A disappointing Budget for common man

Today's Budget is fully dedicated to Atmanirbhar Health, infra and education. Finance Minister has again disappointed middle class as there is no change in tax slabs. On the contrary, Rs 4 and Rs 2.50 cess on diesel and petrol has been imposed. This will not have any impact on the common man directly but will have an impact on the overall inflation. This Budget has been made keeping in mind the elections in five States by providing lot of sops to these States.

The topmost priority has been given to health sector. Rs 35,000 crore has been given for Corona vaccine which will help poor people. Other sops under health as Rs 64,108 crore has been provided for Atmanirbhar Health scheme and the Budget in health sector has been increased by 137 per cent with an increase of Rs 2.23 lakh crore during last year by which two new mobile hospitals, 4 National institutes for Virology, 17 new public health units besides Hal Jeevan City mission. Mission 2 will also be launched. Infrastructure had been given a big boost by providing 3.30 lakh crores for National Road development and economic corridors will be developed which will boost up the economy of the country. Rs 1,10,055 crore for Railways will help the facilities to be provided to boost tourism and new railway lines & metro projects. The Budget of Rs 75,000 crore has also kept for agricultural sector and MSP will be 1.5 per cent more.

A big decision has been taken to increase FDI in insurance sector to 74 per cent from 49 per cent. Lot of emphasis has been given to sell/disinvest and sell properties of PSUs to raise funds. PPP will be implemented in various areas like ports, Sainik schools and metro rail to boost the overall development. LIC will be permitted to bring IPO and listings will be done in stock exchange.

In the banking sector, the FM has to infuse Rs 22,000 crore to improve the health of banking sector and the management committee will be formed on stress assets and more stress will be on recovery of loans. There is nothing for salaried /middle class in this Budget but only concession has been given to senior citizens aged above 75 years not to file return and no tax. With this, the middle class has been disappointed again.

Rs 17,700 crore to small industries and cut in import duty from 25 per cent to 15 per cent will help the startups and industries under MSME. It will also help to become Atmanirbhar in the industrial sector. In short, this Budget is fully dedicated to health, agriculture, infrastructure and education sectors.

(The author is Adviser, SME Chambers of India for AP & Telangana States, and Vice President, Corporate Relations, CBSL Group of Companies)