customs duty has been raised on luxury goods. However, thanks to rising purchasing power, people are increasingly able to afford imported goods.
Government spending: The government’s expenditure has the power to fuel growth, create jobs and build an enabling environment for businesses. The reverse is also true when government spending is reckless, or in unviable schemes. In general, judicious spending creates employment, improves infrastructure and raises peoples’ living standard and incomes. That impacts your finances as better
employment prospects mean higher incomes.
Last but not least, a lot also depends on how an individual responds to budget announcements. Just as the budget is supposed to allocate limited resources for optimal use, individuals, too, must tweak their financial plans to allocate resources for maximum benefit. This will ensure that the negative impact of the budget is constrained and the positives are enhanced.
The writer is CEO, BankBazaar.com