Karnataka
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M’lore: 'Budget Aims Election, Neglected Long Term Needs'
- Mon, Mar 03 2008 10:15:23 PM
Daijiworld Media Network – Mangalore (MM/RD)
Mangalore, Mar 3: This years’ budget tabled by union finance minister, P Chidambaram has eyed on general elections and not the next generation. The fiscal situations shown in the budget may not be rosy as it looks. Populist measures taken by the finance minister may worsen the conditions in the coming years, said well known financial analyst, Gerald Colaco.
Speaking on ‘Budget - 2008,’ at St Aloysius College auditorium, organized by the College Alumni Association, he said that whole media has unanimously described this budget as ‘election budget.’ Although, pre-budget economic survey had reflected economists’ aspirations, the current budget reflected the political ambitions, he opined.
After the remarkable changes in Indian economy, country has achieved a significant growth rate in the recent years. But the development growth in agriculture, manufacturing and service industry is not equal. Service industry has been achieving an average growth of 10.7 percent every year and manufacturing industry has a growth of 9.4 percent. But, the growth in agricultural sector is just 2.6 percent, he informed.
Commenting on direct taxes, he said that there will be savings for every income tax payers and no revision of taxes on partnership firms, in the current budget. Therefore, it is better to reduce income in the hands of partners, he advised.
Out of life, property and medical insurances, medical insurance is the vital need of any person and this time premiums paid for medical insurance has been exempted from tax. This is the good move taken by the finance minister and one of the best features of this year’s budget, he opined.