Key Points
Yet, Indias annual budget is the most awaited government document every year...
That is also the reason Finance Minister Nirmala Sitharamans budget speech spent more time recounting what the Narendra Modi government has done in its last two terms than what it plans to do in the year ahead...
Welfare still rules: Welfare schemes for farmers, women and housing for the poor have been part of the Modi governments political narrative in the last couple of years, and this budget ensured it stays that way..
The rural employment scheme Mahatma Gandhi National Rural Employment Guarantee Scheme (MNREGA) saw its allocation hiked significantly, the construction of over 40 million houses in villages and cities was a highlight, the finance minister talked about making 30 million lakhpatis among women (Rs 1 lakh = Rs 100,000) and enhanced the coverage of the health insurance scheme for the poor, among other measures.. but it is also about the economy: We are working to make India a Viksit Bharat (developed country) by 2047..
Gross government borrowings will also be lower, which means availability of more credit to the private sector.. but Indians are getting better at paying taxes:In the last 10 years, Indias direct tax collections have more than trebled and the number of people filing income tax returns has gone up 2.4 times..
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