‘Indian Union Budget Has Been Fair To Everyone’: FM Sitharaman
The Union Budget has made everyone responsible for taking the pressure of the slowing economy. Maybe this is one reason that the salaried family has not got any tax rebate this time. Justifying the presentation of the budget, “having a stable tax regime was important at a time when the country’s economy is recovering after being hit by the pandemic.”
The good news is that there is no increase in taxation as well; something that would have been expected in view of inflation levels and the impact of the Covid-19 pandemic on the middle class. Also, there has been no tinkering with income tax slabs nor raise in the standard deduction. The status quo could be maintained despite India been in rocky waters for almost two years.
Making another formal statement, Finance Minster Nirmala Sitharaman also added that ‘the government did not opt to increase the burden on taxpayers as it aimed to provide them with the ability to plan in a better way.’
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Accumulation of funds has been done for the government through other means but not through taxation. Ms. Sitharaman was candid in admitting that she has maintained a status quo throughout the pandemic. In fact, the middle class across the board have been given relief, FM Sithraman said, citing measures announced for MSMEs, affordable homes, senior citizens and retail investors.
There are, as usual, more disappointments. For example, no significant changes have come about in the areas of pensions, retirement savings or labour reforms. For labour reforms for example, the new ones are eagerly awaited both for workers and employers. A broad consensus remains that they are a step in the right direction toward increasing transparency and uniformity in definition and approach. Floor wages have been introduced with the aim of removing regional disparity in minimum wages. Social security benefits such as Gratuity and ESI are based on a clear definition of deemed wages. The new codes also propose equal remuneration to male and female workers.
