the expected support in rural areas. BJP has suffered a major setback in Haryana and Rajasthan. In view of this, it is now expected that the Finance Minister may increase the budget allocation for schemes that play an important role in rural development in the budget.
PM Kisan Samman Nidhi
The amount of the Pradhan Mantri Kisan Samman Nidhi Yojana, launched in 2019, has not been increased even once. Currently, farmers get Rs 6,000 per year. In the budget, the government can increase it to Rs 8,000 annually.
Kisan credit card
Currently, under the Kisan Credit Card, agricultural loan up to Rs 3 lakh is available at an interest rate of 7 percent, which includes a 3 percent subsidy. That is, farmers get this loan at an interest rate of 4 percent. In view of the increase in inflation and agricultural costs, the government can increase the loan limit from Rs 3 lakh to Rs 5 lakh.
Prime Minister Kusum Scheme
Under the Pradhan Mantri Kisan Urja Suraksha Evam Utthan Mahabhiyan (PM-KUSUM) scheme, the government is providing solar pumps to farmers at 75 percent subsidy. The Pradhan Mantri Kusum scheme has proved to be a boon for small farmers and now they do not need to burn expensive diesel to cook their crops. The government can allow the solar system installed under the PM-KUSUM scheme to be used for domestic purposes apart from agriculture. Also, an increase in the subsidy amount can also be expected under this scheme.
Tax on agricultural equipment should be reduced
Farmers' organizations are opposing GST on agricultural equipment. Their demand is that the government should remove GST on agricultural equipment or give the benefit of input tax credit (ITC). Budget In 2018, the government may decide to reduce GST rates on agricultural equipment or provide other subsidies. This will send a positive message to farmers across the country that the government is working seriously on agriculture.