Union Budget 2018 date is nearing, and expectations are quite high surrounding the announcements to be made by Finance Minister Arun Jaitley on February 1. The Modi government’s fifth Union Budget assumes significance as it will be the last full budget before the 2019 Lok Sabha polls. The Budget 2018 will be the Modi government’s great opportunity to address certain areas for the betterment of the country.
Here are top 5 concerns that might be addressed by Modi government in Budget 2018 on February 1
Income Tax exemption limit
In Budget 2018, the Modi government may consider hiking the tax exemption limit from present Rs 2.5 lakh per annum to Rs 3 lakh per annum. Many stakeholders, who put forth their proposal to Arun Jaitley during pre-Budget consultation meetings, made a case for hiking the exemption limit, some even to Rs 5 lakh per annum.
It is certain that the agriculture will be the Modi government’s top priority in Budget 2018. Ahead of the Budget 2018, FM Jaitley had said the agriculture sector is the top priority for the government because the country’s economic growth is not ‘justifiable and equitable’ unless the benefits are ‘clear and evident’ in the farm sector.
Therefore, the central government’s priority is to ensure the gains reach the farmers and the growth is visible even in the farm sector, he had said.
In budget 2018, infrastructure will get attention from FM Jaitley. Economic Affairs Secretary Subhash Garg recently had said that the central government is planning to dedicate a large part of budget towards capital expenditure on infrastructure and will push for foreign investments in the sector. FM Arun Jaitley, too, said that the focus of the government next year will be on the momentum of infrastructure creation.
PM Modi has time to time stressed for job growth. In Budget 2018 speech, FM Jaitley, the Narendra Modi government is likely to focus more on creating employment and employment-related funding. According to reports, the Modi government is likely to come up its first National Employment Policy (NEP) to address the crucial issue of job creation.
Corporate tax cut
One of the key focus areas in Budget 2018 will be Corporate tax cut. Notably, FM Jaitley, in his Budget 2015 speech, had proposed of cutting the corporate tax rate from 30% to 25% over a period of four years. In the Union Budget 2018, the pressure is on the Modi government to deliver on what was promised in Budget 2015.