Mumbai’s Dalal Street divided on Union Budget 2017
While the focus was to reduce the burden on the common man through tax sops, rural upliftment, spending on infrastructure and poverty alleviation, Mumbaiites had mixed views about what the budget had to offermumbai Updated: Feb 01, 2017 14:16 IST
As finance minister Arun Jaitley presented the Union Budget 2017 on Wednesday, scores of people lined up in front of the Bombay Stock Exchange, Dalal Street.
While the focus was to reduce the burden on the common man through tax sops, rural upliftment, spending on infrastructure and poverty alleviation, Mumbaiites had mixed views about what the budget had to offer.
“Finance minister Arun Jaitley began his speech by saying that the two major steps the government has taken are demonetisation and the goods and services tax (GST), which will be rolled out in June. With such a powerful start I thought, he would have a lot to offer but the Budget turned out to be much less than what I expected,” said Anusha Kumawat, a private banker.
On the other hand, Naval H, 87, resident of Breach Candy was very happy with the Narendra Modi government’s budget. He said, “The budget has been a good one. It will help senior citizens. The fact that the corrupt have been asked to deposit their money and we benefit from that just goes to show Modi’s honest ideology. Most of the corrupt will not like the budget because most of their black money has been pulled back into the economy.”
Some lauded steps taken by the government for tax benefits to the common man. “This year’s budget has been good for the common man since the tax slab for those earning Rs2.5 lakh - Rs 5 lakh has been reduced from 10% to 5%. This means people will be saving much more and money will parked through equity funds,” said Pawan Thakur, another private banker.
Others were convinced that the country’s economy will be see great growth after the announcements made on Wednesday.
“The amount that the government is investing in the rural sector will automatically boost our urban economy as well the country’s gross domestic product (GDP),” said Bipin Kumar Singh, a senior financial advisor at a firm.
However, many were wary about the impact of such a budget and whether it will actually be fruitful for all sections of society.
“A good budget for the common man. Tax benefits that have been reduced will help us a lot. Not sure about how beneficial it is for the rural sector. But we’ll know in sometime. The announcements happen every year but we really don’t know what the result would be,” Marshal D’Souza, an administrative officer in the aviation sector.
“It will just help middle class and small businesses where you get protection through Rs12,500 as a benefit. To somebody who is earning Rs8 lakh, a salaried person, it hardly is beneficial,” said Harnish Shah, chartered accountant. “When it comes to rural funding, every government has done the same by pushing money from the urban to the rural sector. However, no clear benefits have been seen up till now.”