Finance Minister Nirmala Sitharaman will present the country’s upcoming Budget 2026 in Parliament on Sunday, February 1. This will be the first time that the Government of India is presenting its budget on a Sunday i.e. a holiday. Many sectors have high expectations from this time’s budget. Let us tell you about those 5 sectors in which the public is waiting for a positive announcement.
Expectations of exemption on income tax
The public has special expectations from this budget regarding income tax. Last year, the government did not impose any tax on the annual income of Rs 12 lakh. Salary base employees were given the benefit of standard deduction of Rs 75 thousand. Here, tax payers believe that this exemption should be increased from Rs 12 lakh to Rs 14 lakh. This is being demanded from the government.
Expectation of relaxation in NPS system
Apart from income tax, there are also expectations regarding exemption in the National Pension System. The government has given permission for non-government sector employees to withdraw 80% of the funds at the time of retirement. The remaining 20% ​​is reserved for annuity. This time it is expected that NPS exemption will be included in the new tax regime, along with zero tax will be announced on 80% fund withdrawal. With this, people can get huge financial support.
Expectation of reduction in import duty on gold and silver
Considering the increase in the prices of gold, it is no longer within the reach of the common man to buy it. In such a situation, there has been an increasing gap between demand and supply at jewelery shops. Absence of customers is being seen at the shops. Now people do not want to buy gold and silver. There is a demand that the government should reduce the import duty on gold. GST rate should also be reduced. Give tax relief. Presently the price of silver is Rs 3 lakh. Whereas gold is Rs 1.5 lakh.
Farmers of the country have high expectations from the budget
The farmers of the country also have high expectations from this time’s budget. Among these, there is a demand to increase the funds received under PM Krishi Samman Nidhi Yojana. At present Rs 6,000 are given annually, there is a demand to increase it to Rs 12,000. With this, farmers can get support in farming. Apart from this, increase in crop MSP is also expected from the budget.
What are the expectations of the insurance sector?
Apart from this, there are expectations of exemption in insurance from the Union Budget. The government has already kept it in 0 category in GST. Apart from this, 100 percent FDI has been approved. Now it is expected that a framework will be prepared to take life and health insurance to the villages.
