What to expect from Indian Union budget 2017

India is currently going through one of the biggest economic experiments the country have ever witnessed. There were lots of debate took place after India approved demonetization of old 500 and 100 rupees notes. There are many financial experts who doubted the decision of demonetization and at the same time, there were millions of countrymen who supported Modi for his campaign against black money. But to be honest, the Indian people did not witness much change after demonetization took place. But the things are expected to change after the Union budget which will take place on 1st February 2017. Here are the top five things to expect from the union budget 2017.

There may be a significant change in the income tax slabs. If an Indian citizen has an income of Rs. 2.5 lakhs/annum or more then the person is considered under the income tax. But after the budget, it may increase up to Rs 3 lakhs/annum.

For the first time ever in 92 years, the rail budget will be announced during the union budget. Therefore it is expected that the finance minister Arun Jaitley will announce some new trains and at the same time, the railway fare may be taken under considerations.

During last few months Indian prime minister Narendra Modi and finance minister Arun Jaitley is campaigning for the digital transactions. In this budget, there can be some important announcement for the people who are availing digital transaction.

In this budget, Arun Jaitley may take an initiative to promote the Make In India initiative and at the same time, he will try to encourage future entrepreneurs of India. It is expected that all the startups in India may get a tax free session of 3 to 5 years.

Due to the demonetization effect, a good number of people who used to get daily wages lost their job. Therefore, Arun Jaitley may focus on the employment but his main focus will be on the employment in the real estate business.

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Narendra Modi