Budget 2016:The Chronicle of Leaking Wallets and Resurrected Savings

Budget 2016 proclaimed that ‘Modinomics’ is no longer about wealth creation by India Inc. but about ‘Jan-Dhan’ and rural prosperity to drive inclusive economic growth. Budget 2016 is focused on closing the urban rural divide through giving Agriculture and Rural Development a fillip. Additionally, the salaried and small tax-paying business communities are also beneficiaries of this budget with a slew of tax deductions that is expected to put more spending money in the hands of Aam Admi and thereby boost domestic consumption. However, the retirement benefit of withdrawal from PF corpus is now partially taxable which is not a good news. The Low cost housing is also expected to attract investment in the building sector.  Overall, it is a reasonable budget with no surprises. Nothing to worry about but no euphoria either!

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