New Delhi: Union Finance Minister Arun Jaitley will present his third general budget for the Narendra Modi government in the Parliament today.
The Finance Minister faces a tough task of balancing the needs of agriculture as well as the industry as the government seeks to garner resources to boost public spending for higher growth amid global headwinds.
Rising rural distress because of back-to-back droughts has put considerable pressure on the FM to spend more on social schemes, while at the same time he has to win back foreign investors craving for faster reforms.
The Finance Minister is likely to make several annouoncements including raising tax exemotion slab from present 2.5 lakhs to 2.75 to 3 lakhs and increasing service tax from 14% to 15-16%.
While investment limit might be hiked to Rs 2 lakh from present Rs 1.50 lakh, government might also announce tax relaxation for startups in Make In India programme.
Finance Minister in his budget is likely to announce a provision of Rs. 10,000 crore for implementation of OROP scheme.
While cigrettes and tobacco-based products might get costlier, the government may increase the excise duty of luxury cars and SUVs.
FM Jaitley is also likely to make announcements regarding Universal Health Plan in the Parliament today.