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UNION BUDGET 2018

Will the budget live up to the expectations?

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The most awaited event of the financial year finally passed by, leaving behind the economy to tackle with a number of reforms and new policies and programmes. The last Union Budget of the incumbent Modi government.  was predominantly a rural sector budget particularly aimed to benefit the deprived section of the society along with focussing on agriculture, MSME, infrastructure and health care sector but with a disguised political motive. The budget has withdrawn a lot of criticism from various industry experts and major opposition parties underlining the fact that the budget did not have anything for the middle class, investors and corporates. And it does seem that the budget has some major shortcomings.

The very fact that the government could not even meet the earlier fiscal deficit target and has revised it upwards for the new financial year itself implies that the current estimated budget significantly lacks credibility for proper execution of any of the government’s highly ambitious plans. The big health cover scheme, fixing of MSPs for farmers so as to make them earn 50% return on production costs and adequate allocation of funds in various welfare and infrastructure plans, these projects are admirable indeed but what needs to be seen is how effectively they can be executed underlying the fiscal slippage and soaring oil prices.

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Introduction of 10% tax on LTGC(exceeding 1L) and equity based mutual funds is being seen as a big hit to the rich investors. Stock markets are already in a highly volatile state implying to the upcoming possible effects of this regime on investments. Although it has been argued that the budget was deliberately projected ‘as a budget for the poor’ only to fulfil the basic political motive of securing votes in the forthcoming elections in 2019, we still hope that India manages to achieve the estimated 7-7.5% growth rate in the coming financial year and the budget does not turn out to be a mere election manifesto of fictitious promises.



-By Harshita Singh 

Comments

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