The Monsoon Session of Parliament is set to commence on Monday, with Finance Minister Nirmala Sitharaman all set to present Budget 2024 on July 23. The nation eagerly awaits the presentation of the Union Budget by the Finance Minister. This interim budget is of significant importance for several reasons and is anticipated with high expectations. The Finance Minister is expected to announce several schemes in this budget.
The budget presentation typically begins at 11 AM, and this year will be no exception. On July 23, Nirmala Sitharaman is likely to make some major announcements. Significant allocations are expected for infrastructure, manufacturing, automotive, green energy, real estate, and agriculture sectors. Additionally, substantial announcements regarding tax relief, employment, and support for farmers are anticipated. Increased allocations for the railway and road transport sectors compared to the previous budget are also expected. The public hopes for a relief package from the Finance Minister, including increased exemption limits in the new tax regime up to Rs 5 lakh. There are also expectations for reduced tax slab rates to benefit the common people. Reports suggest that the full Budget 2024 may include subsidies aimed at women's welfare and subsidies for kitchen gas and healthcare services.
The government is considering increasing the assistance provided to farmers under the PM Kisan Yojana in this budget session. The annual amount of Rs 6,000 provided to beneficiaries may be increased to Rs 8,000, resulting in four installments instead of three per year.
The budget is expected to intensify efforts to increase farmers' income. Under the Pradhan Mantri Kisan Sampada Yojana, 38 lakh farmers have benefitted, generating 10 lakh employment opportunities. The Pradhan Mantri Formalisation of Micro Food Processing Enterprises Scheme has assisted 2.4 lakh self-help groups (SHGs) and sixty thousand individuals with credit linkages. Other schemes aim to reduce post-harvest losses, improve productivity, and increase incomes. These initiatives play a crucial role in economically empowering farmers and making the agriculture sector more competitive. The public eagerly awaits the presentation of Budget 2024, hoping for substantial relief and beneficial schemes that will positively impact various sectors of the economy.
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