Bhubaneswar: The budget of 2025-26 is appreciated all across the country by the people as it is called, ‘ people’s budget, and a revolutionary budget. This is the first time in Indian economic history where the tax burden has been reduced so much at one go, as reported, cited by the people and the critics. After the last July budget the burden of the tax payers in the country was getting unbearable which was the reason they were developing a feeling of discernment. So the current budget has got inclined to address their issue as well as there was also a feeling about the government that it is more inclined to the vulnerable sections, the poor people and only focusing on inclusivity by sidelining the middle class. The pledge of the proud taxpayers of the country was supposed to be addressed as they would continue to serve the nation and its building further.
This seems to be the beginning of the tax reform process, so many people who are honest tax payers are going to benefit from it. This step will help more and more people to come on board of taxpayers and contribute to the economy of the country. There are so many people who either avoid paying tax or are not at the income level to pay tax. This step of widening the tax system will particularly help those to come forward and join the tax payers list. The new tax bill which is going to be passed in the near future is going to do that benefit of reducing the tax rate and it has been started through this budget in the current year. This budget is not just going to cater to any one section of tax payers but each and every tax payer will get something beneficial for themselves in this proposal.
This budget and its proposals are going to increase the income and the money that the Indians have in their hands will give them the power to decide how much they spend on consumption and savings. These steps will influence many secondary effects in the near term and the medium term future growth in GDP. India will open up so many more revenues for its growth trajectory which then would move towards a collateral development to a target economic advancement. The customs tariff rationalisation in port of essential goods coming down in tariff are the indicators towards propelling greater growth.
In infrastructure development the budget is falling short in terms of capital expenditure as compared to the last couple of years. In the last year’s budget the allocation for infrastructure development was 11.11 and before that it was always higher as 16-17 percent but this year it is just 10.1 revised estimates on the capital expenditure. The last year was an election year which is a necessary and due democratic process, when the capital expenditure went slow affecting the revised capital expenditure estimates. but the current budget could be an indication of a relaxing situation in the coming times.
-OdishaAge
