There is a lot of expectations riding on the 2018 Union Budget.Perhaps most importantly because it is the last regular budget of Modi government before the 2019 Lok Sabha election.
So people are expecting a lot of populist schemes being announced by the government. The middle class, therefore, is waiting with bated breath.
We state some of the expectations from 2018 Union budget
1.A proposal was recently made to the finance ministry calling for expanding the exemption limit from Rs 2.5 lakh per annum to Rs 3 lakh, if not Rs 5 lakh, and many predict that Jaitley will deliver this on February 1.
A recent survey has shown that people expect the tax slab to be raised from 2.5 lakhs to 3 lakhs.
Also read: How Union Budget of 2018 can save Infra Sector
In the last Budget, the finance minister had given marginal relief to small taxpayers by reducing the tax rate on the Rs 2.5-5 lakh bracket to 5%. This time, if the above come through, he will make many more taxpayers happier.
2.Hiking investment in tax-saving schemes
The limit at present is 1.5 lakh but people expect that it to be increased.
3. Creating more jobs
According to many surveys, job creation in India is at an all-time low. In fact, the trade union of the central government itself pointed out that more jobs are lost than created. A country like India where there is a lot much youth within the range of 20-30 age group. Job creation is very important.
4.Making Houses Affordable
House is something that every person dreams of, but the cost of constructing a makes most of the Indians to put the dream on the shelf. a way to overcome this is providing a loan at affordable interests. The government should construct a plan to do so and people expect the government to come up with some solution in this budget.
5.Increasing minimum wages
After the labor ministry raised the minimum wages substantially in 2016, the current floor level monthly income for a family is fixed at Rs 9,100 taking Rs 350 as the daily minimum wage. The labor ministry is said to be in the process of revising the minimum wage. It is, in fact, likely to be doubled in Budget 2018 to Rs 18,000 per month. On the other hand, traders’ bodies have demanded that minimum wage for all the laborers across the sectors and states should be fixed at Rs 21,000.
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