Interim Finance Minister Shri Pyush Goyal deserves to be congratulated for presenting a Budget that I would term is a dream budget for the country’s ever-growing and aspirational middle-class population, and, also, goes a long way in making lives better for those connected with agriculture and the unorganized sector.
The decisions to double the tax exemption limit for income tax to Rs 5 lakh, the hike in the standard deduction limit, and the 4-times rise in the TDS exemption limit for deposits at banks, etc., besides the proposed change in the capital gains structure, would put more money in the hands of ordinary Indians, which, in turn, would spur consumption in the economy.
From the perspective of the beauty and wellness sector, increased disposable income of middle-class Indians could lead to a potentially huge spurt in this segment even for high-end services at tier-II and tier-III towns and cities. And, consequently, a huge business opportunity for those planning to set up salons or sell beauty products in these areas.
The direct benefit transfer of Rs 500 every month to the bank accounts of 12 crore farmer families would help them take care of many of the necessities that they currently find a challenge. Money being sent to bank accounts would also ensure that government support reaches the intended beneficiaries and there is no leakage in the system.
The announcement of a pension scheme specifically for unorganized workers could prove a game-changer in the arena of financial inclusion. As even those working as domestic sector workers may take advantage of this initiative to secure their financial positions when they get old.
While there were no specific announcements for the skill development arena in this Budget, the sustained emphasis on building a ‘New India’ should result in good times ahead for all those connected with the country’s vocational education and training domain.
(The author is Co-Founder & CEO of Orane International. Views expressed are personal).