Union budget brings a sigh of relief for common man

Karimnagar: Finance Minister Nirmala Sitharaman presented the paperless budget for the fifth time in the Parliament on Wednesday, for the Financial Year 2023-2024 which is towards the creation of Atma Nirbhar Bharat. People of United Karimnagar also expressed their different opinions on the new budget for the country.

Vangala Venkat Reddy, a farmer from Sirasapalli village, Huzurabad mandal. Speaking to Hans India said, "Union Finance Minister Nirmala Sitharaman presented the budget in the Parliament aimed at providing agricultural loans of Rs 20 lakh crore to the farmers and Rs 6,000 crore has been earmarked for building more warehouses to store the crop. Manpower for agriculture is decreasing, hence this sector should be mechanised and more funds should be allocated for the saim."

Dr Mallareddy, asst professor of Commerce at Agraharam Govt Degree College, Siricilla, said, "Increasing tax rebate on income from Rs 5 lakh to Rs 7 lakh and allowing standard deduction of Rs 50,000 under New Tax Regime is a great relief to salaried persons. Useful to all the sections of the society with special focus on youth in the budget. However, deductions towards HRA, Home Loan Interest and Savings under section 80C may be allowed under the New Tax Regime."

Challuri Madhuri, a private employee from Karimnagar said that "PM Vishwakarma scheme is a proof that after the Covid pandemic, wide opportunities have been provided to increase the employment opportunities and this has led to women's empowerment. Introducing Prime Minister Kaushal Vikas Yojana 4.0 to train the youth for three years in terms of education and skills in the budget, setting up a digital library at the national level for children and youth, giving priority to research in the field of pharmaceuticals is welcome. It is commendable that the Center has started a mission to eradicate sickle cell anemia by 2047."

Rondla Dilip Reddy, a Charted Accountant and Practicing Company Secretary, said that "The budget for 2023-24 particularly focused on aspects like expanding capex, inflation control and provided some relief to the middle class people in terms of standard exemption in income tax for those opting for the new tax regime, while the Finance Minister encouraged people in the middle-income category to increase the tax threshold to Rs 7 lakh per annum from Rs 5 lakh per annum. It has been clearly pointed out that the government wants to shift from the old to the new regime and this budget has disappointed the industry and markets with no increase in corporate taxes and capital gain taxes under section 80C as expected and no tax relief was given."