The fifth Budget of Finance Minister Nirmala Sitharaman was accepted with mixed feelings by Goans with the lower middle class happy, the middle class not enthused and the Goa Chamber of Commerce and Industry hailing the first budget in ‘amrit kaal’.
Sitharaman stated in her budget that the government has made a new income-tax regime that is more attractive for taxpayers which will bring benefit to the middle class. The FM also said that the new tax regime would be the default regime.
New income tax slabs 2023-24: Up to Rs 3 lakh income- Nil Tax; from Rs 3 lakh to Rs 6 lakh - 5% tax; from Rs 6 lakh to Rs 9 Lakh- 10% tax; from Rs 9 lakh to Rs 12 lakh - 15% tax; from Rs 12 lakh to Rs 15 lakh- 20% tax and from Rs 15 lakh and above – 30% tax.
A prominent feature of the budget has been the outlay of Rs 2.40 lakh crore, the highest capital outlay for the Indian Railways.
The FM explained after the presentation of the Budget that it largely focused on empowering women; focus on tourism; help ‘vishvakarma’ or those traditionally toiling with their hands for the growth of the country and green growth.
“It is a very positive Budget which is focused on accelerating the growth of India," read a press note issued by GCCI.
It is a very positive Budget which is focused on accelerating the growth of India. It sets the roadmap for the next five years and has made significant allocations to infrastructure building, manpower skilling, green energy, inclusive development agriculture industry and education
Goa Chamber of Commerce & Industry
“The Budget sets the roadmap for the next five years and has made significant allocations to infrastructure building, manpower skilling, green energy, inclusive development agriculture industry and education,” added the press release issued by GCCI.
However, Shripal, a businessman from Mapusa, was not very excited. “I am still unable to understand how this Budget is going to help us people having business in the market. I think we were the worst affected during the pandemic and this budget does not seem to have given us any special attention, though I think we needed it most."
I am still unable to understand how this Budget is going to help us people having business in the market. I think we were the worst affected during the pandemic and this budget does not seem to have given us any special attention, though I think we needed it most
Shripal, Mapusa businessman
“As I was listening to the Budget, I heard that the Finance Minister has made a budgetary allocation of Rs 5,300 crore to drought-prone regions of Karnataka. It really did not leave me with a good taste,” stated Mark Fernandes. “Budgets come and go and by each year I am getting to believe that they are more electoral exercises than anything,” added Mark.
This is the last Budget of the FM before the Modi government seeks its third term and before nine states go to polls this year.