Power plays truant
9:51 AM Posted by ukmad
Many could not watch the live telecast of budget presentation
Many farmers could not watch the live telecast of the budget presentation made by Chief Minister B.S. Yeddyurappa on Thursday, owing to scheduled and unscheduled loadshedding in urban and rural areas.
There was no power supply for a major part of the day in several villages in Belgaum taluk and city, including border villages of Hindalga and Sulga and such as Sahyadri Nagar, Hanuman Nagar and T.V. Centre. Power went off frequently and people could not watch the Budget presentation live on television.
Those who were waiting to watch BJP’s first budget were disappointed.
A farmer in Hindalga, Yeshwant Monappa Savgaonkar said he had read in newspapers that Mr. Yeddyurappa would be announcing some relief for farmers and hence he was curious to see the Budget presentation on television. But, there was no power supply.
On the promise to provide free power supply, he said that the Government should first ensure regular and quality power supply every day. “We have learnt to live without regular power supply for years and do not know for how many years this will go on.”
A majority of small and marginal farmers did not have Irrigation Pump sets and depended on rainfall for crops. Was there anything in the Budget for such farmers, he asked. Anandrama Gadakari of Sulga, who is a marginal farmer, said that the Governments had been making so many promises for alleviating poverty. But the fate of his family had not changed in the past six decades. He was unaware of the proposal on complete eradication of poverty. A resident of TV Centre said that the Hubli Electricity Supply Company should have ensured that there was no power cut on the day of budget presentation.
Without power supply, there was no meaning in television channels providing live coverage of the proceedings, he added.
Common man budget
10:59 AM Posted by ukmad
It looks like P Chidambaram and Co is very much inspired by the “RobinHood” story. This year Government has a record tax collection even surpassing the budgeted estimates. The excess tax collection has totally been diverted to Farm Loan waiver of Rs. 60000 cr.
I don’t think farmers suicide rate will go down with this wavier. The same farmer will apply for fresh loan next year.
Exemption Limit.
Finance minister has taken a bold decision of increasing the tax emption limit and reducing the tax rates. I think this tax rate structure will prevail for the next 3 to 4 years. Individuals will have more money in their hand to spend or invest. But this tax cut may not be a good news for IT employees. The struggling sector due to US recession and Dollar will cut the salaries of the employees to the extent of benefit they get from this tax savings.
Education:
The increased allocation to Education sector is welcome. The strength of India is its
young generation. 50% of Indians are below 30 age. Education is of prime importance for nation building.
Increase in Short Term Capital Gain:
With the increase in Short Term capital gain on shares by 5% Investors may hold their shares for Mid Term to Long Term. But we may see a reduction in daily turnover in stock market which is not a good sign.
Corporate to Gain Nothing:
This years record tax collection is largely contributed by corporate sector. There are no reductions in FBT and corporate taxes in this budget. The reduction in Excise duty will be passed on to consumers.
In all it is a common man budget. Due to the American pressure on Nuclear Deal , if the deal go through we may see a early elections. With this budget it looks like Government is getting ready for early election.
Chetan.Chougule B.COM A.C.A
KEEPING A SECTION OF POPULATION HAPPY AT WHOSE COST
1:03 PM Posted by ukmad
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.
