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Middleclass lukewarm to Budget
Budget looks bright, nevertheless sounds dubious
- BJP, Jana Sena leaders hail the Budget presented by Union Finance Minister Nirmala Sitharaman as proactive
- However, salaried classes and middle income groups express their disappointment stating that there has been no relief in taxes
- Also express concern over imposition of cess on diesel, petrol and gold
- However, Abhishek Gupta, Executive Director of Sahuwala Auto Forge and Engineering Private Ltd, describes the Budget as a balanced one
- MSMEs are the backbone of the economy and the sector is all set to see a bright future, he says
Visakhapatnam: The first-of-its-kind paperless Union Budget, presented by Union Finance Minister Nirmala Sitharaman in the Parliament on Monday, evoked mixed reactions from a cross section of society.
While industrialists, BJP and Jana Sena Party leaders and those from the health sector hailed the Budget as proactive, salaried classes and middle income groups expressed their disappointment over the outcome of the Budget as the Finance Minister poured cold water on their hopes of getting some sops like relief in taxes and a couple of incentives post Covid pandemic.
Moreover, the government's move to impose cess on diesel, petrol and gold, the most prized-possession of women, among others incurred the public's wrath. "As far as our salaries are concerned, increment has come to a standstill due to the pandemic. Unfortunately, the expenses are mounting day by day. We did expect some sort of relief but the Budget has turned out to be a big disappointment for the salaried class. One, there is no reduction in tax rates as hoped. Two, our travel expenses are further going to go up because of the fuel hike. No matter what, the middleclass families always have to bear the brunt," rues VSN Murthy, an employee.
However, huge allocations to the health infra and the farm sector were described as a welcome initiative.
Terming the Budget as a balanced one, Executive Director of Sahuwala Auto Forge and Engineering Private Ltd Abhishek Gupta says, "MSMEs are the backbone of the economy and the sector is all set to see a bright future. In the Budget, some of the points mentioned for the sector like ease of doing business, reduction of compliance, labour reforms, financial inclusion of MSMEs and subsidies for small scale industries will help strengthen the sector. The automobile industry is going to be benefitted through the scrappage policy. In addition, another important decision taken in rationalisation of customs duties on various products would strengthen domestic manufacturing at large."
Sharing his views, CEO of Ajinomoto Bio-Pharma Services India Pvt Ltd KVV Raju says, "The Budget focuses on primary healthcare, Rs 80 crore spending plan of healthcare which will help primary, secondary and all health care units are sure to get a boost. Besides, small manufactures in pharma will gain an edge."
The hike in the health and wellness allocation garnered appreciation from people. "Though tax incentives turn out to be a big disappointment, increase in the health and wellness allocations to the tune of 137 per cent in the Budget comes as a big relief. However, life-saving drugs need larger focus," opines AVS Lalitha Sundari, chief finance consultant of Vizag Hospital and Cancer Research Centre Pvt Ltd.
Meanwhile, Confederation of Indian Industry (CII) held a Union Budget viewing session wherein CII president Uday Kotak, chairman, Vizag zone J Srinivasa Raju, vice chairman of CII, AP D Tirupati Raju, among others took part and mentioned that the Budget-2021 would help boost the Indian economy and accelerate sector-wise growth.
