Nirmala Sitharaman will give a glimpse of the five-year roadmap of Prime Minister Narendra Modi's government which was voted back to power with a huge majority in Lok Sabha elections 2019
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Finance Minister Nirmala Sitharaman is delivering her first budget today. All eyes are on her to see what she can do for the people of India. Budget is often seen as the growth engine of the economy.
Sitharaman will give a glimpse of the five-year roadmap of Prime Minister Narendra Modi's government which was voted back to power with a huge majority in Lok Sabha elections 2019. She is likely to fulfil many of the promises which have been made by the Prime Minister during his toiling poll campaign culminating in the historic mandate.
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Here are the ten points:
- As per NDTV, it is expected that the budget will give boost spending at the cost of short-term slippage in fiscal deficit targets.
- Some believe that Sitharaman may give some relief to the common man by raising personal income tax threshold for certain categories and increase spending on agriculture, health and social sectors.
- Spending on infrastructure, including roadways and railways, may also follow. The growth had come down to a five year low of 5.8 per cent in the first three months of 2019.
- The numbers also reflect a slowdown in factory output and automobile sales. The economy has also been weighed down by slowing trade, trade conflict between the United States and China.
- It is expected that the budget will boost growth through new policy initiatives and reforms which are aimed at boosting growth and employment.
- The measures may provide liquidity to non-bank financial companies (NBFCs) and help in removing the roadblocks which have crept into insolvency and bankruptcy code process.
- The budget deficit may widen to 3.5 per cent of GDP, instead of the 3.4 per cent target.
- The biggest constraining factor for the Finance minister is lower than expected growth in tax revenues, particularly GST.
- The scope of the Pradhan Mantri Kisan Samman Nidhi (PM-KISAN) was also expanded recently to cover all farmers and thus increase expenditure by 15000 crores along with a new pension scheme.
- She may also have to live up to the relief which has been promised to small taxpayers in the Interim budget in February
Also Read: Budget 2019: What to expect on July 5
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