As the acting finance minister tabled the 6th budget of the UPA government, there has been criticism from all the corners of the country, business or politics alike, branding it a "lacklustre" effort.Many have stated that congress missed a great opportunity of wooing the common people before the general elections by providing massive tax cuts.In fact the budget speech somehow sounded like an election speech highlighting the achievement of congress in the past five years and eventually it had very little things to impress people other than the hardcore congressman.He boasted off the achievement of congress in curbing the menacing rate of inflation by bringing it below 4.5%.But one point he missed was, did that achievement succeeded in healing poor man's daily pangs?A day's visit to the nearer mandi will tell the truth.Congress has used the global financial turmoil as an excuse for not meeting up the demand of the common people to the expected level.One friend of mine has asked a brilliant question in this regard.You may call it a bit naive, but can you really tell the answer.Here goes the question-How is the fall of Lehmann Brothers' related to rice costing Rs. 30 per Kg and sugar Rs. 22 per Kg at Lala Kirodimal 'International' Kirana Bhandar and Wholesale Goods Store, Jhumritalayia?Well, I would rather ask the finance minister to answer the question.
It was indeed good to see Shri Pranab Mukherjee presenting the budget after a hiatus of a quarter century,but the respected politician from Bengal failed to use it as a platform to win the heart of millions.In fact in the end of his speech it was a bit difficult to call it a vote on account or an account on vote .I don't think the government had it in mind while preparing the budget that just few months ago they gave a salary hike to the employees.Now with the old tax rate and new salary structure,survival seems to be a difficult job for the middle class salaried people.And while he lamented on the tax collection being Rs 60,000 crore less than the previous year, he failed to analyze that the faulty tax policy of the government is the factor behind such poor collections.
The other points in the budget statement had nothing new to offer.The increased allocation for defense was quite expected especially afterf the 26/11 fiasco.There was customary increase in the funding for infrastructure.The funding for the social project increased as usual although one doubts how many will be actually benefited from such increase.
In a nutshell,the Mukherjee special is something we have not seen for a long time nor had we expected especially when the general election is just a couple of months away.The immidiate result was reflected in the stock market and probaby the long term impact will be felt once the election result will be out.So what about the high sounding claims of India having a GDP growth rate of 9% for consecutive three years? Well, Mr.Finance Minister, go and board a general compartment in any train any day.You will surely feel how such growth rate has changed the lives of common people.
It was indeed good to see Shri Pranab Mukherjee presenting the budget after a hiatus of a quarter century,but the respected politician from Bengal failed to use it as a platform to win the heart of millions.In fact in the end of his speech it was a bit difficult to call it a vote on account or an account on vote .I don't think the government had it in mind while preparing the budget that just few months ago they gave a salary hike to the employees.Now with the old tax rate and new salary structure,survival seems to be a difficult job for the middle class salaried people.And while he lamented on the tax collection being Rs 60,000 crore less than the previous year, he failed to analyze that the faulty tax policy of the government is the factor behind such poor collections.
The other points in the budget statement had nothing new to offer.The increased allocation for defense was quite expected especially afterf the 26/11 fiasco.There was customary increase in the funding for infrastructure.The funding for the social project increased as usual although one doubts how many will be actually benefited from such increase.
In a nutshell,the Mukherjee special is something we have not seen for a long time nor had we expected especially when the general election is just a couple of months away.The immidiate result was reflected in the stock market and probaby the long term impact will be felt once the election result will be out.So what about the high sounding claims of India having a GDP growth rate of 9% for consecutive three years? Well, Mr.Finance Minister, go and board a general compartment in any train any day.You will surely feel how such growth rate has changed the lives of common people.
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