Union Budget or Bahi Khata
Union Finance Minister Nirmala Sitharaman is all set to present the Union Budget 2019 before Parliament. Here we give you a quick look at the points on what the first full-time female finance minister will present for the country.
Investments and Employment
Economic growth and Job creation are expected to be the top priorities for Nirmala Sitharaman as the Modi government had been slammed by the opposition for raising the unemployment rate in the past five years. By boosting investment in India job creation figures improve. That is why employment-heavy sectors such as auto and MSMEs are the prime concerns of the Finance Ministry.
Income Tax Benefits
Under some sections of Income Tax Act, the Finance Minister is expected to announce hike income tax deductions. While according to media sources, government may hike basic tax exemption limit from Rs 2.5 lakh to Rs 3 lakh.
Recapitalising Banking Sector
To revive the ailing banking sector the ministry is expected to bring a long-term plan. It might also introducing relaxations for non-banking financial companies (NBFCs).
Boosting Agriculture Sector
Apart from the PM-KISAN scheme, the government could introduce other incentives for farmers. To provide a short-term boost, Sitharaman might also announce stress funds to reduce farmer suicide cases.
Tax Concessions for Women
To empower women, Finance Ministry is likely to provide additional tax concessions. Long-term plans are also expected to increase labour participation among women, especially from rural areas
