BENGALURU: On Wednesday, a group of over 30 women gathered to watch, discuss and debate the Union Budget at a co-working space in the city. Part of Millennium Mams’, a Kolkata-based not-for-profit organisation, this group discussed the financial impact of this year’s budget.
The buzz in the room revolved around the maintenance of the fiscal deficit at 6.4 per cent, the increase in tax exemption limits, and the Mahila Bachat Scheme.
“I loved the idea of the savings scheme for women which will enable making deposits and hence saving up. The interest rates are certainly something that looks great for them. We have become the fifth largest economy from the 10th in a span of nine years. Apart from that, the schemes for the bubbling youth population as well as the budget allocated for infrastructure look interesting,” says Shalini Manglani, a committee member of the organisation.
“The money that the middle class saves through the reforms will again be spent, which will only further act as a catalyst for a better economy. The relief will be felt throughout the country,” she adds.
The growth of the economy by 7 per cent is incredible, says committee member Jasbir Puravankara after the screening.
“The Budget gives a big boost to the agri sector, especially with it being a state subject. The decisions on education, digitisation of our economy, and health will certainly drive our economy further,” she says.
About the takeaways from the Budget, Bishnu Dhanuka, co-founder shared with CE, “They have maintained a 6.4% fiscal deficit and announced a 5.9% fiscal deficit for the upcoming year, which puts the country in a reliable position, globally. A big change in personal income tax... an increase in the income tax rebate limit from Rs 5 lakh to Rs 7 lakh and increasing the tax exemption limit to Rs 3 lakh. We can also see big spending in agriculture with Rs 20 lakh crore assigned as agro-credit. A big push in infrastructure with railways getting Rs 2.4 lakh crore which is nine times more than in 2014.”
Vice-president Nameeta Mohanka is looking out for the agri-startup initiatives and the boost to MSMEs. “Infrastructure outlay has increased by 33 per cent (Rs 10 lakh crore) which is 3.3% of GDP. The infra development will be an investment for our future,” she says.