Sops to farmers and retailers, as also raising the income tax free slab to Rs 2 lakh are some of the features of the Union Dubdget presented on Friday

The union budget for the year 2012-13 has sought to improve the supply side of the economy and announced considerable subsidies to farmers and retailers. While providing some relief to the individual taxpayer by raising the income exemption limit to Rs. 2 lakh, service tax and excise duty were raised by 2 %, further widening the tax net to make it a balanced budget. The budget however left the industry without major incentives and common man with a fear of inflation.