HYDERABAD: As Finance Minister Nirmala Sitharaman presented the 2023-2024 Union Budget on Tuesday, Shreya Veronica speaks to Hyderabadis from different walks of life, weighs in on their responses and also suggestions for the State Budget coming soon
A satisfactory budget
“Its a thumbs up budget and it is aligned towards mostly middle class and also with the tax cuts in the higher slabs which has given a break to the business people that is good. It is difficult to understand by a common man. Today the dollar is 82 rupees for a dollar and the value of rupee has gone down. All the comparisons were made from 2013 and 2014. The education and health sector got a boost but we have to wait and see how much we can implement it through the states. There is a lack of mention in the budget about doctors and medical colleges or allocation of funds in those areas. It was a well presented budget, However, it is pleasing the people as they approach the election. When you call yourself the fastest growing country economically, this does not correlate well. Indian rupee is going down against dollar, dollar is also as bad as Indian rupee as the US economy is not that great, same with Chinese, Russia, France and UK. But compared to other countries, India is much better.
JAYAKAR DALAVAI. Rtd Professor NALSAR University
Appeal for tax relief
“One of the biggest concerns of the middle class income group or salaried group is high income tax today. In addition to the indirect taxes, which are already burdening the people in general, the direct taxes are eating away all the savings of the middle class group. In fact, India is the only country where people are paying the highest taxes in the world. In case of direct taxes, employees have been expecting some respite from the taxes because the slabs have not been increased for several years. On the other hand, indirect taxes have seen a sharp rise during the past six years. Government can consider tax reduction to the common people and low income group. In the year 2009 the indirect taxes to the union government stood at 41 % but today it is 53%. In an ideal economy, the indirect taxes need to be less than direct taxes but today both the taxes are high. The Union government has been reducing taxes to the corporate and high income groups but not considering reducing the taxes on common people and low income groups.”
MOHAMMED YOUNUS, Grade-II Language Officer Secretariat
A good call
“The current budget is good compared with the previous ones with respect to the new income tax slabs, this can save minimum of 23.4 k to 60k maximum depending on individual income slabs and hoping it would be positive to individual section too.” NATARAJAN RANABIJILI, Finance Manager
It’s a good one
“The tax slab change is welcome. There is a new scheme for women and the post office monthly income scheme has also increased from 9 lakhs to 15 lakhs now and for the joint account holder also which is a plus point as I contribute to it. There is something for pensioners too. These are the really positive side of things and also they are contributing to the agriculture sector. Some of the mobiles and cameras have gotten cheaper now and it matches my expectations.” SURESH RKV, Asst. Professor MCE
Focus on Infrastructure
“The State’s Budget should predominantly focus on the public’s needs and priorities. The present government is already doing a fairly good job. In recent years we have seen population explosion in cities due to constant urbanisation. I wish the government this time could allocate sufficient funds to all municipalities for creating world class cities with focus on widening the roads, more flyovers/ underpasses, public transport and in upgrading/ modernising the amenities.” MATHEW JACOB, Businessman
What about the handloom sector?
“There is nothing specific for women entrepreneurs. This year being an election year we thought there would be some kind of allowance given to them but nothing of that sort has happened. MSME is general and it is not specific to women. Handloom is a disappointment. In handloom and handicraft there are a lot of women and there is nothing for them. The budget does not highlight it. And for the upcoming state budget I would say that there should be a major allocation for handloom, it has been decreasing every year so this year we hope something happens. We want to know specifically what is it for handloom and what is for power-loom. We need a clear segregation. This year the request to the state government is that there should be a clear articulation about handloom instead of generalising it. Also some incentives for women entrepreneurs.”
SUDHA RANI MULAPUDI, CEO and Co-Founder of Abhihaaara
Looking forward to a brighter future
“Expecting this year’s budget to be beneficial to the middle class salaried people. Emphasis should be more towards farmers benefits and technological development as well. Senior citizens and health care must be taken as a priority in the budget.”
RAJESHWARI SAINATH, Classical Dancer
Concern over privatisation
“Tax incentive should be given to women entrepreneurs. Encourage the startups. Individuals are also demanding the government to revise upwards income tax exemption and deduction. Privatisation of banks should be considered and they should stop this and save the public sector. Also stop disinvestment in the public sector.”
V SUPRIYA SHAR, Banker