Team Modi-Jaitley budget 2018 is no different as it contains all the elements of reaching out to public by benefitting them, but without compromising on development and fiscal discipline reforms.
For the first time, Indian Union Budget was presented twice, back-to-back! First on the floor of the parliament by Finance Minister Arun Jaitley and again by the Prime Minister Narendra Modi, off the floor of the House. Reason? India is perhaps one of those very few countries where well before the budget is presented it is waited and celebrated like a national festival. So is the hype of budget that it becomes a major tool for the ruling party to woo the public in which it sees prospective voters, particularly when elections are around the corner.
Team Modi-Jaitley budget 2018 is no different as it contains all the elements of reaching out to public by benefitting them, but without compromising on development and fiscal discipline reforms. Agriculture was the central theme. Ensuring minimum support price (MSP) of the grains 1.5 times over the agriculture cost is a welcoming step towards de-stressing the cause and concerns of already stressed Indian farmers.
The salaried class, who are the prospective readers of this piece will be happy to note a 40 K standard deduction in the tax structure. In the absence of 10% slab in the income tax calculation a major chunk of tax-payers will fall down to 5 per cent tax-slab from their existing 20% slab - a great relief. But at the same time the existing conveyance allowance and the medical bill re-imbursement facilities extended to the salaried employees will be lifted. An additional 1% cess will also add up to the increased level of tax liablities. The revenue loss to the government due to offering of standard deduction will be to the tune of 8 K crore. The government will try to makeup this revenue loss from the newly introduced long term capital gain tax on equity trading.
The young India’s budget is equally concerned for its senior citizens, particularly their health. Senior citizens are now allowed Rs50,000 deduction on health insurance premium from the existing Rs30,000. It reflects government’s vision for a healthier and energetic India. While pitching big for health sector, Arun Jaitley also announced a flagship health programme. The ‘National Health Protection Scheme’ on the ‘Ayushman Bharat Programme’ proposes to cover 10 crore poor.
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