Trailer shown in Economic Survey, full picture will be seen on February 1, common people have these expectations from Sitharaman’s budget

Finance Minister Nirmala Sitharaman will present her fifth budget speech tomorrow (February 1). She is expected to announce tax relief measures for salaried taxpayers, middle class and senior citizens while balancing growth and fiscal deficit. Meanwhile, the budget session of the Parliament has started from today. The Economic Survey 2023 was also presented in the Parliament today. In the Economic Survey, India’s growth rate has been estimated at 6.8 percent in the year 2023-24. In the year 2022-23, the growth rate was estimated at 7 percent while in the year 2021-22 it was 8.7 percent. The direct connection between the budget and the general public is only through the announcement made regarding the tax. He has his reason too. Now the Rail Budget is not presented separately and many times big announcements regarding the Railway Department are made outside the Budget. In the Corona epidemic, many concessions were made regarding tax. People in job profession who are struggling with inflation have high hopes regarding tax this time.

Inflation will be controlled

In the year 2022, inflation has troubled the common people. In such a situation, people are hopeful that they will get relief from inflation from the budget to be presented in the year 2023. The government may consider reducing tax on essential food items. Women are hopeful from the budget that they will get relief in the prices of cooking gas. This will give them relief from inflation.

Will the hopes of the common man be fulfilled?

Since 2014, the common man is expecting that the government should increase the basic exemption limit of income tax. As of now, no tax is levied up to Rs 2.50 lakh. This is the old tax slab. After this, a rebate of up to Rs 1.5 lakh is available under 80C. In the new tax slab, there is no tax on taxable income up to Rs 7 lakh. But there is no discount on this.

Stock investors expect a balanced budget

Stock market investors are expecting a balanced budget this time. He believes that in the general budget, the government will focus on job creation, increasing spending on infrastructure, controlling the deficit and improving the economy. There is a sluggish trend in the stock markets before the general budget. BSE Sensex has been almost flat this month. Even the quarterly results of the companies failed to enthuse the markets. However, positive movement was seen in some indices like IT and Bank. Foreign portfolio investors (FPIs) have pulled out over Rs 16,500 crore from domestic stock markets so far this month. Apart from this, investors are also cautious due to the fear of inflation and global recession.