The enormous hope and expectation before a budget that really was seen as the second 1991 in terms of reform. The hope and the excitement and the real sense of purpose that finally a pro reformist and a pro growth government would really reform the policies of India that would really stimulate growth in India. A upa government without being pulled down by the bragging powers of Left really spelt great days of economic reforms for us.
But I am sorry to say Mr. Pranab Mukherjee and Mr. Manmohan Singh that if this is what woukd you want us to believe that this government is reformist one I am sorry to say that you have disappointed us.
No mention on pension reforms bill, excessive government spending, disinvestment and a 6.8% fiscal deficit means where the hell are we heading for sir.
Are you trying to sell us that by increasing spending on Indira awas Yojna and Nrega you are actulaaly creating infratructure sir.
IIFCL to get 1,00,000 crore of loans to infrastructure projects. But there were no major project announcements sir.
Also if you are raising the amount of government spending and shooting your expense proportion then the more you borrow the higher you will have interest rates in the market sir. That is what I understand a simple human being. The more one borrow the higher interest one pays at higher interest rate, so the RBI gets less room to lower rates and hence the banks refuse to lower rates leading to high loan rates for corporate India.
Also I am concerned that the signals you send on nationalization of banks and on those front will send contrasting signals to the FII's.
There is no reforms or mention of Insurance bill which every one wants to pass through. Instead of raising exemption by a trifle one could at least lower tax rates to give relief to people.
Corporate sector could also have been given a relief by providing them with a 5p.c relief in the tax rates.
I know taht 70 p.c. of population depend on agriculture and there are many people living Bpl BUT THERE IS ALSO ANOTHER SECTION THE ONE WHICH IS LEADING INDIA IMAGE WORLDWIDE THE CORPORATE WORLD AND THAT UNFORTUNATELY HAS BEEN COMPLETELY IGNORED IN THIS BUDGET AT A TIME WHEN THEY NEEDED A HELPING HAND.
How can you account for an increase in 56 p.c. in non budget spending. This is something not understood by me .All this playing to gallery and vote bank politics might be good for the party but It will lead india nowhere. When the whole world was watching you sir you disappointed them big time. Dont know how much more can they be left disappointed.
The abolition of FBT was probably one of the best decsion taken in budget.
A roadmap for implementation of GST would be welcome.
Overall a populist budget which unfortunately will not be popular among the taxpayers in India and the real growth drivers of our country.
The budget disappointed me bug time cause Mr. Mukherjee this was the time when you could have really turned the world heads towards you.
