INDIA’S INTERIM BUDGET: FINANCE MINISTER FAILS TO ACT ON ECONOMIC SLOWDOWN
The Industrialist, investors & common man had a close eye on the interim finance budget and were eagerly waiting for 3rd Stimulus Package in form of the budget. But New Delhi failed to deliver it to its citizen.
Monday was the complete whitewash for everybody. The tax rates for F.Y. 2009-10 were kept same as they were for F.Y 2008-09. No subsidy or tax reliefs were announced in this interim budget. In personal taxation their was need to increase the limit of Chapter VI A Deduction from Rs.1Lac to Rs.1.5Lacs; this would have led saving habit among the people. There was also demand to cut excise duty on various items like steel, automobiles etc. but this was also not fulfilled. To tackle with job loss, unemployment a contributory unemployment fund should have to setup. In this fund their should have equal contribution from employer as well as employee. Both will be allowed to get tax exemption on their contribution towards the fund. Overall in my contest the government failed to deliver the much awaited stimulus package in form of interim budget which was the need of time.
SIXTH PAY: WAS IT NECESSARY?
Recently the Maharashtra Government in India announced implementation of 6th Pay Commission for its state government 
employees from retrospective date i.e. 1st Jan 2006. This pay is going to benefit nearly 14 lacs employees & 7042 pensioners. I don’t understand why government is partial between government employees & private employees. On going economic slowdown in India the government should save its earnings and should it for productive purposes. The fact is government people are inefficient as compaired to private employees.
Every one in the world is trying to cut their unproductive expenses and saving. The Maharashtra government is already in debt by Rs. 144325/- (INR) & 6th Pay will enhance the debt by Rs. 1837/- Crores (INR). The earning are also down due to economic slowdown in India & financial crisis all over the world in form of tax revenue. One of the reasons why the government is implemented 6th pay because of the Central & State elections are their in coming months. Is it a dirty politics or matured one?