The people of India look forward to the central budget each year, for they think of the betterment of their economic condition, development of surrounding area, streets, railways and another communicational system. They think of the lower tax payment or rebate of tax etc. But what political and economic message has been sent to us by the recent budget? The Express planet cuts through the fog.
The Finance Minister, Arun Jetley declared the Union Budget 2018, on Tuesday. Along with the presentation of the budget, the most awaited event of Indian financial year is over.
Why do we need a budget? Is there anything special about the budget? What aspirations does it fulfil? Is there any betterment have been done for the lower class and middle-class people? Let’s have a look.
In every section of life of Indian people, the central budget should be touched. Budget is the clear statement from where the government will earn revenue and by this earning, expenditure will also be selected on various sections of life, such as health, education, everyday essential goods, infrastructure, maintaining law and order, defence, and so on. The budget provides the roadmap for where economy of the country is headed.
The budget of this year has been made with the keen attention as this is the last budget of the Modi-government. Some state elections are heading soon, and the government was expected to persuade some political audiences. It was also expected that the government would remain financially prophetic and it would not borrow so much as previous years.
What is the economic condition today in comparison to the budget of last year?
The global economy seems to be great in recent years after the financial crisis running over. Sadly enough, the growth of Indian economy reached only 6.5% of growth rate in the current fiscal year, 2017-18. This seems to be the lowest growth rate since the government came to power in 2014. The global institutions and several agencies have predicted that the growth rate of India will reach about 7% in the next financial year: 2018-19.
What were the expectations from this Budget?
It was expected that the government will set a great target on filling up the deficit which will excess huge revenue over expenditure. The current fiscal discrepancy was 3.2% of GDP. The farmers and the people of lower class expected a lot to this budget. The gainers of the stock share should be taken under new revised taxation that had held the stock over a year and more. The reduction of small and medium-ranged companies was highly expected.
Is the expectation met?
The Budget had shown some rays of hope to the rural sectors, and the farming families who remain below the poverty level. However, the investors, stock marketers, and the people who are investing their money in the mutual funds expected some lower taxation, but they are highly disappointed. The huge investors, marketers and higher borrowers are frowning with the budget.
Moreover, no money has been kept aside to fulfil the promises of various kinds. The budget does not provide any special benefit to the retired and elderly people. The hopeful matter is that the Budget has declared free gas and electric connections to 8 crore poor women and free toilet for the rural areas.
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