With all eyes on Budget 2020-21 that will be presented on February 1, NT KURIOCITY asked a few youngsters about their expectations from the budget and what they would like from it
I feel as far India’s finances are concerned, the Goods and Services Tax (GST) is ripping us laymen apart. So if some amendments can be made there it would be great. Banks have lost money due to loan defaults. They should bring the wrongdoers to task and recover that money. In terms of GST which goes to the central government, how much of that money is being spent on citizens? In America or UK after retirement your medication and other expenses are paid for. If you are a sick person they help you with allowances to help you get through life. In India we are taxed heavily yet there no benefits because of which people leave the country even though India has chances of being a superpower. People don’t mind working abroad because the money is good and even though there are taxes they don’t mind because they are looked after once they retire. India has no benefits, money only leaves our pockets.
Ninio Correia, junior advocate, Vasco
Almost a week from now the annual financial statement of 2020 will be presented while the Indian economy is slowing down touching a 11-year low value, holding back the Animal Spirit of Economy. There are many expectations from this budget like creating indirect employment by helping the growth of startups by funding them; PPCP, a special variation of PPP, can ensure local foundation as it focuses on local development and this can be applied to water and sanitary projects; government must promote research work in educational institutes by funding state universities along with Indian Institutes of Technology and Indian Institute of Science to solve real-life problems through technology and promote distance learning courses from top institutes; in case of health sector the government must increase the reimbursement of expenses in diagnostics and preventive checkups and critical healthcare equipments like ventilators should be exempted from GST; and promote the housing sector by reducing interest rates for self occupied and two-self occupied house properties, increased cap on exception of contribution to NPS should be extended to all the employees and reduction in personal taxes.
Shaunak Pai Kane, assistant system engineer at TCS, Mapusa
Finance minister, Nirmala Sitharaman has to walk a tight rope balancing the expectations from various stakeholders considering the current state of economy, dip in growth rate and very little room fiscally. However, some of my expectations are as follows – Interest on education loan: Increase in period from existing eight years to 12-15 years so as to support students to acquire the best education; increase the basic exemption limit along with cuts in the tax rates to improve consumption, increase in 80C Exemptions to 2.5 lakh so as to encourage savings, removal of long term capital gains to boost the market sentiments and remove criminality for delay in remittance of Tax Deducted at Source (TDS) where payments are made with interest in case of loss making companies.
Abhijit Pai, Fatorda
The government is apparently planning to reduce the school budget by 3,000 crore. According to me this could lead to very disastrous consequences as it could lead to loss of valuable human resources which could be used for the development of our country, since India is experiencing a population divide where a majority of our population is between 18-40 years. So I expect the government to reconsider its decision before presenting the budget on February 1.
Agnes Fatima Pinto, Vasco
As a citizen of the country we could expect personal tax cut which means a tax revision of 10 per cent tax rate for individuals earning incomes ranging from 5 lakh to less than 10lakh, 20 per cent tax rate for incomes ranging from 10 lakh to 20 lakh and a 30 per cent tax rate revision for individuals earning incomes above 20 lakh; a controllable consumer inflation as the current rate of inflation at 7.5 per cent Consumer Price Index (CPI) is a very high rate of inflation due to the high prices of vegetables and fruits in the markets; and increased tax benefits on housing schemes.
Farah Mendonça, assistant professor in Economics at Shree Damodar College of Commerce and Economics, Margao
With India’s goal of becoming a $5 trillion economy by 2025, I think the forthcoming budget will look towards increasing and inviting more foreign investors in the Indian market, creating youth self-employment through skill India and start-up awareness can help India achieve the mark. I would like the government to remove tax on long-term capital gains as this will not only encourage investors but will bring in more potential investors. There should be strong and stricter financial law for black money holders and loan defaulters like Vijay Mallya, Nirav Modi, etc, which will improve the economy.
Amogh Karapurkar, Bicholim