Union Budget 2024: Big-on-promises budget needs direction, say citizens

Bengaluru: The hike in tax on capital gains was a recurring point of discussion as a cross-section of Bengalureans reacted to the Union Budget 2024-25 presented by Finance Minister Nirmala Sitharaman on Tuesday. Some of the youth and students also expressed disappointment at their interests being disregarded.

Mukund Kumar, a techie, said the hike in the Long Term Capital Gains tax rate on financial and non-financial assets and the removal of indexation benefit for property sales will further hit the middle class which is already grappling with rising inflation. 

Shireen Vrinda, a final year MA English student at Bangalore University, said the budget began with a promise of hope but the start was not followed up with a focused action plan. 

The budget promises to uplift four castes -- garib (poor), mahilayen (women), yuva (youth) and annadata (farmer) -- but there is no mention on how and when this will be achieved, she said.

“The budget states intent to uplift the poor but the plan is to skill the middle class and provide boosts in the formal sector. What about the myriad jobs that exist outside of this spectrum?” she wondered.

Somasundaram Narasimhan, a 71-year-old pensioner and a resident of Koramangala, noted a “marginal” relief in the new tax regime which proposes the standard deduction on family pension for pensioners to be enhanced from Rs 15,000 to Rs 25,000. He, however, said the budget did not factor in the needs of the middle class.

Prajwal T V, a final year student of Journalism and International Relations at a private university, called the Rs-1.48 lakh crore allocation for education, employment and skilling inadequate. 

P C Rao, President of Bruhat Bangalore Hoteliers Association, said the budget did not spell out specific objectives to boost the tourism and hospitality sector and no single-window system was brought in for ease of doing business.

Union Budget 2024 LIVE | Making a record for any Finance Minister, Nirmala Sitharaman presented her 7th consecutive Union Budget on July 23, 2024 under the Modi 3.0 government. This Budget brought tax relief for the middle class, while focusing on jobs through skilling, incentivising employers. Track the latest coverage, live news, in-depth opinions, and analysis only on Deccan Herald. Also follow us on WhatsApp, LinkedIn, X, Facebook, YouTube, and Instagram.