This year’s Union Budget is having high expectations. It is expected that Union Budget for 2018-19 will be crucial for Prime Minister Narendra Modi and ruling BJP dispensation as it is the last year of the Modi Government. During the tenure of honorable Prime Minister, he took two of the biggest financial decisions and those were of demonetization and implementation of Goods and Services Tax.
There is the great significance of the Modi government’s last full-fledged budget before the 2019 Lok Sabha polls. On January 29, the Budget Session of Parliament is set to commence. An initial phase of the session will be from January 29 to February 9. Then after this, Parliament will meet again from March 5 to April 6 so that the department-related standing committees can clear the budgetary proposals related to their respective ministries.
Middle-class citizens can expect following aspects to come true in union budget 2018. Following are five things which can be expected from the Modi government’s budget 2018.
Balancing economics with politics:
The Finance Minister, Arun Jaitley will be putting all efforts to balance economics and politics in Union Budget 2018. It is expected that the Modi government’s fifth and final full budget would look to address pain points in the economy and boosting growth to 7-8 percent.
Tax exemption limit is raised:
It is expected that the government will be bringing joy to the middle class as the finance ministry is considering raising the personal tax exemption limit in the Budget 2018. The minister will tweak the tax slabs as per the reliable reports. You can expect that the tax exemption limit will be raised from the existing Rs 2.5 lakh per annum to at least Rs 3 lakh if not 5 lakh.
We can expect a lot from the union budget 2018 as it is the first budget ever since the GST was implemented. According to the Central Statistics Office, India’s growth is slow due to the introduction of Goods and Services Tax (GST) regime. So we can expect that government will make some wise moves to cover this loss soon.
Jobs will be created
During the time of last general elections, PM Modi promised the citizens that he will be creating the plethora of jobs. However, the opposition led by Congress raised a lot of hue over lack of job creation in the country. But it is expected that in Budget 2018, FM Jaitley is expected to grab the opportunity of presenting the last union budget of Modi Government and he will be ensuring to create numerous jobs. The rate at which jobs are created has gone down as the economy has slowed down. The government needs to boost up this situation as soon as possible. The government can revive the economy and ensure that it is less capital intensive.
This Union Budget is not a populist budget as the Modi Government will not present a budget for seeking votes like others. This is what expected of us that the budget will focus on sectors which will improve the welfare levels of our population.