Union Budget 2014-15: The Pros and Cons

A great blessing to footwear lovers is that the there will be a reduction in price as excise duty has been reduced from 12 percent to 6 percent. There will be no import duty for LED panel below 19 inches. Food products will also be cheaper as the excise duty has been reduced from 10 percent to 6 percent. This will be welcomed by all the foodies who just cannot find time to eat at home. Soap and oil products will be cheaper.

The government has made education a priority as they will set up five IIMs and IITs colleges. Maharashtra, West Bengal, UP and AP will have AIIMS colleges set up. There is also a proposal to start 12 new government medical colleges. The government will spend 100 crores in upgrading old madarsas. In a new awakening an amount of 100 crores will be spent on Technology Development Fund Scheme for the education of girl child.

The debatable aspect of the budget is the plan to erect a S.V. Patel’s statue in Gujarat for an expansive amount of 200 crores. This is unnecessary as certain sectors that really require the money are given a cheaper allotment. The plan to build more IIMs and IIT colleges is also questionable as the number of students opting for IIT has reduced incredibly. There is no need for extra colleges that are not going to be student’s choice. This venture will just be seen as a waste of money.

These are some of the highlights of the maiden budget presented by Arun Jaitley, the Finance Minister. The Modi government will be judged according to the fulfillment of the budget, which in most economists eyes seems to be a good move. There are some disputes but the industrial and business world have welcomed the budget with open arms. There is growth opportunity for everyone. It is also good to note that the government has not forgotten to protect the local small industry markets by the kind of schemes that have been open for them.

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