Union Finance Minister Nirmala Sitharaman will present the Interim Budget on February 1. It is the last budget of the present government and comes ahead of the Lok Sabha elections likely to be held in April-May. It is a short-term financial plan that covers the government’s expenses until a new government takes charge after general elections. The new government will present the full budget after it assumes office. Although it is an interim budget, the nation, especially the middle class, is abuzz with expectations and speculations about announcements.
The middle-class taxpayers expect the government to keep taxes stable and rationalised. Experts believe there is ample scope for providing additional relief to salaried taxpayers including a potential hike in standard deduction and seeking more benefits under various sections of the Income Tax Act.
Experts say that this budget is likely to continue the policy framework that the government has been following for the past few years. Due to the upcoming general elections, expectations are high for the government to announce populist measures in the interim budget.
However, the government remains committed to reducing the fiscal deficit. During the Union Budget 2023-24, the government announced the new income tax regime. And now, any major fireworks for the middle class seem unlikely. Experts believe that the government may primarily focus on job creation through spending on infrastructure. Moreover, there might be an increase in allocations for some welfare schemes regarding farmers, women, and others.
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