Mixed response for budget

Middle class-friendly, say traders; Disappointing, say others

The 2013-14 budget presented by the Union Finance Minister P Chidambaram evoked mixed response in the coastal districts.

Udupi Chamber of Commerce and Industries President Prasad Kanchan as well as Kanara Chambers of Commerce and Industry President Mohammed Ameen seemed to be satisfied with the budget.

Prasad Kanchan said the budget is good when compared to the last year’s budget. The current budget is middle class friendly and has added more burden to the rich class people by introducing 10 per cent tariff for the income above Rs 10 crore. The fiscal deficit is reduced from 5.2 per cent to 4.8 per cent which is a welcome move.

 The less expenditure on government activities is also a unique feature. The interest remits up to Rs 1 lakh for housing loan given to the middle class people is good. The Women Security Bill providing for Rs 1000 crores of expenditure should be lauded.

 He added the FDI into building capital to start business will help the young people to venture into business. It is totally a good futuristic budget. However, the only drawback is the increase in service tax for A/C restaurants. This might be a burden to middle class people, he added.

Mohammed Ameen said that the budget looks progressive. As far as west coast is concerned, nothing is touched which proves to be a good sign. There may be a boost in the ship building industry as they have been exempted from excise duty. Support has also been extended to exports, hence the budget looks positive for trade industry, he said.

CPI(M) DK District Secretary B Madhava said that he is highly disappointed with the budget as it is indifferent to the problems faced by the common man.

"The budget does not address price rise and intends to disinvest public sector shares which are the actual back bone of the economy. A fund needs to be set up for social security of unorganised sectors which is not done," he regretted.

Congress leader M A Gafoor said that the budget is more balanced and progressive. The tax exemption to certain extent is another added feature of the budget. The budget has also concentrated on core issues like defence and health. It is totally people-friendly, he added.

JD(S) Udupi District President Deviprasad Shetty termed the budget as highly disappointing. 

The budget has not provided anything to the rural areas. It is a sort of poll gimmick and UPA government has formulated the budget proposals keeping in view the forthcoming assembly and also parliamentary elections. It is anti-poor and pro-rich, he ridiculed.

MLA Raghupathy Bhat said the budget is a failure and non progressive that gives less scope for economic growth of the country. 

The budget has ignored Karnataka and there are no allocations for the state. The budget also lacks new projects. There is nothing new to add as it makes less sense, he added.

Justice K S Hegde Institue of Management (Nitte) Professor of Economics Dr G V Joshi termed the budget as 'skillful'.

"The Union Minister has skilfully managed to prepare his party for the next Lok Sabha elections, which can be clearly noticed with his budgetary allocation for agriculture sector, rural development, women development programmes and preparedness for food security.

Excise duty is understandable as there is a need to mobilise resources. However, he has not taken into account the living condition of common man. 

To conclude, it is a budget for his party for the upcoming Lok Sabha elections. However, his skill and intelligence in crafting this budget is appreciable, he said.

Karnataka Legislative Assembly Deputy Speaker N Yogish Bhat said that more priority is given for national security which is the need of the hour. However, schemes for employment generation and infrastructure is weak and needs to be strengthened, he said.

Liked the story?

  • 0

  • 0

  • 0

  • 0

  • 0