Neglecting the INDIAN MIDDLE-CLASS The budget 2009-2010 was a huge disappoint for the lower middle class and middle class population (aam - aadmi). Additional tax exemption of rs..1000 (net) was all it offered. The BPL (Below Poverty Line) got most out of the 10, 00,000 crore+ government spending (only 15% of which reaches the public) . The removal of surcharge, CTT (rather than STT), increase in the exemption limit for wealth tax and reduction of duty on branded jewellery hardly carries any significance for the Indian Middle Class. Further, scrapping FBT has relieved the Company but has diverted the tax burden on the employees. Also the projected government borrowings will increase the cost of borrowing for the masses. No major announcement to control prices of Commodities Basket was seen. The Indian Middle Class got neglected on the whole. |
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