India
is awaiting eagerly the Union Budget to be unveiled on 28th February.
Union Budget in India forms a significant part of the country's economic
policy. It would be an important moment for addressing and strategizing
the economic issues of the country that is strongly merged into the
global economy.The $2.1 trillion Indian economy is amidst rapid progression and is all set to achieve more growth. This year is important in particular as the country witnessed a decade of loss under the UPA government and now all eyes are set on how the new government would lay the foundation of a strong new Indian economy.
Racing fast along the wave of urbanization, Indian infrastructure is making strides. Citizens here are looking forward to the Union Budget and the expectations are high. It’s time for Modi’s league to deliver all what they had promised during the Lok Sabha polls.
Commoners expect that the government would come up with substantial policy changes that would make their daily lives better. Although the FDI reforms by NDA have boosted the assurance of the investors, it had got nothing to do with the common man.
The people, not concerned about the basic facts of the business sphere, are expecting the government to work on inflation, education, taxation, real estate and many more.
The declining domestic savings rate is an issue of concern for both the government and the citizens. The rate of savings should witness a growth by 5 percent in order to lift the GDP by 7-8 percent.
The people count on the government to realize the “Make In India” slogan by enhancing tax exemptions, raising allowances for transport, increasing rebate on home loans, subsidy to farmers, focusing on women and senior citizen’s concerns.
Here’s a list of changes that common man expects to see in the Union Budget 2015, reports Zee News.
Salaried Classes
The issue that tops this class concerns the taxes. The commoners anticipate that the tax exemption limit should be raised the initial
250,000 to
300,000. This change is expected to bring positive effect on the saving
rates which would further alleviate investment and liquidity in the
economy. In addition to this, the tax exemption for women working class
is also expected to be raised to 4 lakh, owing to their growing input in the national income.The present fiscal scenario offers quite less of exemption limit on allowances for children education, transport, medical issues and many other sectors. The exemption limits are predicted to rise.
Changes expected in the insurance sector include deduction in clearance of premium for insurance products while the deduction of health insurance premium is anticipated to increase to
50, 000. While a distinct deduction of 1 lakh settled up with pension funds is also expected.The deduction limit on the interest drawn on saving bank account is also required to increase to
25, 000 yearly. The infrastructure progress is needed to be elevated by
raising the deduction limit from 20,000 to 50,000 in bonds.A positive change is predicted by increasing the allowances in the transport and children education sector.
Home Buyers
Higher tax exemption limits on interests and prime remuneration of house loans are foreseen. This would encourage economical housing. The real estate sector in India has witnessed a sharp rise in rates over the past years. The deduction of interest should increase from the current
2, 00,000 to 3, 00,000. The housing industry needs to be promoted which would aid the economic growth in the long run.A large part of the country also expects that a distinct plan should be built on principal loan amount.
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