Mangaluru: The maiden budget of Finance Minister Nirmala Sitharaman has evoked a mixed response, however, a majority fell that it is a ‘citizen-friendly budget’ as Prime Minister Narendra Modi has right termed it. Barring the hike in fuel and gold prices, many feel that it is a budget which had good intent.
INNOVATIVE AND GROWTH BOUND BUDGET
I think it is one of the most innovative growth bound budget. In this budget, importance has been given to each and every sector. However, I felt bad on special additional excise duty of Rs 1 per litre on petrol and diesel as it causes a negative impact upon poor and middle-class people. When compared to all the other countries, allocation on health sector is very less in our country. Hence, I think more money could have been earmarked for the health sector despite a certain amount of money allocated to the health sector. Importance has been given on electrical vehicles which is a good sign for the environment and it would help to save money. Allocation of Rs 400 crore for the world-class higher education institutions shows the concern of union government on education. Overall, it is a very good budget and importance has been given to all sectors in this budget- Dr M Shantharama Shetty, Pro-Chancellor, Nitte University
EXTENSION OF BJP’s PREVIOUS BUDGET
It is a people-friendly budget as prominence has been given to the basic needs of the people like food, clothing and shelter. As most of the previous schemes were reintroduced, we can say that is the further extension of BJP’s previous budget. The concept of ‘Make in India’ has brightened this time too as importance has been given to the startup companies and high import duty has been imposed upon the imported items. Government has given more importance on rural skill development so that people won’t migrate to cities or elsewhere – Abdul Hameed, President KCCI
ENORMOUS ON VISION
Budget is enormous on vision and projections and full of pious intentions. A sceptical public will watch out for implementation. Duties on cashew kernels have been increased to 70 per cent for preventing dumping. This will protect domestic interests including Indian produce. Incentive on electric vehicles is also a good idea – Giridhar Prabhu Proprietor, Achal Industries
COMMENDABLE BUDGET
I would firstly like to commend the effort put in by Finance Minister to put together a rounded budget covering every aspect of the economy and all the sectors in just three weeks. It is a ‘commendable budget’ and if I am to sum this budget in one sentence, I would say, “It is a budget after a long time which has attempted to look at things afresh.” Even though it is only a policy statement now, it means a lot. Each of the points mentioned in the budget talks of intent and I feel that it what is important. Earlier budgets had never prioritised intent and I feel this is a good change. I also feel that this is a positive budget as far as construction and real-estate sectors are concerned as there are many takeaways. Enhanced exemption of interest for house below Rs 45 lakhs is a big boost for the real-estate and construction sector. About 30 per cent new launches are in budget segment because that is where the government benefits are – DB Mehta, Chairman and Managing Director, Allegro Builders and Developers
ATTEMPT TO PLEASE MANY IN ONE GO
The budget appears to be a three-year target and has a tried to please many segments of the society at one go. Whether the government will get every common man his share of water as promised will be best seen when we arrive in 2022. The super-rich will definitely pay more through many additional taxes which is, in fact, a good effort by the FM. However, why should the internet cost more, what was the compulsion for the FM to raise Re 1 from every litre of petrol and diesel is yet to be fathomed- perhaps she wanted to keep afloat the oil companies and affluent styles of life of their top executive. The income tax waiver for the people earning under Rs. 5 lakh per annum comes as a whiff of fresh air as this segment of the population have just graduated into the lower middle-class category and surely they can reap some benefits out of this gesture of the FM – M Raghuram, Senior Journalist
AN INTERESTING BUDGET
The budget this year has made some interesting points. It promises great impetus to housing/construction sector and has made impressive outlay in infrastructure such as roads etc, which again will bolster construction activities.
The budget seems to have paid a lot of attention towards MSMEs. The two percent subversion of interest for MSMEs registered under GST will prove to be a boon. Payment platform envisaged on lines of e-commerce platforms seems interesting. This will help MSMEs sell their products at the national market on e-commerce platforms. GST regime has been simplified, i.e., turn over up to Rs 5 cr can give quarterly returns.
Having said this, I must also point that it is rather disheartening to see that the government has not understood the potential of tourism as a revenue generator. The budget talks of developing 17 iconic sites, which means Tier II cities and Tier III sites are out of sight! A lot was expected on tourism, but nothing much has been touched upon. Despite this, it is an interesting budget – PC Hashir, Managing Director, Peeci Group and Outdoor Solutions, Mangaluru
BUDGET WITH VISION
It is a budget with a vision for a five trillion dollar economy. I would call it a progressive budget. It will definitely show the growth in the economy. Removal of charges on digital payments is a great move to increase online transactions. Startup TV channel sounds a bit unnecessary, as there is no dearth of information or platforms to connect. PM Kaushal Yojna is a great initiative. As a startup lover, I am happy that startups have finally found their well-deserved place in the budget – MN Pai, Chartered Accountant
NEED MORE FOCUS ON AGRICULTURE
Though importance has been given to agriculture in the union budget, it is not quite enough. As our farmers have been facing acute shortage of water for their agriculture activities in recent years, the primary importance needs to be given to the irrigation projects. If the government would neglect agriculture by not earmarking enough fund for the development of the agriculture sector, it would badly hit to country’s economy in future – B K Ramesh, State General Secretary, Bharatiya Kisan Sangh
PLEASING FOR THE MIDDLE CLASS
The economy has to be strengthened by both industries and primary sector, agriculture. The budget seems pleasing for the middle-class section with encouragement for housing, electric cars. But it’s sad that no clear policy has been laid on increasing farmers’ income as promised in the NDA manifesto. The idea of zero budget farming has to be welcomed with emphasis on decreasing inputs like inorganic manure and company seeds. However, the production itself goes down if the soil is not rejuvenated. What is the balancing or alternative economy proposed for the farmers till then? Rural electrification is a necessity, however, constant power supply to the existing grids matter than new electrical infrastructure. Banking sector got few reviving proposals. We need to wait and watch for its effectiveness in the coming days. Interestingly, the new education policy has a scope to revive the age-old practices – Dr. Shantaraju S, Assistant Professor, Department of Media Studies, Christ University, Bengaluru
BOOST TO WOMEN ENTREPRENEURS
The Union Budget 2019 welcomes domestic economic growth, and taxation, through improvement in employment and other key benefits. Various measures were announced for financial markets with the intention to attract NRI and FPI (Foreign Portfolio Investors) investments in India. According to the Finance Minister, the Indian economy which was approx. $1.85 trillion in 2014, within 5 years, has witnessed a growth of $2.7 trillion, which has proved to be a great development for the country’s economy. Considering India achieves a $3 trillion economy in this year as discussed in the Union Budget 2019, the country will become the fifth largest in the world with regard to its purchasing parity.
The funds raised by startups will not involve any scrutiny by the IT department giving the boom of new businesses and startups a considerable relief.
The Finance Minister’s decision to boost women entrepreneurship in Women SHG Interest Subvention Programme to be expanded into all districts in India is phenomenal. For every verified woman SHG member having a Jan Dhan account, an overdraft of ?5,000 shall be announced. One woman in every SHG will be made eligible for loans of up to ?1 lakh under the Mudra scheme, a commendable effort by the government to encourage and facilitate women entrepreneurship. The Finance Minister also proposed forming a broad-based committee for gender analysis and addressed the significant contributions in every sector highlighting the recent election which saw a record turnout of women voters, at par with men, records 78 women MPs in the house.
The budget has also doubled income tax exemptions for those earning up to 500,000 rupees a year from the existing 250,000 rupees which will benefit 30 million lower-earning taxpayers. To conclude, Union Budget 2019 is going to greatly impact the growth of women entrepreneurs and give an impetus to the startup industry aiding in the country’s development in the upcoming years. The simplification of GST which has included various businesses under the formal economy is aligned and will support the government’s vision for its economic growth – Suresh Venugopal, CEO, AMC Cookware India
GROWTH-ORIENTED BUDGET
It is a growth-oriented budget that augurs well for the economy. The measures taken up by the government in its budget will help education in all respects and will go a long way in reforming the educational sector. The series of measures announced by the Finance Minister touches upon key changes in the sector ranging from setting up of new institutions to improving the research culture in the country.
While literacy has always been a focus, this time around there are proposals to improve the quality of education. The government has announced Rs 400 crore allocations to set up world-class institutions that will rival the best across the country and the world. The higher funding would enhance the quality of education in government schools and will help children in their learning endeavour. But a more fundamental announcement has been the national education policy that tries to align India’s institutions with global institutions. The proposal to set up a National Research Foundation will encourage and improve the standards of research in the country. The government also plans to invite foreign students to study in India and this will be realised through the new scheme ‘Study in India’, which is highly appreciative. Schools in the country will be made future-ready with a focus on research, robotics and AI. This technology upgrade will allow Indian schools to leverage the power of digital solutions and prepare students for new age jobs and career – Niru Agarwal, Trustee, Greenwood High International School
FUEL, GOLD PRICES HIKED. NO SOPS FOR MIDDLE CLASS
The markets and the middle class are not happy with this year’s Union Budget. A quick look at Twitter will show how this disappointment is being expressed through humour. The budget may have had the intention of aligning the government’s long-term goals with the country’s fiscal needs but that intention just didn’t translate into tax cuts where needed. This budget lacks boldness. The government’s commitment to digitisation, although commendable, lacks the infrastructure to carry the masses along to its ambitious goals. Boosting the startups is great but where are the sops for the middle class? Fuel and gold–the two important spends–got costlier. Also, for me as a middle class woman, I saw little to cheer in the budget. The only reason I’m smiling today is that I filled my car’s fuel tank to the brim just yesterday – Sumaa Tekur, Freelance Writer, Bengaluru
GOVERNMENT HAS NEGLECTED GROUND ISSUES
They are good at changing traditions but I am largely apprehensive about how the government has been neglecting the ground issues. Health, women’s security, education find very little mention. Tax slabs and fuel prices have been increased. This government makes me scared to earn and scared to spend. My daily life just gets tougher and they expect me to take a housing loan. Where and how to save to buy a house? Life in urban India is getting miserable and comfort for a middle class looks like a far-fetched dream.
In each budget, there’s just more pressure on the working class. How does one invest when the standard of living gets high every year. Tax on imported books? How does that sound? What about health sector reforms?
PR skills are at it’s best but it’s true that they live in denial – Deepali Desai, PR Manager, Breakthrough/former Journalist, New Delhi
LIKED THE BUDGET PACKAGING, NOT SO MUCH THE ACTUAL BUDGET
I really liked the ‘Indianness’ of the budget packaging, however, the much-awaited “Ache Din” did not reflect in the budget presented by Mrs Sitharaman. Things seem good for the cream (elite) and the bread (middle class), but the crumbs (poor) are the neglected lot again. From the perspective of a small time fisherman in the nomadic fish markets of Kerala, I don’t see any benefit. What good will e-commerce do to their homes? How will you show that this budget will make their lives better? I read a part of the budget pertaining to fisheries but that is only helping the owners and the middlemen. There is nothing good for the commoner. Seems that my fisherman uncle, who goes out in the night today, will never know what the budget means to him. People of his likes never will. The Budget 2019, I am sure, will just pass off for many people below the poverty line, as just another political gimmick – Nibin Nelson, Lecturer, Media Studies, Kerala
