With the Budget being termed progressive and pro-poor, many belonging to the high-income group see it as a string of announcements that will not make much difference to their lives or savings.
Gautam Jhanjee, who works with a Mumbai-based ad agency and lives in Indirapuram, says: “The Budget is more of a thanksgiving to corporates”.
With a monthly income of nearly Rs.4.5 lakh, the family’s major expenditures include EMIs and their daughter’s education.
The family comprises Mr. Jhanjee’s parents, his wife Rita, who works, and their daughter Mairaa. As a professional, he is not very happy with the Budget as he sees his expenses rising.
“There is no change in the tax slab. The government did not have the intention to change the tax slab, but it did have the intention to announce a five per cent reduction in corporate tax. Our life has not changed much, but expenses are bound to increase,” he adds.
Mr. Jhanjee also does not see the sense in not changing the tax slab and introducing a Swachh Bharat cess of two per cent.
“Swachh Bharat was an undertaking by the government and now it has introduced a cess of two per cent, which it says will go towards cleaning the river, etc. We do not know if rivers or the country will ever be clean, but this two per cent cess will go from our pocket.”
The situation, he says, of people like him will be no better on an annual basis. The family is not too excited about the announcement of a medi-claim exemption either.
“How much will one save with this medi-claim? From Rs.15,000 to Rs.25,000 now, it is hardly anything.”
On announcements of setting up of more IITs and how it will affect the prospects for Mairaa, Mr. Jhanjee says: “Incentives are always welcome. However, I am not very upbeat about them as its benefit for people like us are not much. Besides, announcing schemes is one thing and how much actually reaches the people is an area where the government always falters. It remains to be seen how this government will be different.”
