New Delhi:
Union Finance Minister Nirmala Sitharaman will present the budget of FY 2025-2026 on February 1. In view of this, the expectations of the people have awakened. People of every class are expecting relief from them. These include street vendors to domestic women and working people. People are also expected to get relief in taxes levied on goods and services, especially in tax on electric vehicles and crypto currency. Let’s see what people are expectations from the budget.
Expectations of working class
Employed people hope that the government will provide relief to them by changing the tax slab. People hope that the government will increase the tax -free income limit to Rs 10 lakh. Now the old tax system is taxed at a rate of 30 per cent on annual income of more than Rs 10 lakh, while in the new tax system from Rs 15 lakhs. This rate applies on higher income. Working people want tax -free income limit to increase. This will increase their purchasing power and their savings will also increase. Along with the poor, the working class is also very upset with inflation. The skyrocketing prices of food and essential things are spoiling the budget of working families. In such a situation, working people hope that such measures will be included in the budget which will help in controlling inflation.
Expensive treatment has also spoiled the budget of the people, in view of this, working people are expecting to increase the limit of tax relief at health insurance premium. Currently, under Section 80D, this limit for senior citizens is 50 thousand rupees. It is expected to be increased to one lakh rupees in the budget. For the rest of the people, this limit can be done 50 thousand rupees. Amid growing unemployment, the working class hopes that such provisions will be made in the budget, which will create new employment opportunities.
Some tax experts are of the opinion that the government can announce the purchase and sale of houses by announcing benefits on the purchase of the house in the new tax system. Apart from this, the government should increase the limit of the New Pension Scheme (NPS) from Rs 50,000 to Rs 1 lakh and make the withdrawal of money completely free from NPS.
Women expectations
The government had allocated three lakh crore rupees for women empowerment in the budget of 2024-2025. Women hope that the government will increase this budget this time. Apart from this, there is an old demand for women ‘equal pay for respectful work’, governments have not done much in this direction. In such a situation, women hope that the government will take steps towards filling this gender gap of the society. Apart from this, there is another old demand for working women, for single mother’s instead of work, the facility of crush. Women who are raising children alone will give a lot of relief from getting the facility of crush at work instead of work. This will give women a big success towards making self -reliant and empowering. The Narendra Modi government is running many schemes like ‘Mission Shakti’, ‘Matru Vandana Yojana’, and ‘Janani Suraksha Yojana’ for women. These schemes are related to women’s health, safety and economic conditions. Women hope that the government will continue these schemes and increase their budget.
What are the expectations of farmers
India is considered an agricultural country. It is believed that agriculture contributes more than 15 percent to the country’s GDP. About 45 percent of the people work in the agriculture sector. This is a very large number for India. In this way experts hope that the government will increase the budget of the agricultural sector. The central government made a provision of Rs 1.52 lakh crore for agriculture and its related areas in the budget of 2024-25.
Farmers hope that the Finance Minister will announce to increase the PM Kisan Samman Nidhi in the budget.
Farmers hope that the Finance Minister will increase the PM Kisan Samman fund to the farmers in this budget. They hope that the government will increase it from six thousand rupees to 12 thousand rupees annually. This will help farmers to bear the increasing cost of crops. Along with this, farmers are also expecting the government about the minimum support price (MSP). Farmers’ organizations want to increase the scope of MSP on 23 crops and include the crops. Apart from this, farmers are also expecting an increase in agricultural loan limit. There are also reports that the government is considering increasing the loan limit on Kisan Credit Card from Rs 3 lakh to Rs five lakh. Apart from these, farmers are hopeful that the government will expand the crop insurance scheme. More and more farmers will get protection in natural disasters and other risks.
Expectations of street vendors
The street vendor Nirmala Sitharaman has many expectations from Sitharaman. He hopes that the government will expand programs like Pradhan Mantri Swanidhi Yojana, so that she will be able to get loans without guarantee. This will increase their business and will bring economic stability. Apart from this, he hopes that the government will provide them a shield of social security and insurance. The government with hawkers will increase basic facilities like cleanliness, water, electricity and toilets in the markets. This will give them a good work atmosphere of functioning.
Another expectation of the hawkers from the government is to make the licensing process simplified. They also want legal support to work without stopping. The transaction of these street vendors is in small amounts, nowadays there is the emphasis of digital payment. In such a situation, they want the government to get them training in digital transactions. With this, they will be able to increase their business with the help of modernity and technology and will be able to contribute more to the country’s economy.