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1 Mar 2016

The Union Budget FY17- Apparently, a rose with less thorns and less fragrance!

The Union Budget FY17 seems more inclined towards practicalities.
As we can see, the FM has come up with some pro-poor plans this time.
Unlike walking in just like a flamboyant Santa Claus, this time, the FM was more like a Robinhood, say, for a comparison to make.

The Budget focus on the development of rural and farm sectors. A big push has been given to many of those stalled irrigation projects which is really appreciable. The two consecutive droughts faced by the farmers demand nothing lesser to it. It is like a ray of hope for those down trodden farmers since the budget focuses on their security.However, the dream concepts like 'doubling the farmers' income' in the next five years and all cannot be underlined right now, yet, let us hope for it. The challenge is weather the Govt. can meet unprecedented challenges or not.

Rs.25,000Cr has been allotted for recapitalization of banks which could help those nationalized bank to come out from the black holes of bad debts. The setting up of BBB under former CAG- Vinod Rai could make some influence in these things. However, it offers a close call to the RBI. The budget is a cheer for home buyers, poor people, normal tax payers, farmers etc but a hit for salaried class and the super rich.There is an extra life given for tax evaders to come clean (from Jun-Sep,2016) which seems interesting.

There is a shock given on the side of PF funds withdrawal (60% of EPF to be made taxable). It is yet to wait and see whether the ease of rules made in the sectors of insurance, pensions and NBFCs to attract more FDI to these sectors would act like a shock absorbent or not.

The budget seems like more obsessed towards fiscal consolidations, however, it seems like more reliable this time (3.5% of GDP). There is no much spending on educational sector as a crisp. But on a closer observation, we can see that the Govt. is trying to make a giant leap from literacy to digital literacy which is admirable. The previous budget itself had some challenges like the 'Make in India' can never be a success unless the Govt. focus on developing the basic educational system (technical, non-technical and others as well). However, this time Govt. has made some sensible plans
to boost up basic structures not only in education, but also in infrastructure, digitization, skill development and power supply. Appreciable funds have been allotted for Road and transport development.

It is great to hear that budding entrepreneurs are being encouraged to a vast extent. Statistics shows that in the precious year itself, there are more than 4100 registered start ups across India, among which less than 10 to 8 percent have made it to a commendable position. An obscurity prevails on the fact regarding how to make a proper exit.

A Lion's share has been given to the Defense sector which is quite an okay decision if the Defense garage could replace more of its sub-standard equipment this time. It can be viewed in par with the purchase of more and more precise equipment and air-crafts like Raphels as well.

Variable pollution cess on new cars is an appreciable decision in this pollution saturated era.
Criticizers point out that there is nothing much for health care this time. But the reality is that it is already in par with those BRICS nations. Also, there is a new surprise plan for dialysis which is really a boon.

Though it can be called a pro-election budget with having a falcon's eye in cognizant with a series of state elections on the way, On an overall, prima facely, the budget seems like having a global eye with focus on primary and core sectors within, which is what necessary for the time being. Such steps can be considered as building block elements for ensuring the consistency of profitable and sustainable development. Let us hope that it will come into reality rather than staying within like a mere political document. Hoping so, let us give Narendra Modi a pass mark with a glee.

NB: Guys with girlfriends please note that your pockets can be torn apart anytime since jewelry prices are at a hike by 1% increment in tax.
Also, those beverages, ice creams, burgers and pizzas you are about to enjoy with your girlfriend in a shopping mall are certainly gonna pull your legs!.

PS: Thank God,
>>I am not at the retirement age,
>>I don't have a girlfriend and;
>> I don't smoke.
Thus, though the air ticket fare may rise, I guess I could land somewhere safely.