Union Budget is a hugely disappointing budget. The Congress led UPA
government has betrayed the people. It has failed to live up to the
expectations and sensitivities of the people. It lacks reforms and
major initiatives. Fiscal deficit at 5.1% is very high. It is
inflationary budget. Rs.1,00,000 crore additional burden on the people.
With the increase in service tax and excise duties, prices will go up
and the common man will be the worst hit. Virtually everything under
the sky has been brought under service tax’a ambit. It is horrible to
have service tax on education.
The Indian economy is passing through challenging times. The sentiment with
regard to the economy is low. The presentation of the Union Budget
2012-13 was a historic opportunity for the Finance Minister to take
corrective steps. What was needed were leadership, clarity and
cohesiveness in the UPA alliance. All these are lacking. The Finance
Minister wasted a historic opportunity, by presenting a non-Budget. His
Budget is an accounting statement but not a policy enhancing document.
It fails to lift the sentiment of the economy.
White paper on black money and
corruption is long over due. Disinvestment target was lowered to 30,000
crore as against the target of 40,000 crore for 2011-12. The actual
achievement for last year was only Rs.12,000 crore. God knows whether
any disinvestment will at all happen this year given the UPA’s
precarious health!
The Rs.20,000 exemption in Income Tax
limit is no solace in the backdrop of backbreaking inflation. It is
nowhere near the exemption limit recommended by the Parliamentary
Standing Committee on Finance. Much more was expected to provide relief
to the salaried class of employees.
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