Interim Budget 2024 to favour middle-class Indians

KOCHI: Union Finance Minister Nirmala Sitharaman will present the final budget of the second Modi government on Thursday. An interim budget ahead of general elections may include a comprehensive proposal for growth in the agriculture, industry and financial sectors.

According to reports, the budget will concentrate on women's empowerment, and skill development while on the other hand, technology will be boosted to bring the benefits of economic progress to all, combining growth and prosperity.

A substantial increase in the allocation for the Mahatma Gandhi National Rural Employment Guarantee Scheme is expected. The government hope to garner more votes in the upcoming election with this single move.

As part of the Centre's new education policy, steps will be taken to attract top foreign universities. The aim is to make India a superpower in the field of education. Insurance schemes may also be announced to provide cashless treatment facilities in all hospitals.

Agricultural and rural sector

Allocations for the PM Kisan scheme and Awas Yojana may be substantially increased with the objective of income and housing for all. It is also possible to increase the annual benefit of Kisan Samman Nidhi from Rs.6000 to Rs.9000.

Middle-class salary earners

It is expected that the ceiling of tax slabs on new and old returns will be raised to provide relief to middle-class earners.

MSME sector

The Micro, Small and Medium Enterprises (MSAE) sector is looking forward to the schemes to simplify regulatory processes and speed up access to finance and loans.

Industrial production

To make India the world's manufacturing hub, the budget may have stimulus packages for those investing in the manufacturing sectors of semiconductor chips, mobile phones, electric vehicles and electronics products. The existing Production Linked Incentive (PLI) scheme may be extended to more sectors.