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Budget 2024 Wishlist: Tax on Rich Farmers To Induce Taxation Fairness

RBI committee member advocates income tax on wealthy farmers; for fairness in taxation amongst small-scale and large-scale farmers.

KJ Staff
Nirmala Sitharaman, Minister of Finance and Corporate Affairs, Government of India. (Picture Courtesy: X)
Nirmala Sitharaman, Minister of Finance and Corporate Affairs, Government of India. (Picture Courtesy: X)

As India anticipates the unveiling of the Interim Budget 2024 on February 1 by Finance Minister Nirmala Sitharaman, the focus has shifted to Reserve Bank Monetary Policy Committee (MPC) member Ashima Goyal's recommendations. Goyal has suggested the imposition of income tax on affluent farmers, aiming to rectify imbalances in the taxation structure. Amidst this, the popular PM-KISAN Samman Nidhi scheme, providing Rs 6,000 annually to impoverished farmers, is expected to witness an increase. While the Modi-led government remains tight-lipped about the 16th installment, recent additions of beneficiaries under PM-KISAN hint at potential expansions.

Taxing Wealthy Farmers

Reserve Bank MPC member Ashima Goyal proposed a shift in India's taxation landscape ahead of Budget 2024 by considering the imposition of income tax on prosperous farmers. This move aims to inject fairness into the existing tax structure and potentially reshape budgetary allocations.

PM-KISAN Scheme's Evolution

The PM-KISAN Samman Nidhi scheme is expected to undergo expansion. Speculations about increasing the annual allocation from Rs 6,000 to Rs 8,000 per farmer and elevating provisions under the PM Garib Kalyan Anna Yojana are circulating ahead of the 16th installment, slated between February and March 2024.

Women Empowerment

Recent data reveals a surge in PM-KISAN beneficiaries, with 10,61,278 women, 29,87,884 men, and 1,213 others added between November 15, 2023, and January 14, 2024. Uttar Pradesh leads in women beneficiaries, followed by Rajasthan, Manipur, Jharkhand, and Kerala. These additions are attributed to the Viksit Bharat Sankalp Yatra, aimed at maximising beneficiary coverage before the 2024 Lok Sabha elections.

Agrochemical Industry's Budgetary Aspirations

In tandem with the government's 'Make in India' and 'Aatmanirbhar Bharat' initiatives, the agrochemical industry, as reported by Krishi Jagran, seeks increased budgetary support. The Crop Care Federation of India (CCFI) advocates urgent measures to boost local manufacturing, reduce import dependency, and solidify India's position in the global agrochemical market.

In the run-up to the Interim Budget 2024, Goyal's proposal and the potential expansion of the PM-KISAN scheme underscore the government's commitment to economic fairness and inclusive growth. The agrochemical industry's push for budgetary support aligns with broader national goals of self-sufficiency and global competitiveness.

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