Today's morning gave the news channels a hot topic to rebate and debate. In fact, if you switch on the television set at this very moment, you will find only one thing being discussed - the Union Budget.
Our very own Finance Minister, Arun Jaitley announced the 2018 budget, which is not so different from the previous ones. The lower class got subsidy, the upper class got rebates and the middle class once again got just debates!
The budget has unveiled the world's largest healthcare initiative, through which 50 crore people would get free health care benefits up to INR 5 lakh per family. It has also increased the MSP(maximum selling price) of all crops by at least 1.5 times the production cost. The corporate tax rate has also been cut down to 25%.
But wait. Is there anything that benefits the majority of middle class Indian? Sadly, no. Budgets in India may be good or bad. But, they got nothing for the middle class. This one is 'Pakoda Budget' with 'Hajmola Yojnas'.
The budget proposals should have been bold and radical. Unfortunately, they are a big let down.
- P Chidambaram
This ignorance of the middle class in the financial budget is an evident proof that FM deliberately failed the fiscal consolidation test. Here is how Twitter responded to the Annual budget, showing its anger and frustration.
1. Don't be a salaried person
2. Stop driving cars and bikes
3. Pakoda making is still a bad option
4. Forget digital India
5. Jobs still not there
6. No need to have a toilet
7. Stay away from cryptocurrencies
8. But, move out of the middle-class
9. Thank god that it was their last budget
There were a lot of expectations from the budget but the budget only gave the middle class a lesson to stop expecting. With the focus on farmers, BPL citizens, promoting SMEs, the New India Budget is a 'pakoda budget' for the common man.
There is no tax relief to the average tax-payer. There was nothing in the Budget to boost private investment. There was nothing in the Budget to encourage banks to lend, and investors to borrow, for new investment.
Do you think they can run this country by slaughtering the middle-class and giving freebies to the poor and rebates to the rich?