New Delhi: The Narendra Modi government is likely to present its maiden General Budget on July 11 while the Railway Budget is likely to be presented on July 9, according to sources. The Budget session is likely to begin on July 7 and end on August 25.
The Modi government, which faces the inflation challenge, has said that it will present a good, not just a populist budget. In an exclusive interview to CNN-IBN, Sitharaman said that although the NDA government has a lot of challenges that lie ahead of it and needs to promptly deal with issues of inflation and price rise that is plaguing the nation, they will live up to the promises made in their manifesto.
While the railway fares are likely to go up, the NDA is likely to increase tax exemption limit from Rs 2 lakh to Rs 5 lakh.
Sources have told CNN-IBN that the Finance Ministry has also sought a report on the same from the I-T department, say sources. The CBTD is likely to submit a proposal by June 20, added sources. Sources further said that the government is also considering raising the tax exemption limit on home loans and health insurance premium.
The health insurance premium is likely to be raised by Rs 5,000, as per sources.
As for the Railway Budget, there may be a hike in railway fares. The Railway Board has recommended a hike in rail fares, say sources. Railway Minister Sadananda Gowda will meet Prime Minister Narendra Modi before taking a final decision.
Government sources say that the Prime Minister is against a sharp rise in passenger rail fares. However, sources say that the Prime Minister's Office has been told that the hike is inevitable for both passenger and freight fares.
Government sources say that the PM is reluctant to increase passenger fares of sleeper class, but may agree to hike AC 1st class and 2nd AC fares. Sources say a marginal increase in freight fares is expected of up to 5 per cent.
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