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america does not not have poverty and disease and inequalities on that scale...2.5% gdp how much is $20 billion percentage of gdp...and how much percent are they spending on health and education infrastructure..
This budget was essentially a social budget. The finance minister has decided that the corporate growth and increase in FDI will take place without any pro-active steps to be taken by the government. So this was a social budget.
ââ¬ÅOur first reaction is that it is a terrific Budget, but only if you look at it from a social sector perspective. The finance minister has increased the spend on education by 32 per cent, on health by 22 per cent, and farm credit has gone up by 28 per cent,ââ¬Â said Ficci President Habil Khorakiwala.
The government has increased taxes, increased alternate taxes, an additional levy of 1% tax which would go towards the education sector which is very welcome.
Assocham President Venugopal N Dhoot would only describe the Budget as ââ¬Åpragmaticââ¬Â and for the aam admi, adding that the proposals are on expected lines, providing the much-needed boost to agriculture, education and health sectors.
ââ¬ÅThe finance minister didnââ¬â¢t have anything major for industry. However, the focus on agriculture is a welcome step and this is the first time that about 15-20 minutes (of the finance ministerââ¬â¢s speech) were spent on agriculture,ââ¬Â said CII member and Bharti Enterprises Chairman Sunil Bharti Mittal.
Ficci general secretary Amit Mitra said, ââ¬ÅOn the whole, it is not an anti-growth Budget. The Budget is good for long-term sustainable growth since it aims at promoting inclusive growth.ââ¬Â
Assocham and Ficci had contrasting views on hike of 1 per cent on education cess.
While Ficci is against the move, which it fears, will increase the tax burden, Dhoot said: ââ¬ÅOne per cent cess levied for secondary education and expansion of R&D incentives to all sectors is a welcome measure. This in turn, will help the human resource of the country, and support weaker sections.ââ¬Â
The CII and Ficci are against the imposition of Minimum Alternative Tax (MAT) on the IT sector. "It is disappointing. The IT sector is still growing and taxing IT companies will affect their growth," said Mitra.
This budget has really upped the ante in all the social services, and thus you see that there was not a very big hike in the defence outlay. I'l say this was a VERY welcome budget. Corporate growth has already taken off, we need to fous on the 'aam admi' now.
The parts i have highlighted as bold, are the passages taken from an article, the rest is just my post.The passages were taken from:http://www.business-standard.com/common/storypage.php?autono=276218&leftnm=1&subLeft=0&chkFlg=