Dinesh Kamath's Editorial 'Is the budget pro-rich or pro-poor?' that was published in Newsband

Is the budget pro-rich or pro-poor?

Finance Minister Arun Jaitley’s first full-year Budget is a business-friendly budget. Jaitley has changed mindset towards business and tried to say that it is a major stakeholder in the economy and that its growth needs to be fostered. The Bharatiya Janata Party has always been known to be pro-business, especially Prime Minister Narendra Modi. So a business-friendly budget is nothing surprising. The Budget had to support the Make in India theme of the Prime Minister by attracting capital and investors rather than by reducing taxes and easing means to do business in India.

There are lots of people criticising it on the basis of their own theory i.e some want sudden eradication of poverty, some say budget lacks social funding and the important point which is of concern for loads of people is Service Tax - 2% increase in S.T

It has been noticed since independence that the ruling parties while seeking votes talk pro poor and their progress. But once in power the tune changes. It is true that cutting down taxes and encouraging growth of business eventually leads to job generation. But is that all? What about health insurances and social security to the middle class and lower income group. The rich keep becoming richer and the poor poorer.

In its nine months of tenure, the government has tried to create a business friendly environment, but was shadowed as anti-poor by the Opposition. This budget was a real chance for the government to show its desire for lifting the poor along with promoting business for a better tomorrow.

Business and industry have been complaining of regulatory sloth and arbitrariness. Now they have no reason to complain as the government has gone out of the way to address their concerns at the risk of being called pro-rich. They should fulfill the expectations of the government in reviving economic growth and job creation.

Modi's "make in India " budget is a harbinger to harness the talent of the world's manpower supplier within the boundary of India to substitute import and to sustain on our own skill. People in general have also voted for the budget and are confident that the much desired growth and job creation is not very far away.

It does not matter whether Make in India is aimed at exports or at the domestic market; the bottom line is investment and jobs. The Budget is the reiteration of the Modi Government’s conscious shift towards supporting industry and business. Make in India and job creation are must as the first leads to the second! Without jobs millions of youth entering job market every year face despair and bleak future and India's demographic dividend turns to nightmare!