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Relief to those expected to mitigate inflation | India News – Times of India

NEW DELHI: In an environment of high inflation due to higher input cost and high unemployment caused due to the Covid-19 pandemic, the government is expected to provide relief to individuals and increase disposable income to boost consumption in the Union Budget FY23, to be tabled in the Parliament on February 1.
The government may increase the limits on standard deduction from Rs 50,000 to Rs 1 lakh, SMC Global Securities said in a report.
It expects increase in tax benefit on home loan interest and principal repayment by Rs 50,000 each, higher from the current level of Rs 2 lakh and Rs 1.5 lakh, respectively. The government may provide interest subsidy of 3-4 per cent on home loan for three years. It is expected that the budget allocation for the Railways is set to hit a record level next fiscal as the government gears up to support a major makeover for the national transporter.
Besides, there is a possibility of excise duty reduction on petroleum products. The market is also looking for support measures for sectors such as housing, auto, and auto ancillaries, and PLI-related measures in multiple sectors. The government may announce asset monetisation of public sector undertakings (PSUs) under the National Monetisation Pipeline (NMP).

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