Union Budget 2024: Finance Minister Nirmala Sitharaman will present the country’s Interim Budget 2024 on February 1 as Lok Sabha elections are going to be held in the country after a few months. Therefore, people have high expectations from this mini budget.
This time in the budget 2024, the government can announce some offers or schemes for business-women also. In attempting to boost the representation of women on corporate boards and in management roles, the government’s efforts may likely succeed in fulfilling the goal of enhancing gender diversity across various sectors, thereby avoiding any dissatisfaction among those aspiring for increased participation of women, who make up half of the population.
Big announcements can be made in the Union Budget 2024, especially for women entrepreneurs of small towns.
Must Read- Union Budget 2024: Latest Updates and Full Information
Interim Budget 2024: Several Schemes May Surface
It is estimated that the government may announce to increase the scope of schemes like Pradhan Mantri Mudra Yojana and Women Entrepreneurship Platforms. There is also a continuous demand to increase mentorship and networking opportunities in these schemes.
From women labourers to women entrepreneurs, the government can strengthen their stake in the Indian economy by making various announcements. This will not only lead to social upliftment of women, but will also make them equal partners in India’s growth story.
Is the Government Aiming to Accumulate Funds Prior to the Elections?
Those in the workforce are optimistic that, in the event of an interim budget, the government might provide tax exemptions similar to those granted in 2019. In fact, in the interim budget of 2019, Finance Minister Piyush Goyal had announced to give complete exemption from tax to those with income up to Rs 5 lakh.
Along with this, standard deduction was increased from Rs 40 thousand to Rs 50 thousand and TDS on bank-post office deposits was increased from Rs 10 thousand to Rs 40 thousand.
Big Announcements Were Made in the Interim Budget of 2019
In such a situation, even if it is called an interim budget, the government will hardly leave the opportunity of making it an election budget. The reason for this confidence is the announcement made in the interim budget of 2019, in which the government had announced the PM Kisan Scheme for the farmers and announced an aid of Rs 6,000 annually.
Along with this, farmers involved in animal husbandry and fisheries also got the benefit of interest subvention on Kisan Credit Card. That is, the interim budget which is presented for the approval of the Parliament only to meet the expenses till the coming of the new government, also works to provide many types of relief to the people.
This year, the full Union Budget will be presented by the government formed after the elections. But before this, the present government will not want to lose the opportunity to make many announcements that will benefit the voters.
People working in the unorganized sector are a big vote bank of the government. They too did not face any disappointment in the last budget, because it was announced to give a monthly pension of Rs 3000 to the people working here under the Pradhan Mantri Shram Yogi Maandhan Yojana.
In support of the MSME sector, a 2 percent interest subvention scheme was introduced for loans up to Rs 1 crore. Additionally, the budget for MNREGA was raised by Rs 5,000 crore, reaching a total of Rs 60,000 crore.
Populist Announcements Possible in the Union Budget
In such a situation, the government can make attractive announcements even in the interim budget of 2024. There are many reasons to believe this, the biggest of which is the fast economic growth which has increased the government’s scope for spending.
Second is the direct tax collection of the government which may be Rs 1 lakh crore more than the budget estimate in 2023-24. These funds will offer aid to the government to introduce and spend more on social schemes.
Along with GDP growth, inflation has also come under control and the budget path has become much easier for the government. Anyway, as the expenditure on expensive cars, expensive houses, food and travel has increased since Covid-19, the government is now left with the task of focusing only on the lagging sectors.
Given the circumstances, this budget could include announcements aimed at stimulating rural demand and alleviating sluggishness, thereby fostering an increase in overall demand. Similarly, the government can consider making announcements related to increasing the sales of entry level cars and two-wheelers.
Union Budget: Government’s Focus on these Sectors
Keeping in mind the slowdown in the global economy, the government can take further steps on policies to promote the growth of existing sectors as well as new sectors. In such a situation, announcements can be made to encourage many new areas including renewable energy, artificial intelligence.
Nevertheless, at the Union Budget 2024, the government will face the challenge of striking a balance between making popular announcements in an election year and navigating the dilemma of reaching the target of a 5 trillion-dollar economy.
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