Finance Minister Nirmala Sitharaman has presented a budget in her own style this time as well. From her first budget to the seventh budget of this year, she has never done anything for any particular section that would make the people related to it happy. Just as a common housewife, while making the household budget, emphasizes that the kitchen of the house should run without anyone’s help. She does not try to please anyone or everyone. Nirmala has been presenting the same kind of budget every time. The advantage of this has been that despite the corona crisis in the country and the economic slowdown in the world, India has continued to move at a normal pace.
Nirmala never made a plan for big schemes in her budget to garner applause by making big promises. The disadvantage of this is that every year when the budget is presented, there is no enthusiasm among the countrymen. But for the Bharatiya Janata Party, creating such enthusiasm among the people of the country has now become a priority. Because after the defeat in the Lok Sabha elections, the party has also been very embarrassed in the by-elections. By-elections are going to be held on 10 seats in UP. There are assembly elections in 3 states, in such a situation, there should have been such a budget for the countrymen that could arouse the hope of something big or change in the people. On the contrary, the Finance Minister has taken such decisions in the budget which are going to harm the core voters of the BJP.
1- BJP’s core voter suffered due to increase in LTCG
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There can be no doubt that the number of people investing in the stock market in the country is increasing very rapidly. About 10 crore demat accounts have been opened in the country. About 90 percent of the people investing in the stock market are hard core BJP voters. In this budget, the Finance Minister has increased the tax on long term capital gains on all financial and non-financial assets from 10 percent to 12.5 percent. Along with this, the tax on short-term capital gains has been increased from 15 percent to 20 percent. It is obvious that the income of those buying and selling shares will decrease. Perhaps this was the reason behind the reaction of the market as soon as the budget was presented on Tuesday. The person investing in the stock market will curse the Finance Minister every day. Which will not be in the interest of the Bharatiya Janata Party.
2- Profit in selling the house has decreased
Finance Minister Nirmala Sitharaman has announced the abolition of indexation benefit on property sale. This simply means that investing in homes will not be very profitable. Along with this, the category of people who have the capacity to sell their house and buy a new house are mostly supporters of Bharatiya Janata Party. People selling property will not be able to increase their purchase price and will not be able to reduce their capital gains. In the system till now, 20% tax was levied on long term capital gain from property sale within indexation benefit. Now a new LTCG tax rate of 12.5% will be applicable for capital gains on property sale without indexation benefit.
3-Will giving incentives increase employment?
The defeat of the Bharatiya Janata Party in the Lok Sabha elections made it clear that the issue of employment proved to be decisive. In the review of the reasons for the defeat in Uttar Pradesh, it was also said that the issue of paper leak and employment has been such that it has become difficult for the Bharatiya Janata Party. The question is how successful will the announcements made this time regarding employment be in eliminating unemployment. According to the announcements made in the budget to increase jobs, the government will transfer one month’s salary to the bank accounts of employees who get a job for the first time. This means that this will reduce the burden on the companies giving them jobs. This will encourage them to give jobs.
This amount will be transferred in three installments which will be a maximum of Rs 15,000. It is estimated that 30 lakh youth will benefit from this scheme. But will companies recruit just by giving incentives? The opposite will happen, companies will swallow the money in the form of incentives and will not provide employment. To increase employment, there is a need to develop industries and increase the purchasing power of people. The purchasing power of common people is continuously decreasing in the country. In such a situation, it can be difficult for industries as well. When there is no demand for production, then why will the industrialist do production? When production decreases, who will give jobs on the basis of three months’ incentive?
After Covid, industries were given special tax incentives to boost economic recovery and employment so that they could provide jobs to people but what happened? Industries did not expand. The same is going to happen with the internship scheme as well.
4-States where assembly elections were held got nothing
Assembly elections are to be held in Maharashtra, Haryana and Jharkhand this year. The electoral states had high expectations from the budget. But far from getting any benefits for these states, there is no hope at all. There was no concern about the Scheduled Caste and Backward Caste votes getting scattered in the Lok Sabha elections. There was no special plan for Other Backward Classes or Scheduled Castes-Tribes. It was expected that keeping in mind the by-elections and elections to be held in three states, the government will open its treasury for the electoral states in the first budget of Modi Government 3.0. The budget has announced the launch of the Prime Minister Janjati Unnat Gram Abhiyan. Under this campaign being launched to improve the socio-economic condition of the people of the tribal community, the target has been set to provide complete coverage of government schemes to tribal families. In this, 63 thousand tribal-dominated villages are to be included and five crore tribal people will be benefited. Tribes account for about 27 percent of the total population of tribal-dominated Jharkhand. In such a situation, Jharkhand can also be expected to get the benefit of this scheme. But these schemes are not able to brand the party. The public assumes that these are government schemes and they were bound to be provided. If instead of these, a scheme like loan, scholarship, assistance had been started, then it would have been a different matter. Similarly, an announcement could have been made to start a big project in the election states.
5-No announcement was made for the farmers
The votes of farmers in Haryana and Maharashtra are very important. The Bharatiya Janata Party needed to make some such announcements in the budget for the farmers, which could give them some hope of change in their lifestyle. The government has allocated a budget of Rs 1 lakh 52 thousand crores for agriculture and related sectors. The Finance Minister, while announcing a comprehensive review of the agricultural research system to increase production and emphasize on the development of climate-friendly varieties, has also said that 109 new high-yielding and climate-friendly varieties of 32 agricultural and horticultural crops will be released. Actually, the decisions taken in the budget are going to increase agricultural production. But farmer leader Rakesh Tikait tells Aaj Tak that what will the farmer get by increasing the production. Unless there is a system for selling the crop, the farmer will sell it at a low price due to excess crop or will keep it at home and rot it. A lot of promises have been made for the farmers in the budget. But there is not a single promise that seems to be directly benefiting the farmers.
The Finance Minister has also said that the details of 6 crore farmers and their land will be registered in the registry, a national cooperative policy will be introduced which will accelerate the development of the rural economy. No direct announcement has been made in the budget for Haryana and Maharashtra, but a large population of both these states is associated with agriculture and related sectors.