MW Union Budget announced, leaves many disappointed
FRIDAY, 8 MARCH, 2013
A woman walks past a branded apparel store at mall in suburban Mumbai on 7 March 2013. According to the new union budget, the cost of branded apparels is expected to go up. Anushree Fadnavis / Mumbai Weekly. (Contd. from Pg 1)
On the other hand, a tax credit of Rs. 2,000 (approx. USD 36) has been allowed for individuals with an income below Rs. 5 lakhs (approx. USD 9100). Allocation of funds for rural development has been increased by 46 percent, which has been regarded as a positive step. The current account deficit, fiscal deficit and persistent inflation in the country continue to be a cause of concern for the Finance
Contrary to predictions, the budget announced a 4.5% increase defence expenditure. On the commodities front, the wealthy in the country have been left complaining yet again, with taxes being increased on luxury goods like smart phones, Sports Utility Vehicles, imported cars, air conditioned restaurants and set top boxes for televisions. Excise duty on cigarettes has been hiked up as well.
One of the more welcome changes, however, has been the exemption of branded apparels, jute and coir textiles from excise duty. Tax slabs on the whole remained largely unchanged since the FM claimed they were introduced only last year. The union budget on the whole seemed only to disappoint, with the Sensex dropping a staggering 300 points the very day it was announced.
Right: A waiter opens a beverage for his customers at an AC restaurant in suburban Mumbai on 6 March 2013. According to media reports, taxes for AC restaurants have been increased in the budget. Mithila Joshi / Mumbai Weekly
Above: Farmers work at a spring onion farm in suburban Mumbai on 6 March 2013. The newly introduced union budget announced by the Indian Finance Minister indicates that there will be an increase of 46 per cent in the funds allocated for rural development in the country. Ashish Vaishnav / Mumbai Weekly Right: A man poses in front on a Ferrari while another takes a picture of him in south Mumbai on 24th February 2013. According to media reports, taxes for luxury good like imported cars, SUVs, and high end mobile phones have been increased. Anushree Fadnavis / Mumbai Weekly