With an eye on the forthcoming Lok Sabha Elections in 2024, the ruling Bharatiya Janata Party (BJP)-led government is preparing to announce a series of significant schemes. These initiatives are expected to be introduced in the upcoming budget, scheduled for February 2024. CNBC-TV18, citing credible sources, reported that the government is contemplating the launch of several major programs to coincide with the festive season and align with the interim budget.
Key Schemes in the Pipeline
One of the major proposals includes a home loan scheme tailored for urban dwellers, allowing them to fulfill their aspiration of owning a home. Additionally, there is speculation about a potential reduction in excise duty on fuel, aimed at curbing the rising inflation. The exact scope and timeline of these schemes are yet to be finalized. As part of its comprehensive strategy, the government is also deliberating on measures to rejuvenate the economy and generate employment opportunities, all of which will be addressed in the interim budget.
Setting a Pre-Election Agenda
In the previous Union Budget for the fiscal year 2023-24, the Central government allocated a record capex of Rs 10 lakh crore to stimulate growth through strategic public expenditure. This initiative is strategically aligned with the 2024 Lok Sabha Elections, demonstrating the government’s commitment to bolstering the economy and public welfare in the lead-up to the polls.
Prime Minister Modi’s Assurance
In his latest Independence Day address, Prime Minister Narendra Modi expressed his optimism about securing a third consecutive term as the country’s prime minister in the upcoming Lok Sabha Elections. He assured the nation that he would share the country’s achievements in the lead-up to the elections.
Potential Steps for Economic Growth
In a bid to address housing concerns in urban areas, Prime Minister Modi announced a plan to provide assistance to those living on rent. This initiative aims to enable individuals in rented houses, unauthorized colonies, and slums to build their own homes, contributing to urban development.
Curbing Inflation
In efforts to counter the escalating inflation, the government is reportedly exploring the possibility of reducing the Central Excise Duty on petrol and diesel. However, no official decision has been reached on this matter to date.
