BUDGET 2019:- SUBVENTION OR WOES.

Budget that mean is A leather bag. Basically all files related to budget is carried in a leather bag to Parliament. In India, every year budget is passed by the finance minister. A first day of February was witnessed for budget till 2016, but after, modi government changed this tradition, and now a last day of February month is preferred. Budget preparation ceremony is started with Halwa ceremony. Budget is prepared in North block where finance ministry is established.

History journey.

In India first budget was introduced by James Wilson on 7, April 1860 under British rule. But the first budget of independence India was recognized by the first finance minister, at that time, R.K.shanmukham chetty on Nov. 26, 1947. And first budget is also known as interim budget. Indira Gandhi was first Lady prime minister as well as finance minister who introduced budget in 1969. After her, Finance minister nirmala sitharaman again created history and added her name in this list,  By introducing 89th budget 2019.

Budget review.

After the formation of Modi government 2.0, eventually it has introduced its maiden budget of second term. Many hopes were depend on budget. Each and  every person of this country wanted a reliable and feasible promises. This time speech was two hour and fifteen minutes long, but ended with a little satisfaction. In this budget only big corporate sector were more highlighted, though government took good step to bring more companies in 25% tax slab from 30%. For this, government had to increase the limit to 400cr from 250 cr. turnover of company each year. Now government expects to forgo 3000cr. each year due to going up limit, because by this decision 4000 new companies came in lower tax slab. And government States that 99.3% companies have come under the 25%tax slab, only 0.7% is out of this rate. I think this decision would only success when these corporate sectors produce more and more employment. This time again focus was on Start-ups, government allotted 350 cr.  for lending money under this scheme, and loan would be provided within 59 minutes. As per my opinion this is a subvention for all those person who are willing to start their own business, but this should not be only in the budget paper but also must be implemented as far as its possibility. Budget also supported public sector banks, 

Finance minister said government will infuse 70,000 crore in PSBs. To promote the digitalization and e- money, Government impose 2% tax on 1 cr. withdrawal within in a year, and sort out the problems of more formalism, Government implies that Adhar card will interchange the pan card for income tax return. Those person whose income is more than 2 cr. and 5 cr. , will have to pay more 3% and 5% respectively. By this decision, now Richer person would prefer to live in other country, where tax rates on income tax is lower than India's. During the budget, FinMin. said in 2018-19, government earned 11.67 lakh crore through Direct tax which is 78% higher than that of 2013-14. Government also drew attention on Self help group[SHG]. Government promised that 1 lakh loan would be provided under the Mudra loan scheme to women. I believe that this decision will be  toward women empowerment. It would help women to stand on their own feet, and they could start their own small business.

Highlighted vision.

A line which was more highlighted in the budget that India's target to achieve $ 5 trillion GDP by 2024-25. In present time India's economy is $ 2.67 trillion. Government claimed that before coming in power in 2014 India's economy was $ 1.7 trillion, and blamed on past government's slow growth. After it Many eminent economist  made a statement that GDP growth is at a time is less than 7%. Then how it will achieve it. If government is able to maintain and make efforts to increase growth to 8 or 9%, it too will take 8 to 9 years to achieve this goal. And for crossing this line 12% growth is required, which is only possible by increaseing  foreign investment and inflows that is 32% of GDP and bound to increase to 41%. And second factor is Gross domestic saving that is required to increase to 39% from 29%. At this time when unemployment rate is highest. More emphasised on machinery and technology it may attain $ 5 trillion economy, but unemployment can't be avoided. A country can never become developed country only on the basis of economy. All factor if are in good conditions I.e. health sector, education, employment, farmer, environment, then that country is called developed. If a country that economy is in good condition but other factors are reeling under the crisis, which can't be success with avoiding these factors. 

So I think, Government also keeps its hand behind the  each and every sector, so that they can grow and their target could be obtained.

Inevitable out of mind.

This time again, Education sector was kept under the carpet. Though Government didn't increase expenditure on education, charged 5% custom on Books. At this time world's average Literacy rate is 84% whereas in India is 75%. Education directly impacts on health and environment. A month ago in Bihar over 130 children ended their lives That disclosed government's inability in health Sector, despite this failure government was not willing to spend more on health sector and treated this sector as a backburner. Only education is a weapon that can aware people. A climate change is main cause of incessant and uneven rain in India. But people are not aware of it. In India people can come to street on the religious issues but can't gather for protest against government that is reluctant to take step towards climate change. And budget gave a little hope to environment, India which is mostly affected country due to climate change, also avoided it. Government should make people aware through banner, hordings and media. When Prime minister talks on radio his 'man ki baat', that time try to aware people about it. And encourage them to be friendly with environment.

This budget tried to highlight many factors but could not reach out its root problems. One side government dreams of making India better, and other sides it keeps basic infrastructure avoided. Government must spend at least 5-6% of GDP and health sector must be given basic needs.

Date:- 14/July/2019 

Writer:- Mahendra Sankhala.

                                   Jai Hind.