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  • Category: Miscellaneous

    2018 Union Budget Features & Highlights - what's your reaction?


    What's your opinion about 2018 India Budget? Discuss your views about its highlights.



    While you gave your expectations from the Budget earlier, now you can discuss various aspects of the 2018 Budget in one single thread. You may mention some specific aspect, such as taxes, cost of some particular product or service, etc and give your reaction to it. Happy? Shaken? Annoyed?

    I am happy about one thing - I bought a smartphone just in time, as the cost of mobile phones will be increased!
  • #625043
    I expected a change in personal income tax slab but that did not happen which is a disappointment for the salaried middle-class people. And increase in the customs duty is going to increase the cost of mobile phone and TV. Not sure how much increase will be there for the price of these electronic items. Seeing the other features of this budget it looks like its more farmer-friendly which is somewhat good.
    Regards
    Rizwan

  • #625045
    The reports say that the budget is a rural friendly budget. Anyhow, personally I am a little disappointed as there is no change in the IT slabs or rates or no tax levels. Even there is no change for the senior citizens also. In the budget, there is no mention about the two Telugu States and I don't know what is going to happen for the Andhra Pradesh projects which are in progress. There is no mention of the Railway Zone to Visakhapatnam. It seems they completely ignored these two States. probably they are sure that in Telangana TRS will be there as ruling party and Andhra Pradesh Telugu Desam will be there as ruling party. Anyhow it is good that a farmer-friendly and rural friendly budget has come which may improve the life there.
    drrao
    always confident

  • #625049
    I could not watch the TV news and get reports about the Central Budget, presented in the Parliament. However, certain comments later heard from discussions held in some channels made it clear that the middle class people have almost nothing to rejoice. Majority expected a reduction in the Income Tax rates (A change in the standard deduction?). At the same time certain items used by middle class might be more expensive. Any way more comments can be done only after reading the news papers tomorrow.
    T.M.Sankaran
    Gold Member ISC

  • #625070
    I had expected some increased tax on luxury items but the mobile phone cost escalation was a surprise. I was hoping for some higher slab for the high earners with benefits for the middle class, this did not happen. There have been benefits for women employees in term of reduction in provident fund deductions. A plan for Delhi's air pollution has been announced. The biggest welcome surprise for me is the world's largest healthcare plan announced. It is intended to benefit a huge number (10 crores) of people in the vulnerable and underprivileged sections. I was reading about scams and thefts in the cryptocurrency world, now glad that the government is tightening the reins in this speculative trade. The markets would not be joyed with the10% long-term capital gains over profits of 1L, will need to see how the incides react in the next few days.

  • #625073
    I am disappointed with the re-introduction of Long Term Capital Gains Tax without any indexation benefit, even though it is applicable for the profits above Rs. 100000. India has never seen this much of investments into the stock markets. That means people were slowly moving from black money generating asset classes like gold and real estate to equity. People can't make money in the stock markets in the short term unless they are professionals. So, normal public can make money only in the long term due to market vagaries. Re-introduction of Long Term Capital Gains Tax at this juncture makes people to rethink about investing in the stock markets. Government could have delayed it for some more time.

  • #625077
    Yes I was totally disappointed with the union budget as it does not address the honest tax payer nor the states which contributes more to the taxes. Why 11000 crores have been allotted to Mumbai Railways when it was not sought at all and what for they are going to spend. Like wise top five contributors to the national pool on taxes are non Hindi speaking states but their allocation are minimum and not mention worthy. In this election budget we thought IT slabs would be revised. What is the use of such budget which does not satisfy the common man as he was stood against the demonetisation.
    K Mohan
    'Idhuvum Kadandhu Pogum "
    Even this challenging situation would ease

  • #625087
    The exemption on tax on bank and post office interest up to 50000 will be beneficial for the senior citizens. Even some of the middle class people will also be benefitted with this move.

    As the slab and slab rates are unchanged, many of the middle class persons are disappointed.

    The hope that income tax will be reduced slowly while indirect taxes will increase is also shattered.

    Anyway a farmer friendly budget may eventually prove a good thing for the overall progress of the country.

    Knowledge is power.

  • #625096
    Frankly speaking, I don't want to make a detailed comment on the budget proposal. I have not studied it in details (Alas! I am not Late Nani Palkivala, who used to study the budget proposal during the eighties and early nineties and then give a two-hour long lecture on the subject in the evening). I will study the budget tomorrow and day after tomorrow, and then frame my opinion.

    Prima-facie, I am not happy because the Government has not taken into consideration the plights of salaried class and there is no change in income tax slabs. Other aspects I will study and form my opinion by tomorrow or day after tomorrow.

    Non-violence is the greatest Dharma; So too is all righteous violence.

  • #625103
    Disappointing budget.
    LTCG tax on Shares and MF will drain the investors.
    When BJP vacate the Parliament? It is high time to show them the door.

  • #625105
    Benefits to senior citizens at a glance -
    1. Exemption of interest income on deposits with banks and post offices to be increased from Rs. 10,000 to Rs. 50,000
    2. Standard deduction of Rs 40,000 for pensioners
    3. Increase in deduction limit for medical expenditure for certain critical illness from Rs. 60,000 (in case of senior citizens) and from Rs. 80,000 (in case of very senior citizens) to Rs. 1 lakh for all senior citizens, under section 80DDB
    4. TDS not required to be deducted under section 194A. Benefit also available for interest from all fixed deposit schemes and recurring deposit schemes
    5. Hike in deduction limit for health insurance premium and/ or medical expenditure from Rs. 30,000 to Rs. 50,000 under section 80D
    6. Proposed to extend Pradhan Mantri Vaya Vandana Yojana up to March, 2020. Current investment limit proposed to be increased to Rs. 15 lakh from the existing limit of Rs. 7.5 lakh per senior citizen

    Let us encourage each other in sharing knowledge.

  • #625143
    I find this budget a revolutionary for farmers and poor. I agree that there is nothing in the budget to be happy for a middle class but the FM has tried to allocate funds to the farmers and poors which are also a part of the nation. The significance of these two classes cannot be underestimated.

    The budget has just filled the gap between urban and rural people. Being a salaried person and middle-class man, I also wanted to get some benefits but this does not affect me at all. But think of those farmers and poor people who are going to be a major receiver of benefits from this budget. The budget could be a populist and election-friendly but this did not happen. Look for the positive sides of this budget and hope for a betterment of every person of the nation including farmer and poor people.

    Paresh B. Gujarati.
    Mechanical Engineer.
    'I'mprovement always begins with 'I'.

  • #625146
    When I read that the price of cashewnuts would come down, I recalled last year's post: Kaju Katlis just got knocked off from my sweet tooth's list!

    What about our daily basics - rice, dal, milk, bread? Will the prices of these shoot up further?

    I also would like to know when the new Budget comes into effect and the change in taxes & prices of products will occur - from the start of the next financial year, which would be 1st March?

    (Kailash Kumar - welcome back to ISC!)

    When people come at you with their worst, you should come at them with your best (advice given to Selena Gomez by her mother, quoted in Time magazine.)

  • #625158
    I am not so satisfied with the recent budget especially for senior citizens who are above 80 years. I think they could have started from retirement age that is either 60 or 65. The other matters I am OK with it.

  • #625198
    2018 Indian Budget has disappointed most of the people of India, especially the middle class and salaried people of the country. The budget has no direction and most of the people of private and public sectors, news media grunting their dissatisfaction over the budget. Of the highlighted Health Care and Agri care proposals of the budget also experts saying in what way the government allot funds for these major proposals is a question mark. What type of Health Care the BJP government want to give to all, to whom they give and how much they want to spend for this purpose and what way the funds will be raised by government like details also were not there is the comment of the news media. News media commenting, previously BJP government announced certain schemes which were not running because of lack of funds. Many of the proposals in the budget are long term basis and bear fruits or not no one knows is the comment of the editorials. During demonetization and GST taxes implementation, Finance minister promised to have heavy tax exemption for salaried people in future become a dream for average common man with this budget. Finance minister even didn't leave people who save their hard earned money in Fd's, Postal savings, Bank Fixed deposits, Mutual funds and shares. Even for these long term deposited Capital gains also have to pay 10% tax will affect the interest of saving in public. After collecting all these taxes from Public, how much every citizen of India get benefited justifiably and after 5 years or 10 years or their kins get the benefit is a big question mark. So my belief is, it is better for the government to strike a balance between welfare programs which immediately help public and also some feasible long term programs which strengthen the country.

  • #625214
    Apologies for posting this here. But, I am unable to generate a thread due to number restrictions. My question is related to the World's largest Government health plan announced in the Budget.

    Can we afford the mega Indian health care plan?

    India's health budget allocation for 2016-17 was 37-38 thousand crores, for 2017-2018 was around 47 thousand crores. For the last two years, revised budgets are announced as the expenditure is higher than the allocated figure in the health sector. But the budget allocation for this year 2018-19 is around Rs 52,800 crores (just around 5% increase from last year).

    The present budget has announced the world's biggest Health plan or insurance like the scheme that would be cashless for around 50 crore deserving poor people who are struggling to get medical help.

    The estimated cost of this health insurance plan is around Rs 12,000 crores. This would be at least a 25% of the last year's budget allocation. Where will the money come from, is the project sounding too ambitious like the make in India program of 100 million jobs by 2022?

    Request our ME to allow members to reply in this thread. If it is felt that this discussion would merit a separate thread, then it can be shifted as a new thread please.

  • #625332
    The senior citizens benefited from this budget. The increase in the exemption limit from Rs 10000/ to Rs 50000/ will be beneficial. The budget says standard deduction of Rs 40000/ is applicable to pensioners also. We have to wait and see whether it will be on par with serving employees or lesser than that. Exemption from TDS and increase in deduction on medical expenditure benefits a very few only.
    The MSP on agricultural produces to1.5 times the production cost is good if the cost of production is calculated on a basis that benefits the farmers. The present calculation system will not give much-needed benefit. We have to wait and see what the Government will do in this case as this Government says something and does something else.
    The grandiose medical care scheme is good but very difficult to implement. The Government announced it without anyproper planning as is usual with them. This seems to be an election jumla. The funds allotted do not seem to be realistic and do not match with the expenditure if implemented. Overall this budget is a disappointment to middle class.

    " Be Good and Do Good "

  • #625339
    Natarajan,

    Your response is not out of place in this thread since it is related to the recently announced budget & your reaction to it, which is the topic of this thread. Note, though, that you should not put words in all caps as it is equivalent to verbal shouting. Please edit and change it to sentence case.

    When people come at you with their worst, you should come at them with your best (advice given to Selena Gomez by her mother, quoted in Time magazine.)

  • #625386
    I am not excited nor dejected about this budget. I had my own gues of things coming . I did not kep any hopeof any favour to the middle class to which I belong.
    It is a sort of panic reaction by the BJP/NDA . They were going on single track ignoring the silent majority. They are sure to get the support of the business class in general and corporate. They did not get such a good support of the so-called rural population. So now in order to create a favourable vote bank, they have given bounty to the rural and agricultural sector. It is definitely needed, and I would say it is actually a belated doling out.
    But I do not think this will turn the tide in BJP/NDA favour.
    It is the silent, voiceless middle class who did not have any solid backing of any pressure group or political party, who are unbiased that enabled the BJP/NDA to come to power in such a deciding way in 2014. Like all other political parties who cultivate vote banks BJP/NDA also has ignored the honest, voiceless, disorganised middle class. I am sure this section has felt betrayed. This will definitely get reflected in the coming elections.

    It is felt that BJP/NDA rule has not dome anything as promised, but just completed somethings which the earlier governments started. By trying to satisfy all they are ending up making all either unsatisfied or indifferent.

  • #625416
    Can we afford the mega Indian health care plan? (title case Edited - Thanks to our ME)

  • #625421
    1% rich people of India has not affected with this budget.
    30% of people living below poverty line (as per 2012) has allotted beneficiary schemes.
    Rest of the people in middle class has no benefits.

    Their health scheme benefiting 60,000 families that is almost 50,00,000 people gets benefited.
    Farmers' production will be given minimum support price.
    These two are really good.
    But this budget looks like pulling money from middle class and giving it to poor. Which is not fair.

    Sri Vetri
    Spread Positivism

  • #625428
    # 625214: Can we afford mega Indian Health Care Plan:
    The idea is good. Affordability not possible with present allocations. This is clearly an election jumla.This idea was mooted in a different shape in 2016 also.Rashtra Swasthya Bhima Yojana(RSBY) with Rs 30000/ health cover. Less than 500 crores were spent. No statistics of that programme made available.Now the Government has allocated 2000 crores for the mega health care plan which is not at all sufficient. The Government made the announcement without making any groundwork as is usual with this Government. It says the scheme will roll out in six months time. The Government wants the State Governments to foot 40% funds and 60% by the Central Government. How many State Governments will accept is a big question mark. There are similar programmes that are being implemented by some of the State Governments already and there is nothing new here. From the allocation made it is a big no. The scheme envisages to benefit one crore families. Considering 5 members in a family, it is expected to benefit 50 crore people. Each beneficiary will be provided Rs 500000/ health coverage. Health budget for 2018-19 is Rs52800/ crore.a slight increase of 2.5% from previous year. According to the calculations of Mr. P. Chidambaram, former Finance Minister, the funds required will be five lakh crores. He assumed a benefit of Rs 50000/(one-tenth of the Rs 5 lakh per member).
    The Government has increased the education cess from 3% to4% and will get Rs11000 crores extra funds. The Government is again taxing the people in excess to help the healthcare of the poor which eventually benefits the Corporate Hospitals. In my opinion, the funds are meager. The Government has not made any serious groundwork in this regard. This is clearly an election propaganda material and nothing more than that.
    Further, I wish to add that the Government promised to take the healthcare to the doorsteps of the people. The infrastructure for this is very poor. According to Government sources, out of the 1,56,231 health centers, only 11% are working properly with the necessary infrastructure. The rest are lacking doctors, support staff, and other infrastructure. The outpatient treatment is far more important. There is no effort to strengthen it.

    " Be Good and Do Good "

  • #625429
    #625428@KVRR
    Glad that you have noticed. There would be a serious shortage of funds. The magnanimous scheme doesn't go in line with the current increase in budget allocation for health16/17 vs 18/19. This means, funds are and will be diverted from other programs.

    Already the bickering between BJPvsCongress has started in Karnataka about health plans ahead of the elections. Each one claiming success. Similar issues will crop up from other states.
    The Government has to rope in private healthcare providers and private insurance providers who will make it profitable for the private players.

    The Governments at the center and state have to work in unison rather than being at loggerheads to get the scheme off the ground and implement it. In a year's time, we would know much of this can be a reality.

  • #625841
    Normally, union budget is for all sorts of citizens of the country. This time the budget is slightly tilted towards the farmers and rural economy. This clearly shows the compulsion of the government in the election year. The government is being criticised for its insensitivity for farmers and weaker section of society. The main announcements for this sector are-
    1. MSP for the agricultural produce at 1.5 Times the Cost. But the budget speech was silent on the methodology of calculation.
    2. The government plans to build 17 lakh kilometers of rural roads, 51 lakh new rural houses and provide 1.75 crore new household electric connections besides boosting agricultural growth.
    3. Pradhan Mantri Ujjwala Yojana (PMUY) to include 80 million poor families who will be given free cooking gas connections.
    4. Government is planning to construct around 2 crore toilets.
    5.Announcement of setting up a Fisheries and Aquaculture Infrastructure Development Fund (FAIDF) for fisheries sector and an Animal Husbandry Infrastructure Development Fund (AHIDF) for financing infrastructure requirement of animal husbandry sector. Total Corpus of these two new Funds would be Rs10,000 crore.
    6.The announcement of National Health Protection Scheme announced will cover 10 crore poor and vulnerable families in the country, or about 50 crore beneficiaries, with a cover of 5 lakh per family per year for secondary and tertiary care hospitalisation. The methodology and monetary provisions are to be worked out. Taking off may be at the end of 2018.
    7.Announcement of standard deduction of Rs. 40,000 for the salaried individuals on the cost of the travel and medical expenditure that were earlier allowed to be deducted to arrive at the taxable income. The cess has been increased from 3% to 4%. Salaried class did not get any advantage from the announcement. The IT has increased for the taxpayers whose taxable income is more than 5 lakhs.
    8. Senior citizens got exemption of interest income on deposits with banks and post offices. The government has proposed to increase the amount from Rs. 10,000 to Rs. 50,000. The senior citizens entails rise in deduction limit for health insurance premium and medical expenditure from Rs. 30,000 to Rs. 50,000 under section 80D of the Income Tax Act, 1961. This would leave little taxable income for the senior citizens. The higher exemption has been introduced to keep pace with the soaring medical expenses. In case of certain critical illnesses, the senior citizens are allowed Rs. 60,000 exemption, while for the very senior citizens, the limit is Rs. 80,000. Both the upper limits have been hiked to Rs. 1,00,000, thus leaving higher income in the hands of senior citizens. But the majority of senior citizens in the rural area are not covered.
    9. Disinvestment target of Rs.80,000 crore for 2018-19. Because of this, the government will be able to ensure fiscal consolidation and avoid surpassing the 3.3% target of fiscal deficit set for the next year, 2018-19.
    10. It is proposed to set a target of Rs3 lakh crore for lending under MUDRA for 2018-19.
    11. The emoluments of the President, the Vice President and the Governors were last revised with effect from 1st January, 2006. These emoluments are proposed to be revised to Rs5 lakh for the President, Rs4 lakhs for the Vice President and to Rs3.5 lakh per month for the Governors.
    12. 4000 kilometers of electrification are targeted for commissioning during 2017-18.
    13. An independent study conducted recently has shown that 70 lakhs formal jobs will be created this year. No clear mention of the survey and how these jobs would be created.
    14. Cost of the following things will increase- Footwear, Vegetable, fruit juices, including orange and cranberry, Sunglasses, Perfumes and toilet waters,Coloured gemstones, Diamonds, Imitation jewelry, Smart waches/wearable devices, LCD/ LED TV panels, Cars and motorcycles, Mobile phones, Silver, Gold, Truck and Bus radial tyres, Silk Fabrics, Furniture,Lamps, pocket watches, clocks, Tricycles, scooters, pedal cars, wheeled toys, dolls' carriages, dolls, toys, puzzles of all kinds,Cigarette and other lighters, candles, Kites, Edible/vegetable oils such as olive oil, groundnut oil.
    15. The things those will be cheaper are Raw cashew nuts, Solar tempered glass or solar tempered glass used for manufacture solar panels/modules, Raw materials, parts or accessories used in making cochlear implants, Select capital goods and electronics such as ball screws and linear motion guides

  • #625958
    This budget has failed to address the aspirations and expectations of the Telangana and AP. While Telangana was insisting for more funds and also to recognise the Kalleshwaram as the National project and release the funds on war footing as the central observers themselves has given the pat for the government starting this mega project, the state of AP which has been sidelined in every budget sees that the present budget does not have the mention of special status to the state nor the centre allotted specific funds for the completion of Pollavaram project. By the way who are advising our Finance Minister on money allocations ?
    K Mohan
    'Idhuvum Kadandhu Pogum "
    Even this challenging situation would ease

  • #626017
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