Entrepreneur and Philanthropist Aditya Tikku shares his viewpoint on Union Budget 2023

City/ state

The first budget of the Amrit period of independent India, which was due after the recovery of the economy from Corona, it was clear that this time the general budget would be somewhat different. Eventually, it happened. While presenting the last full budget of the current term of the Modi government, Finance Minister Nirmala Sitharaman expressed her care for everyone, and the shadow of the election year is clearly felt in this budget. Despite the global recession and the Russia-Ukraine war taking its toll, the finance minister has presented a positive forward-looking budget within her limits. Some schemes will take three years to five years to complete, meaning the government has managed to avoid any boastfulness in her announcements. In today’s time, at the point where the economy is, no particular section of society can be targeted. As a matter of fact, on the one hand, there has been an increase in the budget for various items to provide relief to the needy, on the other hand, the government is clearly taking care of the concerns of the corporates and investors. The immediate happiness of companies and investors can be understood from the fact that as soon as the budget came, the stock market showed an upward trend. However, there was a decline after some time. But even then the market did not indicate a loss in totality. This can be a relief for the government.

Aditya Tikku Shares “The budget of my nation with a population of 135 crores (approx) came on 1st February. For some, it can be a blessing and a gift, while for others, it can be trash and an insult, hence it all depends on the perspective and the situation. If I could summarize my point in two sentences, that would be as follows: those who look to Delhi with great hope for even one meal will be happy because they will once again receive free food / meal. On the other hand, those who earn more than 7 lahks would feel pain as they will be liable to pay taxes. So, one can question the effectiveness of this budget while I continue to read and write about it.”

He further explains “The increase in income tax slab is good news for salaried people. The demand for rationalization of income tax slabs was being raised for more than four-five years, but the government was not ready for any new concession because of the ease of collecting income tax. According to the changes that have taken place after the year 2014, people who have accepted the new income tax scheme will no longer need to pay income tax on an annual income of seven lakhs. The second change is that if you do not opt for the old income tax scheme, then the new income tax scheme will automatically apply to you. However, those whose annual income is more than 15.5 lakhs will have to pay 30 percent income tax”

He points out key matters that are “The old income tax system is about to disappear, and that seems to be the signal. Additionally, it implies that the investments made to evade income tax will be reduced. In any case, not many people pay income taxes, and the over-smart class continues to be at the forefront of tax evasion. Hence, there is need to be more proactive in eradicating income tax-related corruption in addition to streamlining the income tax form.”

The 66 percent increase in the budget of Pradhan Mantri Awas Yojana is a pleasure for those citizens who have not been able to make their homes yet. The initiative for the development of tribals under Eklavya Vidyalaya is praiseworthy, while the special savings scheme for women and other efforts to increase savings are also praiseworthy.

Aditya Tikku also sheds more light on the positive aspect of the budget 2023.“This year’s budget also outlines the goal of making the country a developed nation in the coming 25 years. A clear message has been given through the budget that the government is committed to increasing consumption along with the growth rate. For this, the government has announced to increase in the budget allocation to Rs 10 lakh crore for developing infrastructure. This is 33 percent more than the previous year. It is clear that this step will not only be able to create the necessary infrastructure but will also be helpful in increasing employment opportunities along with boosting development. The proposal to give interest-free loans to the states for fifty years is also timely. Efforts have been made to give relief to the farmers, so the intention to revive the cooperation is also evident. This budget seems to be trying to strike a balance between the village and the city. There is still a lot of scope for improving the economy, most of the money is being spent on defense. The government has increased the budget for education and health though, but more is expected,” he said.

Aditya Tikku concludes with a call to.“Think to the readers…? To consider where in the nation one is – the one part of nation where the food is more valuable than life or the other part where one is unhappy even after earning 7 lakhs and finally keep pursuing your goals while continuing to live your life

Following Input by Aditya Tikku