Budget 2020 : Common Man’s Expectation from Modi Government

NP NEWS 24 : New Delhi : Modi government is about to present the second budget of its second term. Every common man of the country has high expectations from this budget. The country’s general budget 2020-21 will be presented next month on February 1. This will be the first full-time budget presented by Sitharaman before the parliament. In this budget, the government can make many big announcements.

To bring the economy back on the normal track, the upcoming union budget should ensure sufficient funds are allocated to each sector. Various sectors across the nation such as railways, jobs, infrastructure, farming, education, aviation, etc. have a lot of expectations from the Union Budget for FY21, especially after a slew of recent interventions, including the slashing of the corporate tax.

Which sector should get the maximum allocation in the upcoming budget?

Public opinion is divided on this issue. 30 percent of the people say that the environment should get the highest allocation, while 26 percent say that the infrastructure should be promoted more. People also want the highest allocation in the field of agriculture and women and child safety.

Will the government change tax slab?

According to a media report, 70 per cent of people taking part in a survey believe the tax exemption should be increased. It should be increased from Rs 2.5 lakh to Rs 5 lakh. Bank Bazaar CEO Adil Shetty said that the cut in personal income tax rates is one of the most popular demands of salaried people. The government may increase the basic exemption limit from Rs 2.5 lakh to Rs 5 lakh. Also, a 30% slab should be considered.

What is the best way to boost consumer spending?

People feel that the cut in taxes along with incentives could help revive the customer spending in the country. Respondents also gave weightage to deductions as a way to boost spending.

Will the government change the standard deduction for the salaried class?

More than 50 percent of the people who answer this question believe that the standard deduction should be Rs 75000 for the salaried class. At the same time, 20 percent people want that the standard deduction system should be removed and the receipt based deduction process should be implemented.