New Delhi: All eyes are on Union Finance Minister Nirmala Sitharaman, who will present the Interim Budget in parliament on Thursday.
Salaried taxpayers are hoping for changes in income tax slabs and higher deductions. Being an Interim Budget, major policy changes or big announcements may not be made, but expectations are still high.
Sitharaman will present her sixth straight Budget, equalling the record of former Prime Minister Morarji Desai. During his tenure as Finance Minister, Desai presented five annual Budgets and one Interim Budget between 1959 and 1964.
The Finance Minister also holds the record for the longest Budget speech – 2 hours and 42 minutes – which she delivered in 2020.
Sitharaman will present an Interim Budget as the Lok Sabha elections are due in April-May this year. The full Budget will be presented by the new government later this year.
Ahead of the start of the Budget Session of parliament on Wednesday, Prime Minister Narendra Modi expressed confidence that he would achieve a third straight victory and said that the full Budget will be presented by a BJP-led government after the Lok Sabha polls.
According to experts, Sitharaman and the BJP will have to walk a fine line between pleasing various sections of people in an election year and keeping the fiscal deficit in check.
Salaried taxpayers are hoping for a change in income tax slabs, a higher standard deduction limit, and a hike in exemptions under Sections 80C and 80D.
For Micro, Small, and Medium Enterprises (MSMEs), the expectation is that the government will bring in policies to ease regulatory procedures, reduce compliance burdens, and provide greater access to loans.
