Minutes ahead of the Budget speech, Chief Minister of Uttar Pradesh Yogi Adityanath in a tweet extending his wishes to PM Narendra Modi and Finance Minister Nirmala Sitharaman.
He further stated his belief that this budget will be a step towards the implementation of the blueprint to achieve PM Modi's goal of turning India into a $5 trillion economy and will also fulfill the vision of 'Sabka Saath Sabka Vikaas'
He said: I believe, this Budget along with the visionary roadmap to turn India into a $5 trillion economy will also be a strong step towards 'Sabka Saath Sabka Vikaas'
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Along with him, the former Chief Minister of Madhya Pradesh Shivraj Singh Chouhan said that this budget will give a direction to the aspirations of farmers, youth, women and businessmen.
Here's what we can expect from Nirmala Sitharaman's maiden Budget speech:
- The government may opt for a fiscal stimulus to kickstart the economy, taking into account that it may entail some degree of fiscal slippage.
- The labour reforms on the agenda might introduce a sunset clause on labour size for the MSME sector. The Finance Minister might move towards incentivising larger companies and discouraging labour unions amid at increasing productivity of labour and capital.
- Growth to be pegged at 8% of GDP over the next five years.
- PM-KISAN to be the driver of rural growth
- Massive infrastructure push in store
- Up to Rs 10,000 crores likely for newly established Jal Shakti Ministry.
- Increased National Rural Employment Guarantee Act 2005 (MNREGA) allocation for Water Conservation projects in Panchayats.
- Measures to increase lending to Private Sector
- SOPs to the middle class, increased tax incentives for NPS, more measures to increase savings, might tinker with the tax exemptions, tax (EET) nature of certain investments and savings schemes, the likelihood of changes in home loan interest and principal exemption limits as also a super-rich tax.
- On the corporate side, the Finance Minister might announce further tapering of corporate tax and grandfathering of certain tax incentives, plus the use of IBC for further cleansing of the system
- Finance Minister might make extra provisions for increasing Judicial Officers across the country aimed at clearing backlog in courts that will affect the overall governance efficiency.
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Article 112 of the Indian Constitution defines the Union Budget as the annual financial statement of the estimated receipts and expenditure of the government for that particular year. The Budget accounts the finances of the government for the fiscal year which starts from April 1 and ends on March 31 next year. It is the most detailed report on the financial plan of the country, focusing on the expenditure and revenue to be made by the government during the fiscal year.