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?
Readers' comments:
I request the honourable minister to consider the salaried class in line with professionals like CAs, doctors, and lawyers. Like them, the salaried class should be eligible for claiming depreciation on vehicles, at least one per person. This will increase consumption (or) buying of new cars, leading to growth of the auto sector.
Tuesday, July 14, 2009 20:03 IST
Rajan Ananthanarayanan, Mumbai
I am not happy with the current Union budget. There is no clarity in the present budget.
Tuesday, July 14, 2009 13:19 IST
L.GOPALAN, Ahmedabad
The budget proved to be a damp squib. Industry circles were initially elated that FBT was done away with, but that the onus shifted to the employee sank in a bit later. The salaried class has been offered chickenfeed with a Rs10,000/- hike in basic exemption (I am not talking about women and senior citizens). To add insult to injury, what escapes the FBT gets covered as a taxable perquisite. As a result the small Rs10,000/- hike in exemption may well prove to be worthless and the employee may end up worse off with perquisites being taxed in his hands. What a farce!
The basic exemption limit itself should have been raised to at least Rs2 lakh. The question is, is the government really blind to several other areas where there is colossal waste? Seems so. That is truly unfortunate, because it amounts to being penny wise and pound foolish!
Wednesday, July 8, 2009 20:03 IST
Deepak Agharkar, Mumbai
Of course, yes! What more do you expect in after the huge global economic crisis?
Wednesday, July 8, 2009 11:29 IST
Bhavin, Mumbai
Yes, very happy. So happy one can't imagine.
Wednesday, July 8, 2009 10:57 IST
Kaushik, Dombivili
