Budget 2017: Voice of a common man, what people are expecting?
According to economists, this year’s budget could become the most challenging budget for the Finance Minister, Arun Jaitley. There are a lot of expectations from the upcoming budget. And with just two days to go for the presentation, there is a lot curiosity all across the nation. Obviously, the impact of note ban on economic growth, fiscal deficit and taxes are all set to prominently feature in Arun Jaitley’s speech, but there is lot more that people are expecting from the budget. Though everyone has their own expectations from the budget, but today we decided to know that what a common man is expecting from Budget 2017.
So, here are few things that people would have done as the Finance Minister this year:
“It is not what you have earn, but what you save. Budget is not what you have saved but the amount you need to save. If I would have been the finance minister, definitely I would have implemented a single GST slab. Tax payers have already been awarded with various certificates now it will be a tight handcuff on non- tax payers. Apart from it, subsidies would be provided only to genuine people by adopting digital technology”, says Rama Raghavan
“As a Finance Minister I would have remonetised the note of 1000 because it will much better to have Rs. 1000 note in the market”, says Srishti Sharma
“If I would have been the Finance Minister of India, I would have come up with better schemes on education loan so that we can make education more accessible to everyone”, says Nishant Anjaney
“If I would have been the Finance Minister, I will bring down the taxation rate so that it can help salaried people and will initiate more scheme on education loan to make it more accessible”, says Jhankar Srivastava
Notably, this year’s budget is expected to give major thrust on real estate and housing infrastructure. On the hand, stock market also expects Arun Jaitley to announce measures to support the demonetisation- hit economy in the form of higher rural spending and if budget disappoints, Nifty could fall back to 8,000 levels, analysts have already warned.
Railway Budget along with the Union Budget
From this year, Railway Budget has been merged with Union Budget. Interestingly, this will have a positive impact on Indian Railways and the merged budget will further help in the development of Indian Railways.
Here are some pros and cons of merging Railway Budget with Union Budget
- Goodbye to annual dividend: No annual dividend would be paid to introduce the railway budget separately. This will help to use that amount in the development of Indian Railways.
- Losses would be recovered: Our railways are running in loss and when it goes into the hand of Finance Ministry, the resources would be channelized better and a more commercialized distribution of resources.
- Goodbye to privatisation: There is no scope for privatisation now. Privatisation would have promoted world class facilities in Indian Railways.
- The Rise and fall: Now all the funds will be allocated by Finance Ministry which means decisions would be taken according to the rise and fall of the union budget.
Here are few important things to look for in Budget 2017
- Demonetisation: Finance Minister is expected to give the final touch to a comprehensive strategy of government to discourage people from using cash transactions.
- Arun Jaitely is expected to give good news to all the startups out there. He is expected to announce some initiatives that will empower startups.
- A favourable environment is expected for FDI: He many put forward the proposal of making favourable environment for foreign direct investors and private investors to ease fund- flow for startups.
Here are big challenges that Arun Jaitley will face in the upcoming Budget
What else can be expected from the Budget?
Jobs: This would be the number 1 objective if the government wants to avoid a social and Political backlash. Notably, the prime minister in his New Year’s Eve address, had talked about low- cost rural housing, which could lead a lot of job employment generation.
Consumption: A lot of experts believe the government will boost consumption, particularly through rural spending.
Taxes : This budget may dramatically change the pace of tax reform.