'Goddess Lakshmi’s blessings’: Income tax relief in third Modi government's first full budget?

NEW DELHI / KOCHI: The first full budget of the third Modi government is likely to include income tax relief that will bring financial benefits to the common man. Prime Minister Narendra Modi has given an indirect hint in this regard. Modi said that he wants all the poor and middle-class communities to have the special blessings of Goddess Lakshmi. He was addressing the media ahead of the budget.

"Nari Shakti and women empowerment will be the centre of focus. We can expect moves to ensure equality for women and free them from religious and sectarian differences," Modi said.

Announcements such as reduction in income tax rates for those earning up to Rs 15 lakh per year, raising the basic tax exemption limit from Rs 3 lakh to Rs 5 lakh for those in the new tax scheme, and raising the limit of tax slabs are expected. Kerala is waiting for a special package for Wayanad. AIIMS, more trains, etc. are also expected.

6.8% growth next year

The Economic Survey predicts that India will grow by 6.3 to 6.8 percent in gross domestic product (GDP) next fiscal. The report prepared by Chief Economic Advisor V Ananth Nageswaran also says that precautions need to be taken to deal with Donald Trump's trade war and disruptive AI technology. The Economic Survey was tabled in Parliament by Finance Minister Nirmala Sitharaman after the President's policy announcement.

Kudumbashree a great model

The Economic Survey praises Kerala's Kudumbashree project. Kudumbashree, which was started in 1997, is a model for the country. The project was successful due to the excellent intervention of local bodies. Kerala is performing well in the health sector. Kerala's sustainable agricultural development index is above the national average. The model is the Ittayaar panchayat in Idukki. The survey also says that Kerala is a model for other states in social and sustainable development.

Labour policies should be changed

• Survey says increasing working hours in private sector will affect health
• Changes in factory and overtime laws should be made
• More loans should be made available to small and medium enterprises
• Private sector should be partners along with public sector in infrastructure development
• Regulations should be liberalized to develop technologies and increase competitiveness