Interim Budget - A Damp Squib

The interim budget presented by Pranab Mukharjee is totally devoid of any joy to the common man. Much was expected in terms of tax breaks for both the industry and the common man but everyone is dissaoppointed.

• It was expected that corporate tax would be reduced to give relief to ailing industries because of the downturn and save jobs. Nothing there.
• It was expected that personal income tax brackets would be realigned (adjusted upwards) to keep pace with the rising costs. Go figure.
• It was expected that exemption limit of interest on housing loan u/s 24 will be increased from 1.5L to 2L. Bang your head on the wall.
• It was expected that customs and excise duties will be rationalised to boost growth. We got a 4% cut in December for Excise. Nothing more.

When the chips are down, the leaders must act to boost the economy by innovative methods that keeps a good balance between income (via direct and indirect tax collections) and expenditure. Instead the budget was just a readout of how great the UPA government has done over the last five years. The only sector that has some cause of celebrate is the Infrastructure sector where some money is being pumped in.

Just received the MyToday sms alert, sad indeed

Its basically a vote on account to meet the govt. expenditure till the new govt. presents the budget.
its not supposed to have any new benefits.

One more thing to worry about:
increased borrowing and a higher fiscal deficit
India fiscal deficit worrying, to review rating - S&P's | Business News | Reuters

^^^
effect of so many "Bail-out packages" announced by the Govt. dirung the last six months.

Originally Posted by panchabhut

^^^
effect of so many "Bail-out packages" announced by the Govt. dirung the last six months.

Its mainly because of 60,000cr farmer's loan waiver

^^^
Farmers' loan waiver
Vijay Mallya & Naresh Goyel loan waiver
Home Loan interest subsidy
Vehicle segment package
and now possible Satyam Package