Budget
2018 provides relief to Senior Citizens
Arun Jaitley has come up with
Union Budget 2018 Did Jaitley have populism
or fiscal prudence in mind while making the budget? It appears to be the former.
Jaitley has homed in unerringly on the root
causes of distress — unremunerative farm incomes, unemployment, lack of social
security nets and the squeeze on the middle-class taxpayer. His intent is
clearly welfarist. If they fail to materialise, it can lead to a gap between
promise and delivery.
Setting up farmers’ markets is similarly a
great idea to free small farmers from the tyranny of Agricultural Produce
Market Committees (APMCs), but the project gets a mere ₹2,000-crore allocation.
The ambitious rural package in this Budget
brings in free gas connections to three crore new households, free electricity
connections to four crore homes, two crore new toilets under the Swachh Bharat
Mission, higher micro-irrigation coverage, and so on.
The National Health Protection Scheme, to
provide a ₹5 lakh health cover to 10 crore households, is a much-needed social
security intervention to benefit poor households that rely overwhelmingly on
private health care.
On improving learning outcomes, providing
universal health coverage and alleviating the lot of minorities and girl
children is expected to be funded through a mere ₹16,000-crore increase.
While being liberal in its announcements for
rural India, the Budget has been frugal in its giveaways to the middle class
and the corporate sector.
While it is only fair that the salaried pay
income tax on their net income (after expenses) as the self-employed do, this
deduction (which also replaces transport and medical reimbursements) is too
small to establish real parity.
For the salaried and the corporate sector, there
is increase in education cess. Senior citizens have benefited, particularly
from the tax relief on interest from bank deposits and post office schemes,
which has been hiked from ₹10,000 to ₹50,000 a year. These
interest payouts are also exempt from the vexatious TDS provisions. This relief
renders senior citizens far less vulnerable to steadily dwindling interest
rates on bank deposits and small savings schemes; it also helps them to
continue relying on fixed-income instruments to cover living expenses.
Overall, the Budget has a sense of direction
that is difficult to find fault with. If some of the proposals seem
half-hearted or are not taken to their logical end, it may be the result of
revenue constraints.
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