The first Budget of Narendra Modi's third term is scheduled to be presented on July 23, with Finance Minister Nirmala Sitharaman poised to introduce key fiscal policies. Sitharaman plans to leverage revenue growth and a record dividend from the Reserve Bank of India.
According to latest reports, the Budget will prioritize substantial investments in infrastructure, targeted expenditures benefiting the middle class, women, and the agricultural sector. Additionally, there is a focus on economic resilience and reform initiatives that bypass the need for legislative approval, indicating a proactive approach to policy implementation.
Expected highlights include tax reliefs, enhancements in social security benefits aimed at the middle class, and potentially historic elements as Sitharaman prepares to present her seventh consecutive Budget, surpassing the record set by former Prime Minister Moraji Desai.
The Budget session for 2024 is set to commence from July 22, with the Union Budget slated to be presented in the Lok Sabha on July 23, as confirmed by Parliamentary Affairs Minister Kiren Rijiju.
Government Plans to Expand Ayushman Bharat Coverage and Increase Insurance Limits
The Central government is considering significant enhancements to the Ayushman Bharat health insurance scheme to boost healthcare accessibility. Sources suggest that the coverage will be doubled over the next three years, starting with individuals aged 70 and above. Additionally, there are plans to increase the annual insurance limit from Rs 5 lakh to Rs 10 lakh per beneficiary. These changes, estimated to cost an additional Rs 12,076 crore annually according to the National Health Authority, are likely to be announced during the upcoming Union Budget presentation later this month.
The Economic Survey for the previous fiscal year will precede the Budget presentation on July 22, focusing on the achievements of the Modi government during its previous terms and outlining critical focus areas for the upcoming fiscal year.
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