Budget evokes mixed reactions

Union Finance Minister Pranabh Mukherjee’s ‘Aam Admi’ budget has evoked mixed reaction from various quarters.

Speaking to Deccan Herald, Justice K S Hegde Institute of Management, Nitte Professor and Member of Karnataka State Planning Commission Dr G V Joshi said “the budget is highly disappointing. When the economic survey was presented in the Parliament, everyone had an impression that the budget will fufill many of the promises made in the election manifesto. Unfortunately, several promises in the election manifesto have not been touched in the budget. Even the financial support to National Rural Employment Guarantee Scheme is not substantial. The minor tax exemption announced in the budget will not benefit the university, college lecturers, central government employees. Fiscal deficit budget to a developing country like India is not good. Budget had clearly shown that election is over.”

Achal Industries Proprietor Giridhar Prabhu said “the budget is good for the entire economy. There is a great relief for the exporters in the form of tax holiday. The budgetary allocation is higher. The budget has laid emphasis on the long term benefit. There is overall good for all sectors. Moreover the increased allocation indicates growing economy.”

According to President of FUCTAK Prof A M Narahari, “the union budget has been very carefully prepared keeping in mind the populist programmes of the government. The budget has given much preference to National Rural Employment Guarantee Scheme and housing scheme. With regard to the income tax exemption limit salaried class and corporate are not happy. However, the rolling back of fringe benefit tax is a good move. If we able to maintain the growth rate of 9 per cent for another one year, then the budget will be a good.”

“The increase in the income tax exemption limit for senior citizens by Rs 15,000, for women and others by Rs 10,000 each, while keeping the corporate tax rate unchanged is a good move. It is good to hear that there is more allocation for the farming sector. How much of these allocation will really benefit the poor farmers,? asks a farmer Vishwanath Hebbar.

KCCI President Srinivas Kamath said “except tax concessions, there is nothing great in budget. However, the expenditure is more.”