Every year budget exercise is conducted and the Govt tries to make it in a way conducive to the economic growth and progress of the country. The experience of last years is taken to craft the todays budget. This is an ongoing process and is based on the past learnings.
a) Central Govt budget is for the whole country and will present the layout of the revenues received and expenditures expected. It will be crafted on the basic premises like central taxes and levies and central expenditures encountered during the year. The funds would be allocated for the various activities under the central Govt and as well as grants and support to be given to various states.
At the same time each state would have its own tax collections like state taxes, municipal taxes, road taxes etc. They will also be getting aid from central Govt. So, state Govt will have many departments and schemes for the benefit of the public and will have to spend on them. So they will also have a state budget where all these earnings and expenditures would be presented.
b) A common man expects more projects and plans from the budget for making his life better. It could be roads, sewage, drinking water, electricity, gas, control on prices, affordable transport etc. He would also like industrial growth so he gets a job in some capacity in any industry.
c) Budget will contain many measures like tax on dividend income, tax on bank deposits, tax on mutual fund, tax brackets, tax on industry and many things like that. They affect the overall working of the industry and market. It is a complex economic activity and expert economists only can give a verdict on that. However a good budget will push the economy in upward direction increasing the GDP.
d) The main highlight in the present budget is that a new scheme of slabs and stopping the existing deductions is proposed. This would change the tax amount significantly but at the same time it is also told that if a person is losing in the new system he can adopt to the old system so that he does not incur a loss on this account.
e) Rs 69,000 crore is allocated to healthcare sector and Rs 99,300 crore for education. Under development many schemes are there like Rs 3.6 lakh crore towards piped water supply to households, Rs 12,300 crore for Swachh Bharat and Rs 6,000 crore for BharatNet programme under which Fibre to Home connections under BharatNet will be provided to 1 lakh gram panchayats this year itself. For agriculture and research development, the government has provided Rs 8,362 crore budget. There is Rs 3.37 lakh crore as the defence budget this time.
f) The whole budget is redesigned under new slabs and depending upon the range where a person falls under income tax, his tax would increase or decrease. However as there is an option of going back to the earlier rules, there is no issue in that.
Knowledge is power.