Monday, July 06, 2009

The biggest myth about the Budget

Ok, it isn't a myth. 

It's more like people's aversion to accept plain truth.

The budget is more a mechanism of rewarding the supporters than anything else. That's one reason why the budget was more focused on the poor than on business. What else can we expect when India's business capital didn't even have time to vote in the recent election?

And to see the kind of bizzare predictions made by respected media outlet - Interest Payment on Home loans increased from Rs 150,000 to 250,000 (Business Standard), a figure that jumped to Rs 300,000 (The Economic Times). Slashing Personal Income Tax from peak 33.99% to 25% (The Hindu) or increasing the Income Tax Exemption from 150,000 for common 'man' (Woman have limit of Rs 180,000) to 200,000 (CII Wish List) or 300,000 (Assocham).

So, lesson to the Rich, Upper-middle class, middle class: Next time you want the Finance Minister to do you favors, go to the voting booth.

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