The union budget was presented by Mr.Chidambaram today. The views of various Charetred accountants and Stock market investors of Belgaum is here below:
Mr.Nitin Nimbalkar (Investor)
KEEPING A SECTION OF POPULATION HAPPY AT WHOSE COST
The finance minister rose to the occasion and delivered a budget, which vowed a large section of the society with the intention of nothing, more than a vote.
The minister was more of a politician today rather that a economist.
The same thing happened today sincere and faithful farmers had to sacrifice and the one who were not that sincere got the benefit. I don’t say that all the farmers who don’t pay are not sincere but 75% of the farmers are capable of paying back.
This is giving a very wrong signal to the sincere farmers, friends be rest assured that the government will have to shell out a lot more in years to come because of the mindset of the farmers.
By increasing the exemption limit the minister has helped the Income tax department of the hardship of handling unwanted stationery.
By reducing the Bank transaction tax the minister has reduced the complexity in cash dealings, this will definitely bring in more liquidity in day today Bussiness.
Regarding customs and excise he did good job by neutralizing what he shelled out in the individual tax collections.
Because of depreciating dollar he did not reduce the peak customs duty.
Service tax limit hike will help a lot of people.
All in all I feel that the finance minister has intelligently used the surplus of tax collections of last year to give away the sops to the individuals be it a farmer , a businessman or a salaried employee.
He has clearly ignored the near future in trying to buy out the votes.
Because friends if next year if Mr. Chidambaram rises to present the budget (if UPA Govt returns to power) Be rest assured that it will be a completely different Ride.
So friends enjoy the year 2008-2009 this might be a peace before a storm…. so enjoy……..
Mr.Nitin Nimbalkar is my blog Financial Editor.