News about the Indian Budget 2013-14News | April 9, 2013 at 1:04 am
The budget presented by the finance minister P C Chidambaram was an event which may bring reforms and give a momentum to the failing growth of the Indian economy. It may be considered as the populist budget and focus seems to be laying a red carpet for the investors who are shy and reluctant to invest in the country where Red tapism and corruption is rampant and has triggered a wave of discontent and disappointment among the common men.
The budget focuses on the pushing investments particularly in the infrastructure sector, but on the inflation factor the budget failed to provide relief to the common man, whose survival has become a nightmare due to rising prices.
Over a period of time the budget has lost its importance and is just a window dressing to appease the public and win elections but budget plans need to be implemented and executed and since the devil lies in the details , it should be transparent and deliver what it promises, else it just becomes a futile expensive exercise.
There is an element of surprise which has shocked the financial analysts and trade pundits- Rs. 90000 crores has been taken away from the allocations of the past. The question arises what the finance minister will do next February?
It seems that the finance minister is inclined to catch the big honchos – with SUV prices set to soar, levy service tax of about 30% on purchase of real estate more than one crore, with 10% surcharge on income tax earning in crores and the finance minister is all to raise the resources GANGNAM style by going after those who are relatively well placed in the society.
We hope the budget brings a relief and solace to the aam aadmi. But such news seems to be a distant dream as of now.