Union Budget And Criticism Turret

Union Budget And Criticism Turret

Presentation Of Budget On Feb 1 And People Out And Out Frum

With Union Budget presented in India's Parliament on February 1 will it meet aspirations of over 1 billion people who are clad in colour of purple and are out and out frum? The coming days would reveal and there could be no comforting feel. A record GST Collection for the month of January which stood at over 1 lakh 40,000 crore could be an exception while there were none doubting the calculation and in future there could be furore emotion. The Alternate Tax For Corporates reduced, the spectrum auction to be conducted for 5G roll out and nonetheless much is being made of this roll out as it would endear one to virtual bout. 

The spectrum auction would make the exchequer cute, would the determination make them retain the resurgence bluet? The RBI (Reserve Bank of India) to issue digital currency starting 2022-23 and 30 per cent tax to be levied on income from digital assets (crypto, digital currency) were the points made not forgetting the fiscal deficit revised from 6.8 per cent to 6.9 per cent with Opposition slamming fiscal deficit moving upwards which doesn't have their consent. With income tax slabs unchanged this left a large number of people disappointed and this was very much middle class cane. 

 Would The Path To Fiscal Discipline Remain Mired In Mystery?

The sum total of speech was fiscal discipline would be the focus despite fiscal deficit hoodwinking some, the path for sustained growth involved opportunities for youth development bearing in mind this target won't be plum. The chorus to initiate six million jobs may remain a pipe dream given the track record and the ease of rolling out E-passports with no pinpricks and very much visible digital overhaul. With provision of Rs 60,000 crore for Nal Se Jal scheme (providing potable water for households across India), giving boost to river linking projects spread across states/provinces and giving a push of Rs 48,000 crore in PM Housing Scheme the Govt wanted to uptick the infrastructure beam but given the resource crunch that could very much see manifold rupture. Giving fillip to infrastructure in the North East and the intent to set up 75 digital banking units across 75 districts in India could be questionable in a nation that has millions going hungry each day not seen in vast swathes of Asia. 

One thousand new cargo terminals to be ushered in and 400 "Vande Bharat" trains to come in may not essay the goalpost having changed, the intent of the Govt to boost capital expenditure which would be roughly 39 lakh crore and revenue projection at 24 lakh crore in 2022-23 and attainment of this target may somewhat look dure. The updated I-T returns can be done within two years, hope those tasked with filing returns are not chased with enduring fear. National highways to be expanded by 25,000 kilometers and they need not face glitches and bharat bandh tutors. 

The budget speech shortest to date by the present FM, hope the aspirational index that it sets blooming would be the take of the Regime Of The Day and skills of FM would be seen no less than the Nobel Prize Winner of 1930 named Raman. As House wrapped up its Budget Presentation Day with members trooping to their residence with folded hands and pray, the presentation of Budget is a deed enlivened with no blustery winds and greed. All said and done the scathing criticism may come in a day or two and that would essay the real picture of a budget that thinks big but has depleting resources prick. The vast swathes of interiors would remain untouched and with none to ameliorate their sufferings that can usher in slutch.