The Union Budget presented by Finance Minister Arun Jaitley in Parliament on Saturday evoked mixed responses from various quarters including businessmen and individuals in the city.
The Malabar Chamber of Commerce president C. Mohan said that the budgetary allocation of Rs. 70,000 crore for infrastructure development would usher in growth and prosperity. However, in the agriculture sector the only silver lining mentioned in the budget was the allocation of Rs. 5,300 crore in micro-irrigation and Rs. 25,000 crore for Nabard loans. No specific proposals have been mentioned for enhancing the sector.
Numerous proposals such as gold monetisation scheme, introduction of Indian Gold Coin with Ashok Chakra, sovereign gold bond as an alternative way to purchase gold and steps to redeemable gold with cash at face value would help to curb smuggling of gold. Proposals to construct one lakh km roads and setting up four mega power plants are welcome. “However, it was unfortunate that the budget has left out the promised AIIMS for the State,” Mr. Mohan said.
The Tax Payers Association chairman P.T.S Unni has hailed the budget for the move on tackling black money in the country. Proposals for enacting a comprehensive law on black money stashed abroad, prosecution for concealment of income, new structure including e-filing, tracking down benami property transaction are steps in the right direction.
The middle class and the salaried class are disappointed with the budget as there were no concrete proposals on raising the income tax limit from its existing slab structure.
Individual tax payers are unlikely to get any relief from the increase in deduction of health insurance premium from Rs 15,000 to Rs 25,000. Overall the budget has let down the salaried class, ” said N.P. Narayana Menon, retired Income Tax Officer.
Meanwhile the Consumer Goods Distributors Association has appreciated the proposals regarding the Goods and Service Tax (GST). The budget has finally mentioned that the GST would commence from April 1, 2015,” said C.E. Chakkunny, association president.
