The union budget might be announced in the new Lok Sabha- Key expectations from Union budget

Union Budget is the financial statement. The finance minister present the union budget in the parliament. The union budget showcases the economic policies and the financial policies for the upcoming years. This contains the entire details of revenue and expenditure, as well as proposes tax changes and many other financial measures. The Ministry of finance present the the Indian union Budget by consulting Niti Aayog and others ministers. The union budget also showcases the government’s plan for economic and social development, like education, infrastructure projects, healthcare initiatives, and many poverty reduction programs. The budget is considered one of the most important statement policies that are made by the government, and this is watched by investors, citizens, and business persons. Generally, the union budget will be announced in the month of February or in march, but this year most probably, it will announce in the new Lok sabha. The Indian government is all set to announce the union budget before the 2024 election.

What is Lok sabha?

The lower house of the Indian Payment is known as the Lok Sabha. The members of the Lok Sabha are elected by Indian citizens. The current Lok Sabha will expire in May 2024, and after the general election, a new Lok Sabha will be formed. This usually happens every five years. In the upcoming election, there is a chance to build a new government, and a new finance minister will be appointed. The new finance minister will announce the union budget in the new Lok Sabha; this will be his or her first opportunity to represent the budget and government financial plans for the country.

Importance of Union Budget :

The union budget is important not only to the government but also to the Indian citizens too. It depicts the government’s plan for the important issues in India, like poverty, unemployment, and inflation. It also outlines the government’s plan, like poverty reduction programs, infrastructure, healthcare, and education. 

Income tax relief

Each and every year, citizens and experts urge the government of India to offer income tax relief in the next union budget. A few days before, the finance minister Nirmala Sitharaman shared that the BJP government has not put any tax burden on the middle class; also, at the same time, no measures have been announced to help the Indian citizen to cope with the higher inflation. All the tax experts have requested the government to increase the deduction of the Income tax act that includes sec 80C and 80D, which come under the old income tax regime. Improve the tax slabs and lower the tax rates under the income tax regime.