Budget 2019: Slew of measures to boost economy, relief to tax payers likely in Sitharaman's maiden budget today

Union Finance Minister Nirmala Sitharaman will be unveiling Modi-government 2.0's first Union Budget on Friday. As the finance minister, this will be Sitharaman's maiden budget.

Here's taking a quick look at what all is likely to announced as the finance minister presents the government's first full-year budget today.

Relief to tax payers

Add WION as a Preferred Source

Experts suggest Sitharaman is likely to pronounce relief to the common tax payers today by raising the personal income tax threshold for certain categories.

In the Interim Budget, the government had proposed a rebate on all payable taxes if an individual's taxable income is up to Rs 5 lakh per annum. But it kept the basic exemption levels unchanged.

Sources said that the Budget 2019-20 will take the sops announced in the Interim Budget further by raising the basic tax exemption limit for an individual income tax payee to Rs 3 lakh from Rs 2.50 lakh at present to cover for the inflationary impact over the years.

Watch:Key Expectations From Indian Budget 2019-20

Push to agriculture, infrastructure, healthcare spending

It is also anticipated that spending on agriculture, healthcare, social sectors and infrastructure would get a push.

The budget is likely to feature schemes for ushering in a "blue revolution". The BJP's promise of allocation of Rs 10,000 crore for providing infrastructure like storage and marketing for small fishermen is likely to be fulfilled.

Pradhan Mantri Fasal Biima Yojana (Prime Minister's Crop Insurance) scheme will be improved. Proposals with a focus on micro-irrigation and new agriculture warehouses along national highways are also on the cards, said sources.

Slew of measures

It is widely expected that the budget will have a slew of measures which will support the economic growth both in the short-term and the long-term. It may be noted that the economic expansion during last fiscal has slowed down to a five-year low of 6.8 per cent, with growth for the running fiscal (2019-20) pegged down substantially by the Reserve Bank of India.

New industrial policy

Sitharaman is expected to make public the new industrial policy today which primarily centres around the "Make in India" theme and was first envisaged in Modi's first term.

Disinvestment, RBI dividend

Today's budget may feature the government's plan to raise the funds required to boost the economy through welfare measures. The disinvestment target is likely to be raised whereas the Reserve Bank of India may be nudged for a higher dividend. The 5G spectrum auction, due in October, is also likely to find a mention today.

Air India woes

As per reports, cash-strapped, privatisation-bound Air India may not get financial support from the budget today.

Sitharaman, on Thursday, tabled the Economic Surveyin Rajya Sabha which said India needed to sustain a GDP growth rate of 8 per cent in order to become a $5 trillion economy by 2025.

The economic survey has predicted seven per cent Gross Domestic Product (GDP) growth in FY20 on stable macro-economic conditions.

The survey said oil prices were expected to decline in 2019-20.

According to the survey, the general fiscal deficit is seen at 5.8 per cent in FY19 against 6.4 per cent in FY18. "The government stood by the fiscal consolidation path," the report said.