As the anticipation builds for the Interim Budget set to be presented by Finance Minister Nirmala Sitharaman on February 1, finfluencers, or financial influencers, have several expectations, particularly concerning women-centric measures, from the Budget.
The previous Budget in 2023 introduced key changes, including an increase in income tax rebates and the launch of the ‘Mahila Samman Bachat Patra,’ a savings scheme for women and girls. As the upcoming Budget, which is a vote on account, is speculated to have a focus on women-centric issues, finfluencers are watching closely for special provisions, incentives, and tax breaks targeted at women taxpayers.
StoryBoard18 spoke to finfluencers — Niyati Mavinkurve, a chartered accountant and digital content creator, financial educator Himani Chowdhary, and finfluencer Pranjal Kamra — about their expectations from the interim Budget and any special provisions one should look out for.
Niyati Mavinkurve, chartered accountant and digital content creator
The Budget focuses on women-centric issues majorly from the points of reducing maternal mortality, improving maternal healthcare and nutrition and special investment incentives for girl children.
The focus is usually on schemes that can provide support and assistance to rural and urban impoverished women and their health. There have been talks about the interim Budget this time being a women-centric Budget so we will have to keep watch on whether the government introduces special benefits for women taxpayers or not. It is best to watch out for the tax announcements to see if there are special tax breaks or a special scheme that is announced.
Himani Chowdhary, financial educator
Women are always provided with special benefits and perks in every Budget to uplift them socially and economically. And in the last Budget a lot of new initiatives were taken by the government.
Be it extra income for women under Pradhan Mantri Kisan Samman Nidhi, investment scheme for women under Mahila Samman Savings Scheme or continuous support for skill development under Mahila Shakti Kendra.
Having said that, these measures are steps in the right direction but they might not be sufficient to address the deep-rooted gender inequalities in India.
And given this is the last Budget of this government before elections, they cannot bring any major changes to sway away the voters. In these interim Budgets all we can expect is enhancement under these existing schemes and easier access to loans through self-help groups and other minor schemes.
Areas such as healthcare, education, and employment still require focused attention by the government which I am expecting to come in this Budget.
Pranjal Kamra, finfluencer
The market isn’t expecting anything spectacular from this Budget. Although the direct tax-to-GDP ratio has increased to 6.11 percent in FY23 and climbed to a 23-year high, the government must still focus on reducing fiscal deficits. The Budget should aim to balance welfare and economic targets. On the direct tax front, the government could further incentivise the new tax regime through higher standard deductions or extension of 80D benefits or the like – a transition towards one regime, and thus, better clarity.
Ease of compliance with income tax, GST and customs could also be expected. Focus areas could be adjusting customs to incentivise ‘Make in India’, extending support to MSMEs, some benefits for youth, women and farmers, promoting renewable energy, and propelling GIFT IFSC activities. Having said that, being a vote-on-account, one should keep the expectations low from the Budget.
Read More: Budget 2024: More fiscal incentives needed to bridge the gender gap