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Finance Minister Nirmala Sitharaman presented the budget for the financial year 2023-24 on 1 February. The central government called this budget the budget of the common people. He said that the country will be stronger with this budget, while the Congress and many opposition parties have condemned this budget and called it an election budget. The opposition believes that there is nothing for the poor in this.
In such a situation, the question arises that how much truth is there in such allegations of the opposition parties. Will the budget really only benefit the rich?
First, let us know what is in the budget for which class?
- Middle Class: In this budget, no income tax will have to be paid for the middle class on income up to 7 lakhs.
- Poor Section: Free food grains will be given for one more year under Garib Kalyan Anna Yojana.
- for youth: Startup funds will be given to the youth, allowance will be given for 3 years and International Skill India Centers will also be set up.
What percentage of India’s population comes under the poverty line
During the monsoon session of the year 2022, Minister of State for Finance Pankaj Chaudhary had told that no poverty line assessment has been released in India in almost a decade.
The assessment was released for the last time in the year 2011-12. According to which more than 27 crore people in our country come under the poverty line. That is, 21.9 percent of the total population of India is still below the poverty line. According to the World Bank, people who do not earn around Rs 130 per day come under the poverty line.
The same year, a report by the PM’s Economic Advisory Council pointed out that 5 percent of the country’s working population earns less than ₹ 5,000 (about $64) per month. Whereas those earning an average of ₹ 25,000 per month fall in the top 10 percent of the total salary bracket, which is about 30-35 percent of the total income.
opposition charge
P Chidambaram: Former Finance Minister and senior Congress leader P Chidambaram said, ‘Finance Minister Nirmala Sitharaman did not mention the words “unemployment, poverty, inequality or equality” anywhere in her speech. ‘I am sorry that in this hubbub of OTR (old tax system) and NTR (new tax system) the importance of personal savings in a developing country has been forgotten. In the absence of a state-provided safety net for most people, personal savings are the only social security.’
He said in another tweet, ‘According to the Economic Times, the old tax regime is more beneficial up to an income level of Rs 60 lakh. If you are a taxpayer, don’t be in a hurry to jump to conclusions. Do your maths, take advice from a chartered accountant.
Mallikarjun Kharge: Speaker Mallikarjun Kharge alleged that the Modi government has prepared this budget keeping in mind the electoral states. He further said that there is nothing for the poor in this budget. Even there is nothing to control inflation. Apart from this, no steps were taken for jobs, nor was anything done to fill government vacancies and MNREGA.
Chief Minister Mamata Banerjee: West Bengal Chief Minister Mamata Banerjee said, ‘The poor will be deprived of any benefit of this budget, while only one class of people will get benefited. The CM said, ‘The Union Budget is “completely opportunistic” and “anti-people”.
Shatrughan Sinha: On the other hand, TMC MP Shatrughan Sinha said, ‘There was a big focus on “Hum Do Hamare Do” in the Union Budget presented in the Parliament and there was nothing special for the middle class people. He said that this budget has been presented keeping in view the upcoming Lok Sabha elections.
CM Arvind Kejriwal: Delhi Chief Minister Arvind Kejriwal said, ‘There is no relief from inflation in this budget. On the contrary, inflation will increase. He further said, ‘There is no concrete plan to remove unemployment in the budget. The budget for education and health has also been reduced.
Praveen Chakraborty: Talking to ‘The Indian Express’, Praveen Chakraborty, head of Congress’s data analysis department, said, “A Prime Minister and a government that is in power are playing by batting alone.” After 8 years of being in power, the government is the only player in the Indian economy. This is the real essence of the budget.
What for the middle class in the budget?
In this budget, to please the middle class, the income tax limit has been increased from Rs 5 lakh to Rs 7 lakh, while the interest rates on savings for senior citizens and women have also been increased. But there has not been much talk of new jobs.
Professor Aastha Ahuja said that the Finance Minister used the word employment or jobs only 4 times during the entire budget. Meaning that there was not much emphasis on employment in this budget. While the rate at which India’s population is increasing will leave China behind in the coming times and then employment will be most needed here. But concrete steps have not been taken regarding unemployment in this budget.
Yes, training has definitely been talked about, but the government will train the youth, how will their family run until they get a job. No solution has been found on this also.
Professor Aastha said that Finance Minister Nirmala Sitharaman said that the diamonds that are made in the lab are innovation and technology driven sector. We are saying that India’s capital expenditure has increased. Due to this, there is a lot of enthusiasm in the industries and investment in the private sector will increase.
But the thing is that you are going towards automation. Automation is causing a lot of damage to everyday or routine jobs. If there is less employment then the income will be less. Due to the decrease in income, the demand of the consumers will also decrease. Obviously, the deterioration of the balance of demand and supply gives a jolt to the economy.
How will the rich get benefited
In Budget 2023, the 37.5 percent surcharge on the highest tax has been reduced to 25 percent and 10 percent tax relief has been given to the richest people.
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