Home States Delhi Modi government’s last full budget can fulfill Commonman’s expectations…?

Modi government’s last full budget can fulfill Commonman’s expectations…?

470
0
SHARE

This year’s Union budget, the last one in this tenure of the Bharatiya Janata Party-led National Democratic Alliance (NDA) government, will be presented on 1 February. The fifth budget to be presented by finance minister Arun Jaitley will be the last budget of the Modi government. Budget will be presented in February 2019 but it will be a vote on account Budget. In which no welfare or election-oriented schemes can be included. Not only is it in the middle of a busy election year—eight state assemblies go to polls—and just a year ahead of the 17th general election be presented. Especially for farmers, this budget is expected to be more allocated. The government will have to compulsorily allot more budget for employment.
Official sources say that Finance Minister Arun Jaitley will have to present a fair budget keeping in mind the impacts of rising price of crude oil, Demonetisation and GST, as he has to mention in the budget for financial management. With the implementation of GST, the provisions for raising tax for the government have now come down. The increase in the budget is not possible as the rate of GST is declining. The economy has been affected due to Demonetization, which has been accepted by the central government. Normally people look at what all things will be made affordable and what will be made expensive in the budget. As a result, the Finance Minister has to make provision in this budget in which the people are benefited, considering the assembly elections and the next Lok Sabha elections.
Sources said that the condition of farmers in the country is very bad. Although the monsoon was better than expected, the farmers did not get adequate support prices. There are a number of farmers’ grievances in crop insurance. They announcement to abolish farmers’ debt to get in power in UP, but how much debts have been forgiven after getting in power, it is also seen. This has offended the farmers. On the other hand, Prime Minister Modi has invited global companies in Davos to get a new investment in employment. Foreign investment has allowed 100% investment in attracting single brand retail. Government officials will keep on record how much investment will come and how many people will get employment. In reality, the employment market is in bad condition and both the ruling party and the government know it.
The corporate sector is also expecting benefit in the budget. The cement industry is demanding to reduce 28 percent GST. If the 28 percent GST decreases, people will be benefited in the housing sector. FMCG companies, which make various items including toothpaste, are hoping to centre the next budget on rural markets. As a result of which the decreasing labour and the wage rates can be reached and will generate more employment opportunities. Another demand is that the central government can increase some imported commodities to compensate the revenue due to low GST rates. It is likely to be mentioned in the budget, such as the energy, chemical capital goods sector, which are now imported at cheap rates. If this increase is done then this sector of India can be benefited, on the other hand government revenue can be increased.
The people involved in corporate and economic affairs are demanding that the relaxation given under Section 80C of the Income Tax Act is required to increase to 2.5 lakh from 1.5 lakhs rupees. This interest rate should be increased when the people’s money is in the banks due to Demonetization and there is a very little interest on it. Collection of GST in Personal medical insurance premiums should also be reduced. At present, 18 per cent of GST is being levied due to which economic burden has increased on the general public. The budget is expected so that a common man encourages investment in insurance.
Sources said that in the rising inflation, the Modi government is hoping to present a budget that will benefit the common housewives and the poorest and middle class, before this election. Sources believe that the budget of 2018-19 shall be designed keeping in mind employment opportunities, farmer welfare oriented and rural areas where the India resides. BJP is popular in urban areas but BJP can reach out to poor villages by giving more financial allocation to this sector in the budget to reach BJP in the rural area. It is also expected to increase personal income limit in these Budget.

Print Friendly, PDF & Email

LEAVE A REPLY

Please enter your comment!
Please enter your name here