Caution and incrementalism were the watchwords in finance minister Pranab Mukherjee’s Budget 2009-10 speech. The approach was so yesterday, the proposals all about meeting the needs of today, and the best ideas were left for tomorrow.
The 2009-10 budget focuses on dealing with the here and now, with today’s pressing problems being given pride of place, so that the small recovery in the economy after last year’s meltdown does not peter out.
Mukherjee has scattered a few crumbs for taxpayers and businesses, by raising the tax exemption limits a wee bit for the salaried class (Rs10,000 for individuals, Rs15,000 for senior citizens), and abolishing the fringe benefits tax (FBT) — something businessmen have been baying for.
The best things — reforms and new ideas — he kept for tomorrow. A return to fiscal rectitude has been put off with the promise that he will “come back” to it “at the earliest”. Meanwhile, the fiscal deficit has shot up even further, from 6.2% of gross domestic product (GDP) in 2008-09, to 6.8% this year.
Are you happy with this year's Union budget? Or do you think Pranab-da could have done better?
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