It was finance minister Nirmala Sitharaman's second budget. Everyone was anticipating something good out of it. But reality turn out to be different. Sitharaman's 45-pages budget remains drenched in the chronicle.
The main surprise was when Chief Economic Advisor said that the credit rating agency did not rated well to India, despite the economic size and thereby the ability to repay debt, the fifth-largest economic system in the world. India's currency sovereign credit rating is BBB-/Baa3, which clearly shows in which direction the economy is moving.
And every Indian knows the ground reality.
What common Indian people were expecting from this budget was to help catalyse entrepreneurial ideas and turn them into wealth for the good. But what people got is completely unlike. There was the same-old-same-old politics dominant sloganeering even before and after the budget.
In terms of direct taxes for common citizens, there is only complexity of rates in GST and transplanting it on Indian people.
This budget was somewhere trapped in the policymaking of the past 20th century like Command, Control and Force.
The main focus in this 21st century policymaking should be more simple, more effective, easy to pay and easy to implement. Somewhere government tried to put load on bureaucracy.
What I personally felt is that this budget was somewhere only for the rich people in India, and not for common citizens. The best way to judge that is from the current rising prices of fuel in India.
It may be a pure coincidence! But this budget was represented by keeping in mind the upcoming elections in some states of India. They got benefit of it, but somewhere it's not fair with other states of India.
We can only hope now that, other policies during this course of the year will help India to perk up growth.
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