Business

IIE Digital Desk: With the much-anticipated interim Budget 2024 just around the corner, speculations are rife about potential changes to welfare schemes, notably the Pradhan Mantri Kisan Samman Nidhi (PM Kisan).

According to a recent report by The Economic Times, the Centre is contemplating a substantial increase in the PM Kisan scheme payout. The current annual amount of ₹6000 may see a significant boost to ₹9000, marking a 50 percent surge. Economists suggest that this potential raise is expected to be one of the three key social sector announcements during the upcoming budget presentation.

In addition to the PM Kisan scheme, experts predict a heightened focus on the Prime Minister Awas Yojana, the Centre's housing scheme. Last year's budget allocated ₹60,000 crore for the PM Kisan scheme, and this figure is likely to witness a 50 percent augmentation this year.

The government's commitment to capital expenditure is anticipated to persist, as private sector investments continue to lag across various sectors. In the past three years, the government has significantly increased capital expenditure, directing funds towards infrastructure development, including roads, ports, and power plants. These sectors are likely to receive further impetus in Budget 2024.

As part of the pre-budget rituals, an all-party meeting has been scheduled ahead of the interim Budget presentation. Led by Minister of Parliamentary Affairs Pralhad Joshi, the meeting will provide an opportunity for leaders of different political parties to articulate their concerns and expectations. This customary practice aims to foster cooperation between the government and opposition parties.

It is essential to note that Finance Minister Nirmala Sitharaman will present only the interim Budget on February 1. The complete Union Budget for the upcoming fiscal year is slated for presentation after the Lok Sabha elections and the formation of the new cabinet. Stay tuned for more updates on these crucial budgetary developments.