President Draupadi Murmu (File)
– Photo: ANI
Expansion
The middle class and the industry are expected to get relief through the budget to be presented in the last week of next month. President Draupadi Murmu’s address has indicated that while the government plans to speed up the process of economic reforms to increase the growth rate, it also plans to help the middle and lower middle class by taking measures to increase savings. Preparations are also being made to provide major relief to the industry.
Three proposals for the middle and lower middle class are pending with the government
First- plan to provide relief by bringing in a new tax system. Second- increase the exemption limit under Income Tax Section 80C from 1.5 lakh to 2 lakh and third- provide relief on home loan interest rate. In this, a consensus was reached in the previous government regarding relief on home loan interest rate. However, due to some reasons, it was not implemented.
Why did you remember the middle class?
The results of the general elections have not been a relief for the government. The government has suffered political losses due to the indifference of the middle class. Assembly elections are due in Haryana, Jharkhand and Maharashtra in just three months. The government now wants to please all sections of the society.
Common complaint of not being able to save money
Due to rising inflation, savings are not being made. The middle and lower middle class are finding it difficult to save due to the rising EMI of home loans and the rising tuition fees of children.
The President spoke about big decisions
Indications of relief and economic reforms in the budget were also seen in the speech. Murmu said that the upcoming budget will be a forward-looking document. There will be a provision to take all the reforms forward rapidly. Many such big economic and social decisions will be taken by the government in the budget which will reflect the far-reaching policy and vision of the future of the government.