Middle-class gives Delhi a thumbs-up

Bhubaneswar: Always oppressed by the burden of taxes, the middle-class couldn’t have asked for more. Glued to television sets, the middle-class gave a thumbs-up to the interim Budget for 2019 presented by acting Union finance minister Piyush Goyal .
The cheer that the Budget brought clearly showed that it surpassed all expectations. This was, however, not at the cost of the welfare of farmers, small-time businessmen and workers in unorganised sectors. There was something for everyone, felt many.

“The Prime Minister Narendra Mod-led government had changed the tax slab last time in 2014 and promised to revise it then. So there was discontent as well as expectations because elections are nearing,” Swarup Kar, a mid-level government employee , said.

“But no one would have thought that the exemption limit would be doubled to Rs 5 lakh. Moreover, under Section 80C, those with an annual income of Rs 6.5 lakh need not pay any tax. This is unprecedented and has cheered up the middle class,” Kar added.

“The increase in the tax slab will fuel consumption and people will splurge on buying automobiles and FMCG products. Due to the tax exemption, the middle class will save a lot of money and spend in buying more, which will help the economy. Apart from buying consumer goods, the middle-class will make more investments and spend the money in the education of their children,” Arpita Mishra, a housewife, said.

The Budget has also benefitted a large section of homebuyers, who would like to buy a second home. “The budget will certainly provide a push to buy a second home and the tax holiday on new projects registered by 2020 will boost the real estate sector,” Rajib Lochan Das, a retired government officer, said.

While some criticised that the Budget saying that it does not have any mention of women empowerment, others felt the budget had no gender bias.

The Budget has encouraged the MSME sector and also given importance to women entrepreneurs. “The increase in tax slab up to Rs 5 lakh will increase the investment power of the middle- class,” Prajna Paramita, an entrepreneur, said.

With the elections around the corner, the social security provisions made in the Budget for the farmers as well as the labour class got a thumbs up from all sections.

“It is a balanced budget. Financial assistance of Rs 6,000 a year to farmers having less than two hecatres may be a populist measure, but it will help address the farmers’ distress. Besides ensuring monthly pension of Rs 3,000 with Rs 100 contribution per month after 60 years will help millions of people living in the lowest strata of the society,” Dibakar Nayak, an economics lecturer, said