India is the fastest growing economy in the world. The favourable economic policies and long-term thinking of the government are responsible for it. A roadmap is being prepared on how the country can join the group of developed countries by 2047. In a few years, India will become the third largest economy in the world, leaving behind Japan and Germany. It is estimated that India can become an economy of 5 trillion dollars by the year 2026 and 10 trillion dollars by 2030.
On July 23, Finance Minister Nirmala Sitharaman will present the first budget of Modi Government 3.0. Youth, farmers, businessmen, industrialists, middle class are waiting with hope for the budget. The government will try its best to fulfill the hopes and aspirations of everyone through the budget. However, it is extremely challenging to simultaneously spend lakhs of crores of rupees on economic development, welfare schemes and subsidies.
There are assembly elections in states like Maharashtra and Haryana this year, so the budget will be development oriented as well as populist. I am aure that the budget of 23 July will be more than 50 lakh crores. The government’s goal will be to maintain GDP growth at 8-9%. The budget will focus on rural economy, women and farmers. The budget will give importance to development so that goal to achieve 5 trillion dollar economy as soon as possible.
Special provisions will be made in the upcoming budget to take international trade to 1 trillion dollars. The outline of Developed India @ 2047 will be prepared. Increase in MNREGA is possible. Increase in Kisan Samman Nidhi and Atal Pension can be announced. The fiscal deficit target will be around 5.2%.
The limit of income tax exemption for the can be increased to 5 lakhs. The government can announce new tax slabs, especially those whose income is up to 25 lakhs per annum. Standard deduction can be increased from 50000 to 1 lakh.
New populist announcements are possible for villagers and women. We can see further increase in capital expenditure, special focus on service sector, efforts to bring inflation rate below 4% in this budget.
For inclusive and holistic development, the government will have to be extremely sensitive towards the poor, at the same time the government will have the responsibility to accelerate the pace of economic development. For the last three years, the GDP growth rate has been between 7 to 8.5%, which is a record in itself. The GDP growth rate in the financial year 2023-24 was 8.2 percent.
The development of the country is linked with the development of 140 crore people. At this time, an inclusive, balanced and development-oriented budget is the imperative of the country. On the one hand, while it is necessary to increase the income of the country, on the other hand, it is imperative to curb expenses. Nirmala Sitharaman’s work as Finance Minister in Modi Government 2.0 was better and commendable. It is expected that Nirmala Sitharaman’s work as Finance Minister will be excellent in Modi Government 3.0 as well.
The interim budget for 2024-25 was Rs 47.66 lakh crore. The total income for the coming year was estimated to be Rs 31 lakh crore and the total expenditure Rs 48 lakh crore, of which tax revenue was estimated to be around Rs 26 lakh crore. The full budget will be presented on July 23, which may be more than Rs 50 lakh crore. The budget should meet the hopes and aspirations of the poor as well as boost the pace of economic development.