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----------------------------------------------------------------------- Documented by Goa Desc Documentation Service & circulated by Goa Civic & Consumer Action Network (GOA CAN)<[EMAIL PROTECTED]> Ph:2252660 ----------------------------------------------------------------------- ------------------------------------------------------------------------------ Goans express optimism about Jaswant Singh's first budget ------------------------------------------------------------------------------ The general public in Goa has predicted that the union budget to be presented tomorrow by the Finance Minister, Mr Jaswant Singh would bring relief to the Indian populace, with minimum burden on the middle and lower classes.
Cmde N Venugopal, the director of CII, Goa state office said that the people
were awaiting for the budget 2003 with interest as it was the first budget
of the Finance Minister, Mr Jaswant Singh. "Kelkar Committee has made
a number of recommendations, which are welcome but little revolutionary.
I hope that the recommendations regarding increasing the exemption limit
of personal income tax, reducing the different slabs of tax rate and abolishing
the wealth tax, are accepted by the Finance Minister and would be announced
in the Union budget," he hoped.
Stock market is looking forward to the removal of dividend tax which was
re-introduced in the last budget by Mr Yashwant Sinha and certain other measures
of giving boost to Primary Stock Market are also expected, he added.
"In terms of WTO agreement, customs duties are expected to go down which
will be a welcome sign. It will improve global competitiveness of Indian industry,"
Cmde N Venugopal stated.
The biggest worry of the budget is of fiscal deficit which is getting out of control
due to the government expenditure and I don't think the Finance Minister will be
able to do anything much about it, in this budget, he concluded.
Mr Jagdish Wagh, a noted journalist said that the government would be a little cautious while framing the forthcoming budget as the next elections are already in sight. Though the budget would be pretentious, it may also go topsy-turvy. The probable attack by USA on Iraq will also have some effect on this budget. Nevertheless, as the government has tasted power. it would not like to go against the favourable mood of the public by presenting an unfavourable budget.
Ms Ethel Lobo, a businesswoman and councillor at Margao Municipal Council
observed that most of the budget previews that she heard on television and read
on the newspaper indicated towards a consumer-friendly budget, from the
common men's point of view. "We are expecting a rebate on the tax structure.
On the consumer side, living aside oil and LPG, I do not see any major increase
in the taxes. This is probably due to the fact that we are entering into the election
phase, in 2004," she predicted.
Ms Chandrika Morlekar, a housewife, suggesting that the income tax slab be increased, pointed out, "only then the middle class would get respite which will boost their savings". The 15 per cent rebate should be increased to 20 per cent as before, she mentioned.
Mr Suhas Kundaikar, an advocate, on the other hand came out with an observation that the unorganised sector should be brought under the tax ambit. "At the outset I do not feel the budget would be pro-common man, after looking at the many recommendations under the World Trade Organisation," he concluded.
Mr John Paul, a sales executive with Reliance hoped that tomorrow's budget might have some surprises in store, for the common man."The Kelkar Committee recommendations should be implemented through this budget. A person like me, who earns around Rs 1 to Rs 1.50 lakh, would certainly get the benefits, if the Committee recommendations are implemented. In comparison to the last budget, I expect the best from Mr Jaswant Singh," Mr Naguesh Sardesai, an art teacher noted.
Mr Ramesh Borker, a retired teacher opined that the budget should be middle-class friendly. "I expect a lot for the common man looking at the incoming elections in some states. I would also say that the government would come out with a pro-common man budget, this time," he predicted.
Speaking about the savings aspect, Mr Sanjay Kamat, owner of an investment
firm, said that the budget should boost savings by offering good interest rates.
The hard earned money should be able to provide good returns for the middle
class through their savings, he pointed out.
Mr Mahesh Parab, an accounts officer with Life Insurance Corporation, suggested that the basic exemption slab should be increased to Rs 75,000 and an exemption should be given on dividends to boost the capital. "Long-term capital gains should be exempted from the tax," he concluded.
Ms Vrinda Borkar observed that with globalisation, the country's economy
is at a fragile stage and the salaried people were awaiting for the implementation
of Kelkar Committee Report.
Dr Nandkumar Sawant, a professor at the Chowgule College mentioned that
the tax bar should be raised. "The tax limit rebate is very less and it has to be
increased. In addition, prices of essential commodities should be same or slightly
increased. The budget should be industrial-friendly and labour welfare oriented
in view of the prevailing condition brought by the World Trade Organisation," he added.
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The Navhind Times 28/02/03 page 13
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