“A Glance on Indian Budget 2009-10”
When it comes to preaching or practicing we are on the right place, India is a country where people most of the time preach not practice but this time Rahul Gandhi’s Giant steps proved that he is one very different in the herd he only preaches after practicing which led to win the sentiments of the Indian people and finally a big win for Indian Congress in the elections. In the same way everybody in our country wants growth (GDP) but I think only this growth will not matter what will matter for country is inclusive growth (growth all around for all the people all the section) or say 360 degree growth. In lieu of this our honorable finance minister presented our budget having challenges of GDP growth, inclusive growth and implementations of the delivery mechanisms. For inclusive growth our government have taken a good step in terms of investment of as high as Rs. 39100 (144% hike in comparison to last year) in National Rural Employment Guarantee Scheme (NREGS) other fields which are benefited are Bharat Nirman, Empowerment of the weaker sections (i.e. Female literacy, Integrated Child Development Services (ICDS) Student Loans to Weaker Sections) and Welfare of workers in the unorganized sector like weavers, fishermen and women, toddy tappers, leather and handicraft workers, plantation labour, construction labour, mine workers, bidi workers and rickshaw pullers etc.
Delivery mechanism in India is so bad that only a meager percentage 1.5 of the money granted goes to the desired persons a major chunk vanishes in between the hands. Before presenting the budget market went as high as 15,000 (BSE) but what went wrong with it that the very day the budget was presented the market went down. It went down because it was lulling high due to the investment of FII (foreign Institutional Investors). FII do investment in any country in hope that they will make a good return and it all depends upon the policies of that country this time they did not find out anything good in term of disinvestment so we saw a major selling from the FII side i.e. Rs.828.01. Though on the other hand the budget was very lucrative for the India people in terms of Tax Relief as Exemption limit in personal income tax raised by Rs.15000 from Rs.2.25 lakh to Rs.2.40 lakh for senior citizens; by Rs.10000 from Rs.1.80 lakh to Rs.1.90 lakh for women tax payers; and by Rs.10000 from Rs.1.50 lakh to Rs.1.60 lakh for all other categories of individual taxpayers..
India can again rebound to its growth 9% only if Indian government will take good initiatives in terms of good monitory policies so that the small scale and the large scale organizations can come up with their working capitals and long term capital requirement this way they can satisfy the demand domestically as well the export from India will also increase. Let’s hope best for the coming future.
-Article by Amit Singh Bisht, IBS-Hyderabad