In the Union Budget 2019, the government already proposed to increase the income tax deduction limit to ₹5 lakh and elevate the standard deduction limit to ₹50,000. In addition to the above benefits, no TDS will be exercised on an income of up to ₹40,000 and the threshold for TDS on rent income will be raised to ₹2.4 lakh. The government has also decided to levy a tax exemption on notional rent on second self-occupied home.
While the budget has been drafted in favour of the middle class, debates are occurring on national television regarding the political rationale involved with it since the election is months away from now.
Here are some political reactions on the budget.
While addressing the Indians in a press conference, Prime Minister Narendra Modi clearly stated that the budget announced on Friday is an interim budget. This budget acts as a curtain-raiser and the full movie will release after elections. The Prime Minister believes that this budget is going to take India forward on the path to development. According to him, this interim budget has taken care of people from all spheres of the society-from middle class to labourers, farmers to businessmen. This budget would act as a remedy for the woes of farmers and similarly would serve the purpose of providing bonuses and incentives to the industrialists for expanding their businesses.
Home Minister Rajnath Singh has hailed the Interim Budget ‘A Historic Budget’. He was seen appreciating the acting Finance Minister Piyush Goyal for presenting the people’s budget. According to him, this budget would help the common people of India to stand on their feet and people from all the parts of the society will be helped with the provisions included in the budget. Meanwhile,
Uttar Pradesh CM Yogi Adityanath exclaimed this budget will help in achieving the dream of a ‘New India’.
Veteran Congress leader and former finance minister, P Chidambaram on Friday, criticised the duration of the Interim Budget. According to him, the budget hardly falls under the category of the interim budget. It is a perfectly schooled budget that was addressed with an election campaign propaganda. He even stated that the government has even managed to squash several time-controlled traditions.
As per the views of the former Prime Minister Manmohan Singh, the 2019-20 Interim budget is clearly an ‘election budget’ that is pitched to drive the sentiments of millions of Indians. Tax exemptions and monetary benefits are awarded to the farmers and middle-class people. This step would certainly impact the upcoming Lok Sabha election. The government has also pledged income assistance of ₹6,000 per year to farmers who own up to 2 hectares of land.
Congress President Rahul Gandhi had imposed an allegation on PM Narendra Modi, stating that his five years of tyrannous rule coupled with his ineptitude have ravaged the lives of thousands of farmers. Gifting them ₹17 per day is an absolute disrespect to their profession and life. This statement comes in the wake of the announcement of Finance Minister Piyush Goyal in offering support of ₹6,000 per year to farmers owning up to 2 hectares of land.