Review of Union Budget 2015-16

It’s a decent Budget. A corporate, investment and growth friendly budget that avoided populism in favour of economic growth, social security and ground reforms.

Shubham has already took care of the numbers so I will just skip that and offer my review.

For the common man

No big bang schemes or populist measures. Changes to NPF and EPF, Health insurance Premiums, Pradhanmantri Suraksha Bima Yojna and the hike in service tax were some highlights. More money flowed into MGNREGA. Swachh Bharat Abhiyaan, Jan Dhan etc will be given due attention. No changes in income tax limits.

This budget wasn’t meant to please people, it was meant to develop the country they live in which will naturally improve the quality of life and subsequently help them.

For Students

New IITs and IIMs announced to keep up with the increasing demand for national educational institutions. Scholarship beneficiaries to increase manifold. Student financial aid authority will be set up. Excise duty cuts announced to promote entrepreneurship and generate employment. The Finance minister clearly noted how India is one of the youngest countries. It is only right that students were given due attention. A cut of 16.5% was announced in the education budget . The government proposed to set aside Rs 69,075 crore for the sector, a sharp drop from Rs 82,777 crore in the  previous budget. As a student I found the budget satisfactory.

For Defence personnel

My Neighbour is a Ex – Service personnel and he isn’t particularly pleased. The One rank one pension scheme was overlooked in the budget. The increase in the Defence budget to 2.5 lakh crore rupees was a big plus. The increase was a good move, it is important that the defence forces are prepared for all situations and the money will go a long way towards helping modernize the military fighting a hostile China and restless Pakistan.

For Industrialist and Investors

Big announcements. The Tax reduction to 25% and the timeline set on GST was welcomed by most people in the corporate sector. Push to the Make in India campaign will boost investment and create jobs. There will be foreign capital inflow due to a largely positive investing atmosphere. Infrastructure and real estate will receive boost. But some economist see it as a missed opportunity to tackle deep-seated structural problems.

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