Budget 2016: The Parliament session began today with President Pranab Mukherjee addressing both houses in a joint sitting. With this budget widely expected to be reformist in nature, taxpayers, railway commuters, global investors and analysts would be keeping a close eye on proceeding in Parliament before, during and after presentation of Rail Budget and Union Budget 2016.
Railway Minister Suresh Prabhu will present the Railway Budget on Thursday, while Finance Minister Arun Jaitley will present the general budget on February 29.
The first phase of the budget will be of 15 days and the second phase will be for 16 days.
During the session, the government will try to pass many important bills, but could face stiff opposition on many issues. Various pending bills such as the GST Bill and Real Estate Regulatory Bill are likely to be taken up during the session.
This year’s general budget is also expected to have Prime Minister Narendra Modi’s imprint. For the past month, the Prime Minister has been in close touch with officials of the finance ministry.
Some important announcements are expected from the budget for the common people. The government may ensure provision of cashless insurance in hospitals for the common citizen just like it is provided in the corporate sector. Senior citizens could be the first to enjoy the benefit. Under this scheme, a citizen above 50 years of age will be provided with coverage of Rs 50,000 and the government will pay 90 percent of the premium.
The government can also target building EWS and LIG flats in huge numbers. These flats will be provided to those economically week family who don’t have homes.
The general budget may provide new facilities to villages in the form of various schemes to boost infrastructure there.
Employees and small scale businessmen have their eyes fixed on the general budget in expectation of income tax exemptions. It is possible that the limit in income tax exemption could be raised.