Expectations are set high from this Union Budget which Finance Minister Arun Jaitley is scheduled to present on 1st of February 2018, less than 2 weeks from now.
File photo of Union Minister for Finance and Corporate Affairs Arun Jaitley. (Image: PTI)
1. Income Tax Sops
Several income tax sops are expected to be rolled out in Budget 2018, the first one being raising the exemption slab to 3 lakh from the current 2.5 lakh, followed by waiver on interest on education loans and more perks to first time homebuyers, besides restructuring the entire tax slab rate keeping in view inflation, economic growth and purchasing power. Separating Home Loan deductions from Section 80C is also a largely awaited overhaul. Similarly, raising the tax-free gratuity limit from the current Rs 10 Lakhs to Rs 20 Lakhs is highly expected from the FinMin.
2. Job Creation
One of the promises that won 2014 elections for the NDA government was hope of job creation. However, the government is far from its target of creating jobs every year. Being the last budget of its five-year regime, the centre is highly expected to give a blueprint for job creation in the country.
3. Boost to Agriculture
With nationwide protests from farmers, Budget 2018 must address the wailing agriculture sector and boost the overall Indian economy.
4. Skill India
The government had kicked off its Skill India program in 2015, however to make it accessible to masses, the campaign needs more budget allocated to upskill the youth so that it is capable to grab employment opportunities or create the same for others.
5. Minimum Wages
The NDA government took a substantial step towards welfare of the daily wagers by setting the minimum daily wage at ₹350 or ₹9100 monthly. However, given the fact that a large chunk of the population is on daily wages, the labor ministry must double the minimum wage to uplift a sizeable portion of the society and boost economic growth of the country.
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Source: News18