The Union Budget, set to be presented on Saturday, has generated high expectations for several major announcements that could directly impact the common people.
One of the major highlights could be relief on the income tax front. The government may expand the income tax exemption limit in the new tax regime by increasing the standard deduction from Rs 75,000 to Rs 1 lakh. If implemented, this move would make annual income up to Rs 13 lakh tax-free for salaried individuals. At present, income up to Rs 12.75 lakh is exempt from income tax.
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The railways sector is also expected to receive a boost. The budget may announce the introduction of more than 300 new trains with the aim of reducing waiting lists for reserved tickets. Similar to the previous budget, an increase in railway allocations is also likely.
Farmers could also benefit from the upcoming budget. The government may raise the annual assistance under the PM Kisan Samman Nidhi scheme from Rs 6,000 to nearly Rs 9,000. The scheme has remained unchanged since its launch in 2019, and there has been consistent demand over the last three budgets to increase the amount.
In the healthcare sector, a major expansion of the Ayushman Bharat scheme is expected. The government may widen the coverage to include all senior citizens above the age of 60. Currently, the scheme provides benefits to those aged above 70 years.
Finance Minister Nirmala Sitharaman is set to present the Budget on Sunday, February 1.
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