This budget is also more essential as recently government has scrapped the higher valued notes of Rs500 & Rs1000 from the markets, the decision though commendable from the combating black money aspect, has caused significant liquidity issues in the economy, which the effect market is staring at temporary job losses. As per the study conducted by India’s largest organization of manufacturers, since after demonetisation, micro-small scale industries suffered 35 per cent jobs losses and a 50 per cent dip in revenue,
IMF (International Monetary Fund) projected India GDP growth rate at 6.6% for 2016-17 against its earlier estimate of 7.6% and even The World Bank cut India's GDP growth for 2016-17 fiscal to 7 per cent from its previous estimate of 7.6 per cent citing the impact of demonetisation.
Government have to keep all these questions in mind before announcing it. From every sector people have so many expectations in announcements but it’s also true that government can’t make every faces happy but still the expectations are more as budget should be people friendly, industry friendly and social eco-friendly.
As a commoner, I have multiple expectations from this budget as govt. must have to offer some relaxations in Taxes for middle class or lower middle class families Govt. must keep in mind that at least 10 million young people enter the work force each year and it’s therefore essential to craft an economic policy that creates jobs and for that govt. must announce some Tax relaxations for start-ups as it will not only help to creates more jobs but will also helpful to make GDPs strong.
Education is one of the top where govt. has to give attention more as an educated population is essential for nation’s prosperity, which is a key component to achieve the government's vision of Make in India, Digital India and Skill India. it is need of the hour for students to get some Tax rebates, for education loan to higher education. Higher Education continues to be an expensive provision for the average youth of the country.
After demonetization, govt. is having a bet its future on digital India but still there are so many issues are coming its way for such an immediate shakeup. If Govt. wants to make digital India then they must have to announce free online transaction charges as still some sectors of the economy continue hostile with the lack of readily available cash, grassroots businesses are still being revolutionized with electronic payment capabilities, and masses of people continue transitioning towards new ways of paying for basic goods and services.
Finally, I hope this budget will seize the opportunity of launching the next wave of reforms, by reviving investment, reducing Taxes and creating new job opportunities and finally make a people thumb-ups of development promises.
