'Non-performing' Budget fails to impress Bangaloreans

 It was a mixed reaction from Bangloreans to the “non-performance” Union Budget on Thursday.

While some hailed it for giving them a chance to save more, others looked at it with scepticism.

For a normal housewife, Vijaya Ramprasad, the budget was deciphered as a “useless” piece of paper. “For an ordinary person, who is looking at some sops and rebates, the budget did not present any such goodies. At least the tax brackets could have been increased, in the light of the rising price rise,” she said.

At the other end, the announcement of a Rs 2,000 tax credit towards citizens who fall in the bracket of Rs two lakh to Rs five lakh has received an enthusiastic response.

“For a person who is not able to save Rs one lakh, to get tax rebate, the government move of ensuring that citizens in the lower middle class can at least get some money will definitely give hope,” said Subash Rao. A teacher by profession, Subash said that his tax deduction of Rs 6,600 per month was in fact killing his savings. “With this Rs 2,000 I will be able to have a respectable bank balance,” said the elated professor. 

For people who hoped to own a Harley or any of the other super bikes, the 75 per cent hike in import duties on high-powered two-wheelers and SUVs was a shocker.

“As if the prices of these bikes and SUVs were not hefty, the government intends to increase the costs. When the nation is trying to build better trade relations with the West, the hike in import duties can only be considered as the outcome of lobbying from the local automobile sector,” said Kiran Kadaba, who already owns a KTM 250 CC.

Despite the optimism shown by Finance Minister P Chidambaram on people likely to be less effected from the hike in mobile phone prices, it appears that the minister has forgotten that there is a huge market for smartphones in India. Nokia has already issued a statement appealing to the minister for rollback on the six per cent duty as it will increase the “grey market” products.

This apart, other mobile manufacturers believe that the hike will push the prices of even the basic phones due to the hit that they will take in the sale of high-end phones.
Smartphone duty.But, nonetheless, a few are optimistic that it will not impact the Indian market for smartphones.

“Indian consumers are now well-acquainted with the culture of smartphones. Those tech-savvy enough with a taste for high-quality, branded smartphones and having the means to purchase them will always be ready to shell out as much money as required to possess them. No government move to make smartphones costly would deter them in their quest,” said Krishna M, a techie.  

On a “pan-India” level, people have nonetheless commended the efforts of the minister by providing a Rs one-lakh sop on interests for people who have taken housing loans upto Rs 25 lakhs.

“Perhaps, if I were a person buying a home it will have an impact on my interest rates,” said Anoop Krishnan, a professional with an MNC in the city. Lauding Chidambaram for his efforts in setting up the All Women Bank and also providing a Rs 1,000-crore corpus for the Nirbhaya Fund, Anoop believed that it was a move forward for the country.