Dinesh Kamath's Editorial 'The interim budget is not bad' that was published in Newsband

The interim budget is not bad

Interim Budget 2019-20 must rank as one of the most politically expedient ones this country has seen. They could be aimed at seeking votes but a lot of thought has gone into identifying and targeting the sections of population across social segments that are in distress and unhappy with the Centre.

Proposal for income support scheme for farmers, pension scheme for informal sector workers and income tax concessions for the middle class is a good move. The housing-related tax proposals can give a leg-up to the real estate sector. People should be prepared for the next budget which may have unexpected and ' unimaginable ' taxes to ' cover' voter sentiments.

No doubt, the interim budget was slightly dented towards the ensuing elections in mind. But leaving that aside, if it is seen from salaried middle class, there are quite a number of features that benefit them be the increase in Standard Deduction, increase in TDS limit and the exemption of tax upto Rs 5 Lakh, increase in the threshhold on house rental income etc.

A major chunk is budgeted for Railways to the whopping of Rs.1.58 lakh crore for track renewal, track doubling, laying new lines, ROBs and under bridges, gauge conversion, passenger amenities and rolling stock. The 2% interest subvention for MSME sector and the allocation of Rs. 500 crore towards pension for the unorganised sector is quite a welcome move. Roll over of Capital Gains Tax on the sale of houses is expected to benefit the people of big cities like Mumbai.

Now the news media will say it is for votes, conveniently forgetting 65 years of misgovernance by the Congress by only delivering their own family budgets. These are not sops, these are honest payback honest tax payers are getting. No media can malign the honesty of tax payers and honest returns they get due to their tax discipline. BJP has run the final nail on the coffin of enemies to save this nation from scandal mongers and corruption specialists.

If Rahul proposes “Minimum Income Guarantee” it is visionary and altruistic Game Changing Policy for India’s welfare without any electoral calculations. However, when NDA proposes similar but fiscally responsible sops, it has to be for shopping votes.

Here are some facts: (1) There are over 600 million working class in the age group 18 through 60 (2) Only about 50 million in those have any proper jobs with Salary PF Medical benefits etc (3) India, thus, holds the biggest number of UNDEREMPLOYED (and Unemployed) adults numbering 550 million.

The government has done good fiscal math and managed the economy well to be able to reward sections in distress. The foundation of the economy has been resurrected and if this government gets next term in office it is sure to chart out the next leap.

For the opposition parties it is shopping for votes. This budget is not shopping for votes. The budget has benefited the farmers, the real estate specially for housing, the younger generation who are earning less an annual income of five lakhs, the banks would able to get more deposits since TDS to be deducted is only above Rs40000 as interest earned. Hence this is excellent for all sections of the society except for the opposition parties