The Narendra Modi's government has presented its first full budget which disappointed middle class. Though the Finance Minister has made a great exercise to satisfy all sections but his decision to keep the tax slabs intact has yielded some negativeness from the salaried class.
Arun Jaitley a practical man with a strong perception that subsidies should go for rich has become a reality in this budget. Not cutting to existing subsidies on cooking gas sylinders he has smoothly written off those on the part of higher income people. This is a daring step on the part of finance minister that for a long time there was a discussion among the poor people why the higher income groups TATA, BIRLA etc ..are being given subsidy on cooking gas cylinders. It is a great step on the part of Modi government and at the same time the FM has informed the all the MPs that they should be ready to enjoy the subsidy cylinders. If he. implements all the MLAs and MPs in the entire state the burden of the government will be more less.
If we go around all the national TVs the discussions clearly understnds Jaitley's budget is more than average and good. some panelists have even said that the budget is growth oriented and excellent.
where sa the regional languages TVs discussions are some what diffrent. They say it is not up to the mark and not useful to common man. especially in middle class, they have been disappointed by not proposing any increase in the income tax slab rates. Though the finance minister has anounced like insuranc premioum and transport charges to be shown to reduce the payment of income tax burden, no one is able to think that much long. They want only direct increasement of tax slabs. Hence, jaitley has got failed at middle class employee.
The corporate sector has been impressed by Jaitley's budget as they got 25 %cut in the corporate tax and also toatal abolishment of wealth tax. They thougt it was a reform oriented budget after a longg long time. But they have to pay extra 2% sur charge on income those who crossed the income of Rs. ten million.
A bank called 'MUDRA' would be set up for new micro entrprenures. This will be statrted with Rs.15 thousand crores. How will it helps the micro indrustrialists to see in future.
Educational loans would be given to all students but the FM has to get a ground report on this because. many bank managers are not sanctioning any loan without a security. How a poor student will get a rich man's security for his education loan?
To improve the infrastructure sector the FM has anounced Rs. 70.000 crore. He anonced tax free bonds for projects of rail. road and other projects. it may creat some capital to the government.
Regarding agriculture the FM has not been focussed well but he told that the credit for the sector has been increased by Rs.8.5 lakh crore.
If talk about welfare scemes FM has assured of housing for all poor by 2020. He should be praised that he has increased the budget of MGNREGA by Five thousand crore rupees . many congress men thought reverse in this regard and many thought there must be some changes in the scheme. Anyhow by the garce of God it is as same as in the Congress government. some pension scnemes have been anounced by the FM and a n accidental insurance policy would be issued for two lakh rupees for just Rs.12 premium.
Though he tried his best to bringout a budget to satisfy the rich as well as poor but the stock markets reacted negitive. While they had shown much up trend during the speech in the ending shown steep fall.