India Breaking Buzz

Budget 2024: Will there be any good news for the middle class?

<p>The country is ablaze with anticipation and rumors regarding developments as Finance Minister Nirmala Sitharaman gets ready to unveil the Interim Budget 2024–25 on February 1.</p>
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<p>People, particularly those in the middle class, are eager to watch what the government will do in the next budget since they believe it to be the BJP-NDA administration’s last budget before the elections. They want to know whether any action will be done, particularly in regards to income tax, to address the growing rate of inflation.</p>
<p>Experts think there is plenty of room to provide salaried people greater assistance, from a possible increase in the basic deduction to requesting extra advantages under different parts of the Income Tax Act.</p>
<p><strong>Will there be tax relief for the middle class?</strong></p>
<p>Expectations are strong that the administration would propose populist measures in the interim budget in an attempt to win over middle-class voters ahead of the impending Lok Sabha elections.</p>
<p>In spite of this, the administration is still dedicated to lowering the budget deficit, and any significant pyrotechnics for the middle class are improbable in light of the statements made about the new income tax system in the Union Budget 2023–2024.</p>
<p>Economists provide their opinions on the budget’s possible course, suggesting that the government could prioritize infrastructure expenditure in order to create jobs. Furthermore, funding for a few of the major social programs that support women, farmers, and the lowest-income families may be increased.</p>
<p>riding the wave of popularity<br />
The BJP-led NDA administration in power seems secure in its political position despite the anticipated.</p>
<p>Riding high on the success of the Ram Mandir project and having won three important states last year, many observers believe that the government may not need to depend too heavily on populist tactics to win the Lok Sabha elections.</p>
<p>Election-year budget concessions may be tempting, as Capital Economics’ Shilan Shah, Deputy Chief Emerging Markets Economist, notes. “As it is a general election year, there will be at least some temptation from within the ruling BJP to announce big fiscal giveaways,” Shah told the Reuters news agency.</p>
<p>But he thinks the administration will strike a compromise between its long-term goal of reducing the budget deficit and the need for handouts.</p>
<p>Furthermore, Nirmala Sitharaman, the minister of finance, has intimated that there could not be any significant announcements in the next interim budget.</p>
<p>Although the middle class may not be as optimistic as they had hoped for significant relief, all eyes will be on the government’s comments about policies to control inflation and promote equitable development.</p>

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