Amid all the speculations now its official that Modi government will present the interim budget on February 1. Ahead of the Lok Sabha polls 2019, this will be the last budget under their reign.
Earlier this month the union minister Arun Jaitley has hinted that the budget this year will majorly interest the economy of the country.
He mentioned in the statement “convention is that an election year budget is ordinarily a vote-on-account”, highlighting that “larger interests of the economy (could) dictate what goes into the Union budget”.
There were reports that the ministry of finance will roll out concession for the farmers who were angry over poor farm income. There were columnists and commentators who were of the opinion that the budget this time will be agriculture friendly as the government wants to double farmer’s income by 2022.
Earlier it was reported that the government will distribute income tax benefits and incentives to the middle class. Sources reveal that the government might hike the income tax exemption limit from Rs 2.5 lakh to Rs 5 lakh. There has also been some information regarding the government considering announcing some discount on home loan interest rate. There are high expectations that the government might announce farm agriculture package for the farmers in this Budget to solve farmers’ crisis in the country.
The Central government is expected to put emphasis on the urban renewal missions in the forthcoming Budget 2019 amid rumours regarding the government considering several measures to generate more jobs for the urban middle-class. Also, the outlay for Metro is likely to be increased up to 30 per cent as the Centre might announce the expansion of the network across 16 cities in 2019-20. The government may also hike in outlay for Pradhan Mantri Awas Yojana and Atal Mission for Rejuvenation and Urban Transformation.