BJP government is all set to announce its final budget ahead of the Lok Sabha elections and it is being predicted that a political flavor would be added to it as the tax cut and a loan waiver is being predicted by the economists.
The poll pundits have predicted that a massive relief might be in offing by the Piyush Goyal led Finance Ministry for the farmers and the small and medium enterprises as the aftershocks of the demonetization and the GST have been monumental in destroying the backbone of the economy.
The Minister of State for Finance Shiv Pratap Shukla has said that “It is a popular government. It has kept everyone in mind whole making the budget. Being an interim budget, the government will do whatever is possible.”
Delhi: Piyush Goyal will present interim Budget 2019-20 in the Parliament at 11am today pic.twitter.com/bjQNAxOc4B— ANI (@ANI) February 1, 2019
The government is expected to announce a waiver of loans, tax exemptions for farmers and salaried class, and a Universal Basic Income might be in the offing. The Modi government is planning to give Rs 12,000 annually to the farmers who are totaled around 12 crore as a sop to the agricultural household.
The GST and demonetization had fractured the India’s economy which was termed as a ‘monumental blunder’ by former Prime Minister Dr. Manmohan Singh and other Opposition parties.
As per a report published in the Business Standard, the government is hiding the NSSO report on jobs which was set to be announced until December 2018 and the data included the post demonetization effect. The report analyzed that the unemployment rate in India has crossed 6.1% which is highest in last 45 years.