MyVoice: Views of our readers 4th February 2022

Budget does a balancing act

The central budget was nothing short of a juggernaut given the population of India, coupled with diverse demands and expectations of people from different walks of life in the country. The current budget did almost a perfect balancing act, in these trying times of Covid which has entered the third year that has almost stifled the great ambitions and expectations that the nation chalked out for itself. No budget can be totally pleasing to all propositions; and the Opposition never had a good word about the budget, except to pick holes. The budget did a great deal of manoeuvring acts, keeping in view the future needs of the country, in terms of infrastructure development, expanding rail network, introducing more new generation trains, and promoting electric vehicles in a big way, to make India number one in this field.

K V Raghuram, Wayanad

II

Taxing digital assets legitimatises investing in crypto which also paves the way for crypto law which has been hanging fire. Additionally, as RBI wants to launch digital currency, the main aim of budget is to shift the focus of investors from crypto to RBI's digital currency, which is the prominent reason behind heavy taxation on Crypto income. But the extravaganza performance of crypto entices the potential investors. As crypto investments have surpassed the $10 billion mark, it is a proof of people faith in blockchain technology. Thus, cryptos are no ephemeral. Also, when now government wants to earn from this by taxing and further promoting RBI's digital currency, they need to ensure the security of general public.

Shruti Sharma, Ujjain

III

The Finance Minister has underscored the role of capital investments in 'ensuring speedy and sustained economic revival and consolidation by creating employment opportunities and inducing enhanced demand for manufactured inputs from large industries and MSMEs.' The FM claims that the Production-Linked Incentive scheme — covering key sectors such as pharmaceuticals, medical devices, electronics, food products, automobiles/auto components, etc. — has the potential to create at least 60 lakh job opportunities in five years. That won't be enough to negate the lingering impact of Covid-induced disruptions, even as the proposals to introduce digital currency and tax crypto assets are welcome, considering how rapidly and widely the online landscape has grown in the virus-ravaged world. All in all, the Budget has zeroed in on the macro picture, resisting the temptation of taking populist steps for short-term gains.

N Sadhasiva Reddy, Bengaluru

IV

'No change in I T slabs' (issue dated 2.2.2022). It is indeed shocking that the Union Finance Minister has made such a statement of scant concern on tax-paying citizens, retirees, middle class. Incentives for future infrastructure creation, GDP almost conservatively reached, tremendous increase in exports resulting in a ' favourable balance of payments position,' GST recovery targets surpassed in achieving,.. all prove that the central government projections have been achieved in spite of the Covid pandemic. I do not understand as to how the Finance minister wishes to take the credit that ' taxes are not raised for middle class ' where the retirees' pensions are static for the last 2 decades. This clearly proves that the central government does not favour honest tax-paying citizens but favours giving time to those who submit incorrect returns.

Katuru Durga Prasad Rao, Hyderabad

V

In the run-up to crucial elections in five states, if budget is too far-stretched by including many schemes which may not go well with many segments of population, Finance Minister not only made the shortest ever budget speech in the parliament but articulated the stress on growth by pushing capital expenditure even though inflation may go up. Further with not much budgetary support given to MSME, a job-intensive sector, except the existing guarantee schemes to kickstart private investment, there will not be any change in employment scenario. In a way, it ran out of expectations of job-seekers. There is nothing at all to core middle-class constituency except one from postal banking services in respect of savings to fetch higher returns than bank offer on FD. The decision not to broach on privatisation is a clear indicator that the matter is differed for the present. Overall, with the focus on growth besides health, drinking water and well-being of people, the budget is reasonably fair.

K R Srinivasan, Secunderabad