Ahead of the upcoming swearing-in-ceremony, the new NDA government led by Narendra Modi will likely center its policies around middle-class and household savings, as Budget Day nears.
Set to take oath as prime minister for the third consecutive time on June 9, earlier in his speech, he announced, that upper middle class and middle class will be the center of focus in next term.
Further, Modi also emphasized on middle-class crucial contribution, calling it exceptional and will be the ‘driving force of Bharat’s growth story’.
‘Today, the middle and upper middle class has emerged as a driving force in Bharat’s (India’s) growth story. We will continue to ensure welfare of our people and will continue to deliver ‘quality of life’ to all ‘said modi.
Speaking after the elections, NDA leader Narendra Modi described them, as drivers of growth and highlighted them as his top priorities, alongside women and the underprivileged.
Earlier, Modi has talked about government’s 100-day agenda, some of which will be included in the upcoming budget.
‘In the next 10 years, good governance, development, quality of life and my personal determination (is) to reduce government interference in people’s life.’ said modi.
BJP’s Manifesto
However, the BJP’s election manifesto could provide valuable insights into what to anticipate in the forthcoming budget.
In the election manifesto, BJP had promised better housing facility for middle class, by reducing the Construction and registration’s cost and making regulatory changes such as automatic approvals for standard housing designs.
He had also announced, new interest subsidy scheme for urban poor, which is most likely be included in a budget.
The ‘Sankalp Patra’ also promised to expand more on the benefits, given to people and add new recipients within existing programs.
Example: BJP talked about the expansion of Ayushman Bharat coverage, which will include senior citizens and will also provide with door-step delivery of many government schemes.
Furthermore, the manifesto also talked about the plan to launch an insurance scheme for small businesses and traders, to safeguard them from accidents, thefts and natural calamities.
Will Center Change Income Tax Slabs?
Despite the demands for re-look at income tax slabs, it is still a mystery whether center will change its strategy on the new tax regime after budget or not, but there is expectation that GST slabs might change.
