Uttar Pradesh has very good potential for growth with its 22-crore population and large land mass. We have seen over these last 5 years that many new industries have come to Uttar Pradesh. Before 2017, we had only two mobile factories, it has increased to two hundred. Microsoft, IBM, Adobe, SAP, Samsung and many international MNC’s have set up shop here
It would have been better if the Budget had focussed more on issues affecting the common man. For example, inflation and unemployment are not mentioned at all in the FM's Budget speech. Co-operative Societies have got some relief from tax in the Budget, but individuals and partnership firms continue to be taxed at double the rates of manufacturing companies. Expectations of the middle class regarding lower petrol prices, increased standard deduction, increased 80C limit etc. have all been belied
The Finance Minister said that all villages and their residents should have the same access to e-services, communication facilities, and digital resources as urban areas and their residents.
With an Expenditure Tax applied to every bank/digital transaction, the tax net would stretch to practically everybody now that the bulk of the unbanked have been drawn into the net. If the expenditure tax is minuscule, say 0.001 per cent, it addresses the argument long offered by leftist economists that the rich should be taxed and not the poor. Taxation that even a poor man does not mind can still add up to a tidy sum
