The Great Debate (India)
Has the Budget met your expectations?
Finance Minister Pranab Mukherjee may have disappointed the markets with a higher spending plan, but the salaried class is definitely walking away a little cheerful.
Mukherjee’s budget announcements include provisions that will see an increase in the take-home component of an individual’s salary.
Income tax exemption has been hiked by 15,000 rupees for senior citizens and 10,000 rupees for the other categories.
Some of the other proposals include elimination of 10 percent surcharge on IT and scrapping of fringe benefits tax (FBT).
Has the budget met your expectations?
What would you do if you were the FM?
The task before the finance minister is tricky as the Congress-led government gears up to present the annual budget for 2009-10 on July 6.
Reuters India asks its readers to don the FM’s cap and tell us what shape they would give to the budget to keep a country of over 1 billion people happy.
Extremly poor budgetIt lacks directionsWe need to make Income tax compulsory for all not put tax limits. Let it be small amount let it be even 5% but everybody should pay tax otherwise they would never respect infrastructure and act irresponsibly.When whole world looks for non-agricultural way of developing we still relay on agriculture. Are we going back or forwards? We need food but when things can be done by 10% of population how can you engage a major population in it? That is called inefficiencyThere is no clear cut direction for INDIA. India has lost to china and will loose it\’s power due to direction-less budgetTo give food to needy is a temporary solution but to make him capable to earn is real solutionUnfortunately this government has nothing to offer except sellouts and charity which is again inefficient way of managingOverall the stock market is too much up and this budget speaks that this government lacks clarity,will,management and economics to take INDIA forward or make it world leaderWith this budget there is no over-reaction this market is extremly over priced. India is flying in dreams and yet needs to test the level ground of actionsUnfortunately with this budget India has lost it\’s credibility once again. It is unstable. It is reflection of mindset of chaos and lazinessEnd resultThe real industry the real finance the real farm sector, the real estate is extremly overpriceand in 1 year or 7 years from now that is sooner or later INDIA will face the same credit-crunch and declining estate prices and will pay price for lack of visionary,greed and mismanagementBottomline the correct land value in INDIA is 50% of what it is nowThe correct market is at least 60% down meaning this market is 60% overpricedThese may seem overstatements or pessimistic views but this is realityThose westeners who are investing in INDIA are just playing games and they will withdraw sooner or laterWe still work on populist not econmoist fundamentals which means we want everything without doing anything and that will be the cause of our downfall
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The Wall
Inclusive growth would be the underpinning for future growth. If the 800 million or so under $1 a day are uplifted – the aim of the current budget – these 800 million will drive the growth further. I think this budget is very sensible and the logic of the FM and the PM of this governtment is pretty obvious to see. There’s no beating about the bush – put the money and the opportunity into where the need is.
Thanks, Ajay