Parliament is all set to for the Union Budget 2024 from January 31 to February 9. According to the sources, President Draupadi Murmu will address both houses, laying the groundwork for important budgetary pronouncements on the Day 1 of the session.A substantial legislative revamp is not expected, but doubling the PM Kisan Samman Nidhi initiative for women farmers could be a game-changer.Finance Minister Nirmala Sitharaman would be unveiling the budget on February 1.According to Reuters news agency, the government is planning to increase the yearly compensation given to female landowner farmers by double to Rs 12,000 in recent days.Apart from this, sources also claim that the income tax rebate under the new direct tax regime is unlikely to rise in the interim budget. However, there is no official statement for this yet.India aims to become a $30 trillion economy by 2047, thus among other things, the government is likely to expand capital spending to support infrastructure development and create more jobs.Minor adjustments to income tax laws cannot be ruled out in the forthcoming interim budget, even though significant changes are doubtful. A boost is also anticipated for the ambitious production-linked incentive (PLI) scheme, which is part of the governments plan to make India a global centre for manufacturing.
