New Delhi, July 5: Union Finance Minister Nirmala Sitharaman will present the first budget of the Modi 2.0 government today. The Union Budget 2019-20 will outline the priorities of Prime Minister Narendra Modi in his second term after Bharatiya Janata Party's massive victory in recently-concluded Lok Sabha elections. Nirmala Sitharaman, India's first full-time woman finance minister, will table the Union Budget 2019-20 at 11 am in Lok Sabha.

The plans announced in the Union Budget will assume significance in view of India's GDP slipping to 5.8 per cent in the March quarter – the slowest pace in 20 quarters. Sitharaman is expected to present a budget which will boost the economic growth of the country. Ahead of the budget presentation, Sitharaman in a written reply in Rajya Sabha said: "Economic growth is high on the agenda of the Government. Various reforms are being undertaken by the Government in many spheres to improve GDP growth."

Farmers' income will be another area which will be largely focused by the government in the Union Budget. In the Interim Budget 2019, then finance minister Piyush Goyal had announced PM Kisan scheme or the Pradhan Mantri Kisan Samman Nidhi Yojana (PM KISAN) with an aim to provide direct income support to farmers. All farmers were included in the mega scheme. The Union Budget expected to outline the government's plan to ensure that PM Kisan reaches all the targeted beneficiaries. India's Economic Growth Driven by Domestic Demand, Need to Focus on Exports: World Bank.

The Modi government is expected to put special focus on tax reforms in the Union Budget 2019. On February 1, Goyal had presented the interim Budget and announced a full tax rebate for individuals earning up to Rs 5 lakh annually. Goyal, however, left income tax slabs and rates for the FY 2019-20 untouched. There is a huge expectation from the new Finance Minister of an increase in the basic income tax exemption limit from existing Rs 2.50 lakh to Rs 3 or 5 lakh. Income Tax Slabs 2018-19: A Look At How Your Annual Income is Taxed Currently Ahead of Union Budget 2019-20.

Sitharaman could also lower corporate taxes for small and medium-sized businesses. She may further simplify and rationalize the GST tax structure in the upcoming Budget. The Union Budget will also come up with a plan to increase employment in the country. The Economic Survey of India for the year 2018-19 tabled in Parliament on Thursday suggested deregulation of labour laws to create more jobs in the country.

(The above story first appeared on LatestLY on Jul 05, 2019 12:01 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).