Tirupati: Budget is growth-focused, welfare-oriented

Tirupati: In total, the Union Budget 2023-24 was welcomed by several quarters though some others have some reservations on it. The academicians hailed the growth and welfare-oriented aspects and the skill India International centres proposed to be set up across the country besides several other initiatives. While welcoming the move to increase the income tax exemption limit, the government employees were of the view that it may not be much useful in view of the high inflation rates and the increased EMIs due to the recent hike in bank rates. The Hans India spoke to the people of various sections to know their reactions on the budget. Excerpts:

Professor of Commerce and Commonwealth Visiting Fellow, UK from SV University, Prof D Himachalam observed that the overall budget is growth focused and people welfare oriented. It has special focus on digital infrastructure, sustainable health sector development, Ekalavya Schools, reforms in power sector and agricultural sector by having a target for agricultural credit.

It also proposed setting up a National Financial Information repository to promote financial literature, allocation of Rs 10 lakh crore for capital expenditure, allocation of Rs 2.40 lakh crore for Indian Railways and creation of 50 additional airports. All these initiatives will certainly boost the infrastructure and the Indian economy. It gives a hope that it would pave the way for inclusive and sustainable development by reaching 3rd place in GDP world over by 2035.

Prof BN Neelima of SPMVV Journalism department commented that this budget in total ticks all the expected boxes. Setting up of a National Digital Library for children and adolescents will enable them to access books across languages, genres and can be read on any device. In addition to this, states will be encouraged to set up libraries at Panchayat and ward levels to which the National Book Trust and Children's Book Trust will contribute titles that will certainly enhance the essential habit of reading books.

The launching of Pradhan Mantri Kaushal Vikas Yojana 4.0 is yet another welcome initiative. The 30 Skill India International Centres to be set up across different states will help in skill development in youth and help in their securing employment. The Green credit programme will help promote sustainable actions and is a much needed initiative as well.

Vasantham Srinivas, a member of CREDAI, said that the budget has not made any specific proposals to encourage the construction industry. Though the sector was already moaning with the high bank rates and increased EMIs, it has not received any reliefs in the budget. Any new scheme to encourage the sector was not announced.

AP NGOs association Tirupati branch president S Suresh Babu welcomed the hike in income tax exemption limit and the new slabs saying that it was already due for the last seven years. Still, considering the high inflation rates, this exemption limit will be of no use as the additional savings will never match the ever increasing prices. The petroleum prices have already skyrocketed and with the increased EMIs the employees were already finding it difficult to manage. Steps would have been taken to control the price rise also.

R Srihari, retired SBI manager, in Chittoor, says the Union Budget 2023-24 presented by Finance Minister Nirmala Sitaraman is not praise worthy in several aspects. No sops have been granted for retired employees.

The income tax ceiling will not benefit the retired employees, who are drawing more than Rs 50,000 pension per month. However, the budget ensured women financial empowerment.