Big Bets on Local Production, Infrastructure and Job Creation (Image Courtesy: Instagram)
New Delhi: The eyes of the country are fixed on Parliament today. Finance Minister Nirmala Sitharaman will present her ninth consecutive budget in the Lok Sabha at 11 am. It is believed that this time the focus of the government is clear: the pace of the economy has to be accelerated, and for this, strengthening manufacturing and domestic demand will be the most important strategy.
Experts say that if production increases in the country, dependence on imports will reduce and new avenues of export will open. This can provide stability to the economy in the long run.
The government is preparing to promote local industries. There may be relief, tax incentives or new schemes for small and medium industries. Although increasing exports will not be easy due to the slowdown in the global market, the emphasis on strengthening domestic production is clearly visible.
A huge expenditure is expected in the budget on improving urban infrastructure. Additional funds can be given for smart cities, better roads, clean water and modern hospitals. The aim is to provide better health facilities and livable cities to the common people.
The central government can suggest new models to make states and municipal bodies financially self-reliant. With this, development work will be done faster at the local level and basic facilities will improve.
There will be emphasis on increasing productivity in the agricultural sector. Special schemes can be brought to encourage farmers to move towards traditional farming as well as commercial crops. Announcement is also possible on measures to increase income and reduce risk.
Due to slow pace of revenue growth, this time the possibility of major relief in income tax or GST is considered less. At the same time, subsidy schemes like food, fertilizer and MNREGA can continue. The government may also focus on raising additional resources through asset monetization and disinvestment.
Like previous years, capital expenditure may increase, which will accelerate road, railway and other projects. Announcements are also possible for emerging sectors like semiconductors, artificial intelligence and research. Special packages or projects are also being expected for election states.
Overall, this budget can prove to be not just a document of figures, but a roadmap to decide the economic direction of the coming years. Now everyone's eyes are on which priorities the government keeps at the forefront.
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