‘Departure from slavery of Western thought’: India’s finance minister ditches ‘colonial’ briefcase

[Spectre]

First budget gives you an opportunity to do tough reforms.

This govt is going more socialist than communist themselves.

Disappointing budget.

If you have to ditch something ditch the socialist crap.

Then why don't you specify where FM could have done better, instead of sprouting vague generalist crap.

What reforms? FM has mentioned Labor reforms, boosted the rural economy and consumption, supported massively MSMEs and Startups, continued with disinvestment, backed the credit circulation by providing capital to PSBs, simplified tax code and filings through aadhar.

Budget is not a one shoe fits all solution, some things will get left out and the priority assignation is the prerogrative of ruling party. So if you find any monstrous blunders then please point them out but do remember that govt funds are limited and giving something more rupees means taking it out of something else.

 

[lightoftruth]

Kindly elaborate the Socialism in the Budget. I went through the entire Budget and I didn't see anything that has something to do with Socialism. Not many freebies to anyone.

On the top of my head why should super rich pay 42.7% tax ? developed countries like US has lesser tax burden .

What choice do people who have achieved this has ?

Either move to a different country where they have better roads,cleaner air,24 hrs water etc or go pay this our country where govt. is busy sustaining failed PSU's rather than privatizing them ?

Which free market economy hurts its money generators ?

 

[Spectre]

These are just useless show up by our Gov..It is not like everything of british era is bad...

Why useless? Bahi Khata is an important part of millions of traders lifes. Most of the accounting in tier 3 cities or villages is done on the same.. Bringing a Bahi Khata to the parliament doesn't cost us anything but instead reposes pride in our traditions.

 

[Kathin_Singh]

When you can not give food to people , give them a theatre.

And BJP is the master of theatrics!

Next budget: ditch the printing of budget, used handwritten notes using Bamboo Kalam.

 

[Spectre]

On the top of my head why should super rich pay 42.7% tax ? developed countries like US has lesser tax burden .

What choice do people who have achieved this has ?

Either move to a different country where they have better roads,cleaner air,24 hrs water etc or go pay this our country where govt. is busy sustaining failed PSU's rather than privatizing them ?

Which free market economy hurts its money generators ?

Why not? These people got rich based on Indian Middle and rural class consumption so its fair they pay more. Also Please find out US combined tax rate for the super rich. Its much higher not counting the tax loopholes which exist in Indian Tax COde too

 

[Kathin_Singh]

This BJP is the Congress with a cow.

 

[mastaan]

Really interesting what people got out of the budget. I think it was a little more than the symbolism of bahi khata and first full time female FM.
- Budgets had become only about Income tax changes and am glad that this was not restricted to that
- The small and medium sized companies got a big boost
- The Angel tax and steps against tax terrorism will have impact on the start up eco system
- Opening up India to international Debt (Most here won't even start to comprehend the enormity of that)
- Start of recap of Indian Banks (70k crores)
- 7% or so increase in Defense budget
- Increase in tax on super rich and lots of import duties on parts
- Increase of cess on Petrol and diesel (after giving a 100 rupee per cylinder reduction a week ago) showed the intent on finding sources to fund the incremental expenses
- Opening up of few more sectors to FDI
- Clear intend to spend more on Infrastructure (this about 15bn dollars or so kept aside only this year)
- open intent shown on aspiration for piped water delivery to every home in next 5 years
- Lots of questions remain, but a few significant answers emerging... This was not a budget for retail, it was a budget for whole economy... and at the same time a lot of clean up from insolvency code is going to help and more funds in a benign international interest market will come in to help crank up growth in private economy

It is a country on the move.. They are slowly all trying to aligned towards a 8% growth in the time of another cyclical recession facing us.

Idea is simple - 5 trillion dollar economy in 5 years... It is a tough target, but the try is truly aspirational ... Building blocks are coming in, step after step.

Was it a brave budget - no. But am glad it was without theatrics and back to basics to building an stronger economy for small and medium businesses - Which forms the basis of any big country like US or Germany.

My 2 cents over.. We can go back to debating about the suitcase and how rightwing mindedness is making the ruling party minds slow..

First budget gives you an opportunity to do tough reforms.

This govt is going more socialist than communist themselves.

Disappointing budget.

If you have to ditch something ditch the socialist crap.

There is ZERO socialism in this budget.. Am happy to address anything that you thing is illogical here. I was a bit down after the read out came out, but when it sank in, it made a lot of sense... So, happy to help as many compatriots understand this, as I can.

She will enter the tough part of social points with Labor reforms next. She was elected a month ago.. Give her some time.

 

[Nilgiri]

I am more keen on focusing on the party in power rather than a party which is nowhere at this stage. Even Congress itself can't figure out WTF is going on with them. They are irrelevent right now. The party in power and its actions are relevant.

Well I'm saying what budget is presented in, ranking wise figures lot lower than what opposition party performance (for healthy democracy) should be in discourse of any "worry"/"concern" to long term indian institutions.

Focusing on the party in power, should be the policy and implementation and result stuff......showboat presentation stuff can just be ignored, they dont really matter. If latter comes at cost of the former, then you have to show proof of that....I don't see any evidence that presenting the budget papers in some new wrapping takes away from the content and delivery of the policy....which we all have to judge later only to begin with.

Hence why I brought up the big takeaway from the budget to judge it upon next year....along with keeping to fiscal deficit target of 3.3%. Is there anything especially bad policy wise with the budget?....because we should be talking about that instead of literally new wrapping for presentation at parliament.

 

[Imran Khan]

wow what a nice way to make CHU-TIYA . public forget what is inside the thela .

 

[lightoftruth]

Then why don't you specify where FM could have done better, instead of sprouting vague generalist crap.

What reforms? FM has mentioned Labor reforms, boosted the rural economy and consumption, supported massively MSMEs and Startups, continued with disinvestment, backed the credit circulation by providing capital to PSBs, simplified tax code and filings through aadhar.

Budget is not a one shoe fits all solution, some things will get left out and the priority assignation is the prerogrative of ruling party. So if you find any monstrous blunders then please point them out but do remember that govt funds are limited and giving something more rupees means taking it out of something else.

How much disinvestment has happened yet ?
how does mentioning labor reforms and not doing anything worth even discussion ?
why should tax payers sustain Air India ?
Is it a great achievement that she has allowed aadhar to be used at Tax payment ? if yes you have very low expectations.
what happened to consolidation of banks ?
what happened to labor laws ?
What happened to real estate issues ?
Land pooling ?
none of these are called major reforms they are expected when you intend to grow at 8%.

 

[mastaan]

On the top of my head why should super rich pay 42.7% tax ? developed countries like US has lesser tax burden .

What choice do people who have achieved this has ?

Either move to a different country where they have better roads,cleaner air,24 hrs water etc or go pay this our country where govt. is busy sustaining failed PSU's rather than privatizing them ?

Which free market economy hurts its money generators ?

Super Rich do not make their money by Salaries.. They make their money as 'capital gains'.. She has not touched it. She has affected a 7% rate increase on people making more than 5 crore in salary - That is mostly CXOs of companies or promoters of them.. Let the slabs come out, effective tax rate may be little lower.. however, the companies will cover for losses of their executives and the business income has not been touched. if you know how tax works ;-)

Look at the initiatives for MSME, opening of debt market, recapping PSU banks... Those are big things.. Just that most don't understand the depth of those.

 

[lightoftruth]

Why not? These people got rich based on Indian Middle and rural class consumption so its fair they pay more. Also Please find out US combined tax rate for the super rich. Its much higher not counting the tax loopholes which exist in Indian Tax COde too

How can you make that assumption ?
everyone is not sucking the life out of poor people to earn.
Just because you are unable to reach direct tax targets you start creating unnecessary taxes ?
Please elaborate the loopholes.

 

[Nilgiri]

- The small and medium sized companies got a big boost

Liked your post a lot, thanks for the summary!

But bumping down from 30 to 25% (if thats what you mean here) corporate tax rate for small + medium is not that big a deal esp if you look at what the collection is in first place.

If you ask me, they should just have a tax free threshold (for businesses) just like done with income tax....and that can just define "large" companies above that in first place.

Govt really has no business to tax small + medium companies if you ask me.

Even large companies, as far as possible should be as low tax as possible especially in growth industries that can really provide wealth/jobs or both.

 

[Chhatrapati]

On the top of my head why should super rich pay 42.7% tax ? developed countries like US has lesser tax burden .

What choice do people who have achieved this has ?

Either move to a different country where they have better roads,cleaner air,24 hrs water etc or go pay this our country where govt. is busy sustaining failed PSU's rather than privatizing them ?

Which free market economy hurts its money generators ?

Well you have to consider the ultra rich that make 1-5 crore do not even make 1 Lakh people. And the once earning above that (5<), not even 10 thousand. So, I don't worry about super rich. They may have to pay another 10 lakh or so additionally. Chinese put 45% tax on their ultra rich.

All those super rich have business here, and that's why they are super rich. If they move out of India in droves nothing will happen to us. But they will loss everything they had.

So you're saying the government shouldn't tax the rich, but the middle class? Why not count the tax breaks they get. They can lapse their tax payments for two or three years and pay a small fine. If a middle class guy didn't pay his tax, then he will have his salary slashed, heavy fine for each month passing and what not.

Also, the corporate tax was actually reduced. So, it's more of a balanced budget when it comes to the ultra rich.

 

[CHACHA"G"]

lmao , lol
So now a briefcase …….. what next ???????