One of the most awaited Budget came out as a mixed bag. There are a few positives but serveral negative aspects. It is positive from personal point of view; as change in tax slabs means more money in my bank account. I can't resist myself from appriciating couple of points about this budget like the 15% increase in education spending and fiscal deficit came down to 5.5% from 6.7% last year. Increasing the funds for education system means taking a strong step towards prosperous India; because future of this country lies in the hands of youngsters.
Let’s look at the aspect of this Budget that may distrub your sleep.Almost 100% people pay the tax in this country directly or indirectly including the people who hardly eat once in a day, still the government is hungry to impose lots of taxes with different names. Most of these names are not understandable by millions of people in this country. Congress always claims to be the Aam-aadmi ki sarkar (Govt. of poor people) so it might be a part of the effort from govt to make the more people poorer in this country by increasing the prices of Petrol / Diesel.
Do I need to mention that the rise in Petrol and diesel prices will hurt each and every one of us right from poor farmers to the middle class?. Driving to my work place has become more expensive. It may force me to use bicycle to commute but could be a great excuse to impress my Boss, who always uses cycle just to do his bit towards saving the enviroment. I was expecting that the FM will take some decision to curb the inflation; he did, but to rise.
As far as the industrial growth is concerned, everyone agrees including PM and FM himself that, it’s in consolidation phase. On one hand, govt. hiked MAT to 18% from existing 15% and the excise duty has gone up by 2% for all classes of goods while inflation is still a big concern for the industry; still our govt is chasing the dream of 8-9 % growth. How is it possible is not understandable. When economy is going through the recovery phase govt. wants to take back stimulus packages. However, govt had given around 0.5% of GDP as stimulus package whereas USA had given 5% of their GDP to stimulus packages.
We may need to think twice to come to a conclusion about this budget whether it’s supporting industry or aam-aadmi or is it simply a routine budget coz our FM had to present one?
Would appreciate your opinion on this Budget?
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