Budget 2008-09 may benefit common man: Survey

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Posted online: 14-FEB-2008 15:52

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New Delhi, February 14:: India Inc is not expecting any major announcement for itself in Budget 2008-09 as Finance Minister P Chidambaram is likely to focus on higher budgetary allocations to ensure growth of sensitive sectors like agriculture, education, health, defence and manufacturing, an Assocham survey said.

The Budget is likely to be "traditional" for India Inc since the key challenge for the government is to sustain the growth momentum, the survey said.

"The government should ensure that the manufacturing sector grows at 15 per cent and inflation remains below the five-per cent mark for the next 10-15 years. Thrust should be given to development of agriculture and industry," it said.

About 85 per cent of the 300 CEOs polled said the forthcoming Assembly elections notwithstanding, the Finance Minister may not dole out fiscal concessions for India Inc.

The common man, and not India Inc, is likely to gain more from the Budget as "the government would like to maintain growth inertia and honour its commitments to improve infrastructure and agriculture.”

"There may be no significant tax cuts since Chidambaram's top priority will be to hike his revenue collections for higher budgetary allocations to agriculture, education, health, defence and manufacturing," an Assocham release said.

About 255 CEOs said subsidies for sectors such as food, fertiliser and petroleum may also be hiked by 10 per cent, while 90 per cent of them said the Finance Minister may strike a balance and present a Budget that appeases Indian industry.

Whereas about 260 CEOs felt that personal income tax ceiling would be raised by nearly Rs 30,000. 15 per cent of them maintained their demand for a reduced taxation structure would not be ignored and there could be some legitimate cuts in the duty structure in the Budget.

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Income tax on Salaried classby D.V.S. Prabhakararao on 18-02-2008

Time and again the salaried class stand alone not to gain out of the Budget proposals. It is high time that the FM should spare some time to think on the following:1. Dear ness allowance and House rent allowance should be totally made exempt from the tax perview. 2. The distinction of Senior citizen must be recognised in respect of those who cross 60 years of age instead of the present 65 limit.3. For those pensioner who live beyond the age of 80 (eighty years) special increase of 20 % over the pension should be granted. The rulers should not forget conveniently the directive principles that the state shall endeavour for ensuring the fair wages to the working class. Sixty years of indipendence passed away yet this principle is in dark.

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Budget 2008-09 may benefit common man: Survey