Union Budget 2024: ‘It’s a political budget, not a financial one’

Bakulesh Shah, his family and friends watch the presentation of the Union Budget at his house in Santacruz on Tuesday. Pic/Atul Kamble

Amid gloomy predictions that loom large over global economies - especially those of low-income, developing countries facing internal and external challenges, Union Finance Minister Nirmala Sitharaman presented her record-breaking seventh consecutive budget on Tuesday. The effects of the Russia-Ukraine war and the West Asia conflict have been contributing to the global growth slowdown, causing fuel and food prices to surge.

In an emerging economy like ours, the common man is affected in numerous ways, from the basic ease of living, tax sops for the middle-income group and agriculture, to the more complex mega national and international projects, which in the long run enhance our position in the global GDP ranking.

mid-day met up with three generations of the Shah family headed by brothers Bakulesh and Jatin, who come from the old school of business, and their families who work with modern e-commerce platforms, in their suburban residence to get a first-hand perspective on government policies, expectations and their implications.

Sushma Shah, 62 Homemaker
I know the challenges faced by working women who after a long day's work have to also attend to household chores before sleeping. Building working women's hostels and crèches, which have been announced, should be completed at the earliest, and they should be spread all over the country.

Aditya Nanda, 23 E-commerce businessman
As a start-up founder, one of the best announcements was the abolishing of angel tax, where companies issued both fair price shares and market value and paid taxes on premium amounts collected from investors. Now, a company can apply for tax exemption and also give thirty to forty per cent more capital to invest in their venture. This development will encourage the country's younger generation to become entrepreneurs, thus generating more job opportunities and boosting global investments.

Jatin Shah, 64 Retired accountant
Hospital bills in cities like Mumbai can deplete one's bank balance. The situation is worse for senior citizens who do not have a regular source of income. Unfortunately, there are no benefits in the all-important healthcare sector, which has been neglected for decades.

Amit Nanda, 48 Proprietor, event management company
Several key measures, aimed at boosting micro, small and medium enterprises (MSME), if implemented in its true spirit will ensure that this skilled sector, which at many times is facing financial difficulties, will in play a vital role in contributing to the mainstream economy.

Bakulesh Shah, 74 Retired businessman
The government has to ensure it keeps its promise to focus on the poor, women, youth and farmers. Having been associated with the manpower sector, the proposal for low-cost rental housing for labourers is a welcome step that should have been implemented years ago.

Khush Nanda, 18 BBM student
The government should ensure that world-class educational institutions are built in rural and urban India, as affording to stay in big cities is not economically viable for those hailing from villages. Student loans of up to Rs 10 lakh for higher education in domestic institutions are a welcome step, provided they reach deserving candidates.

Sejal Nanda, 48 Entrepreneur in spice business
Special attention should be paid to women entrepreneurs, especially in the small-scale sector. The plan to start e-commerce export hubs will enable people in this sector, including traditional artisans, to reach out to a wider international market. The financial support promised to fifty multi-product food traditional units will enhance safety standards, which are essential for exports and domestic consumption.

Keval Shah, 27 Equity analyst
This is a very good budget. I liked the scheme for one crore students, who can now avail of internships in top companies in real-life business environments, plus get a stipend of Rs 60,000 per annum. This initiative will go a long way in generating a workforce of highly skilled and motivated youth, who are the future of our country. The loan for start-ups has been doubled from Rs 10 lakh to Rs 20 lakh. This will generate fresh job opportunities for many.

Ashish Mehta, 53 Forex interbanking broking specialist
It's a political budget and not a financial budget in my opinion. It seeks to appease Andhra Pradesh and Bihar politicians for their support, with some benefits to North East where the ruling government wants to inroads. There are no benefits for the common man. Removing the indexation on real estate will increase the prices of properties which are already beyond the reach of the middle class.

Kusum Shah, 72 Homemaker
Every year the cost of essential food items like milk, tomatoes and onions escalates, giving heartburn to women who run the kitchen. The middle-and-lower class families are the worst affected by this price fluctuation. Eating out is a far more expensive option and cannot be followed regularly. The plan to train one crore farmers to adopt age-old natural farming methods will encourage healthy eating habits.