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Mar 3, 2011

How people reacted to Union Budget 2011-12?

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Well, the question is obvious - how the people reacted to the union budget 2011-12 presented by the finance minister recently, its a bit of satisfaction for the salaried people. There nothing new as expected in the budget.

The raising income tax slab from 1.60 lakh to 1.80 lakh, is the best relief the finance minister could give to the majority of the salaried people and again the senior citizens got the major relief. And those are more than having age of 80, citing this the finance minister cited that he still need to attain.

Some of the sectors are brought into the net of service tax, which could give more additional revenue to the government of India. Measures to tackle the inflation is still a big role that the government of India alongwith RBI and finance minister, has to play.

The project of the GDP growth rate in the budget is awesome, and the one of biggest economies of the world to see the growth of 9 per cent. The inflation and the black money are the major concern for the economy. Still long measures have to be taken to check these concerns.

People of India, however, gave a positive response to the union budget. The corporate world, is happy with the moves the finance minister made to present a balanced budget. The ICDS workers have the best reason to smile as the finance minister gave best so far priority.

Farmers of India have some mixed response towards the budget. The farmers suicide the biggest major concern for most of the state governments and the central government as well. While presenting the union budget 2011-12, the finance minister also thanked the God Indra (the rain God) for the good monsoon, that gave agriculture sector some smile. And this budget also growth oriented, if the agriculture sector is taken into consideration.

The Industrial sector has also been performing well of late. From negative to good growth rate of IIP in Indian economy shows the development of the industrial and manufacturing sector in India.

During the recession and global downturn, the India economy sustained the pressure and the special relief and allotment from the government of India help the economy to have quick recovery from the pressure.

The bottom line is the budget got the most positive response from the people of India. However, people of India still expects to get best another popular budget next year. And the assembly election in five states would be the major focus, which could be major reason for such people friendly budget.


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