The most awaited UNION BUDGET 2011,finance minister Mr.Pranab Mukherjee announcing in loksabha today on 28th feb.Mukherjee has the difficult task of putting the economy back on track as well as keep the masses or the aam aadmi happy.
Prime Minister Manmohan Singh's government is under pressure over high prices and its handling of a string of corruption scandals as his Congress party faces elections in five states this year, making it unlikely that it will unveil any sensitive reforms in the budget for the fiscal year starting in April.
Here are some key points to focus by Mr Mukherjee in his 6th union budget-
Inflation has remained stubbornly high throughout the year. Rising inflation has reduced purchasing power and also offset the hike in the tax exemption limit announced in the last Budget. we expect another tax exemption hike this year, which is likely to be in line with the Direct Taxes Code.
To compensate for the shortfall in revenue through direct tax, the Finance Minister may hike the service tax by 2 per cent.
Subsidies are likely to touch
s. 1 lakh crore this fiscal. Rising crude has meant an inflated subsidy bill for the government.
The Finance Minister is likely to increase the allocation for social schemes like the Mahatma Gandhi National Rural Employment Guarantee (MGNREGA)
These are top 10 expectations by AAM AADMI from Mr.Mukherjee :-
1) Indian Railways – The Bleeding Tooth
2) Inflation – The Burning Reality!
3) Income Tax Exemption – Yeh Dil Maange More!
4) Fuel price Deregulation – Slow and Steady wins the Race!
5) Social sector Spending – Amount B/f from Disinvestment A/c
6) Retail FDI – Time to tighten Supply Chain!
7) Excise and Service Tax Cut – Status quo Requested!
8) Infrastructure – Work in Progress!
9) Delay in GST Implementation – No Consensus Yet!
10) Education – Learning is the way to Growth!
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