Budget 2019: With a fellow woman poised to present the nation’s budget, women in India would have set their expectations high for a women-friendly and supportive Budget.
For the first time, Finance Minister Nirmala Sitharaman, who is preparing to present the country’s general budget, to get the economy back on track, increase government expenditure and take measures to attract private investment, adopt a policy of increasing consumption and income tax to the salaried and various There is a great responsibility to make items happy through exemption.
Sitharaman will present the general budget for the current fiscal on July 5. He will present the budget for the first time. Since assuming the functioning of the finance minister, he has been preparing for the budget and along with representatives from all sectors, he has met diplomats from important countries and well-known economist and former Prime Minister Dr. Manmohan Singh. Analysts say that there is a need to create such policies by pledging the sluggish economic activities which create more employment opportunities. There is a lot of pressure on the economy since the ban on bonding and commodity and service tax (GST) and employment opportunities are not being created as expected. Private investment is not coming up and unless there is an increase in private investment, more employment opportunities can not be created.
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He said that in addition to this, the Finance Minister is under pressure to keep revenue deficit and current account deficit in the targeted area as the revenue loss has reached Rs 3.66 lakh crore in the first two months. In April and May, the country’s revenue deficit has reached 52 percent of the budget estimate for the entire fiscal year. The government has not received revenue in two months according to estimates. In the current financial year, the government has targeted the revenue deficit 3.4 percent, which is similar to the previous financial year. Simultaneously, keeping the current account deficit also in the target area will be challenging.
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Analysts said that in the current monsoon season, there has been very little rains so far that can have very adverse impact on the rural economy and demand in rural areas can be difficult. In view of this, there will be pressure on the government to take measures to increase the demand through another medium. It will also require provision in the budget.
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If there is no rainfall according to estimates then the yield of grains will be affected which will increase the inflation. Regarding the rise in inflation, controlling the cost of people’s plate in villages as well as in urban areas will be a big challenge. He said that in the last quarter of 2018-19, the economic growth rate reached at the lower level of five years, which is a very challenging and serious issue for the finance minister, as long as the economic activities do not accelerate, employment opportunities Will not be created. To accelerate the economic activities, there should be tremendous growth in consumption so that demand in every field and increased private investment increases employment opportunities.
According to income tax free analysts up to Rs 5 lakhs , an interim budget presented in view of the general elections was announced by declaring tax free income up to Rs 5 lakhs to please the people of this income group, but Now the government is under pressure to provide some relief to every salaried person in some way. Keeping the current exemption for this, there will be pressure on the government to increase the limit of individual income tax to Rs 5 lakh, increase the exemption limit on investment, make two lakh rupees and increase the amount of medical insurance so that people A sense of greater savings can be woken up and the government can get more funds for infrastructure and social and public welfare programs.
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He said that industry organizations have also demanded reduction in the minimum alternate tax. The industry needs to be encouraged so that they can be motivated to invest more. This will not only increase the employment opportunities but will also accelerate all the sectors related to industrial activities which will ultimately benefit the economy.