The 10 percent surcharge on the rich of the country will not pay for the various subsidies and spending in populist areas. It is also significant that the 10 per cent surcharge will really be paid by professionals in the corporate sector whose taxes are deducted at source. The wealthy classes in India i.e. the builders and businessmen will skirt this new imposition.
This budget is clearly an election budget designed to please with some popular measures, thus devoid of any growth strategies. GDP growth rates have declined from 9 percent to 4.5 percent, despite optimistic forecasts of 6.5 percent.
Ruling Congress will buy loyalties through cash transfer scheme, now christened “Direct benefit transfer.” It will exacerbate inflation and laziness. Free cash moneys without work, never do any good. When you cannot win the masses with performance, so just pay them. Unemployment rate will continue around 10 to 15 percent. Millions of youngsters need meaningful jobs, making a living as hawkers and helpers.
Public faith in the competence, integrity and maturity of political leaders will take a further thrashing this year. We desperately need leaders with character and courage, who deliver growth. It is not enough to plant trees to make a difference. The criminalization of politics in the last two decades acts as a deterrent to many Indians to play a proactive political role. - Rajendra K. Aneja, Dubai
India budget has missed the bus
