The first Union Budget of the Narendra Modi government was expected to be one of the most crucial ones in recent history. The ruling party made big promises in the run up to the elections, which managed to win over the business fraternity and the common man alike. But now’s the time to see if those promises are fulfilled.
With the Rail Budget announced earlier this week, amidst much uproar, there’s a lot at stake today. India’s economy is stuttering under high inflation and the worst slowdown since free-market reforms in the early 1990s, and the budget is the first major test of Modi’s reformist credentials since he swept to power in May with a pledge to boost growth and create millions of new jobs. Finance Minister Arun Jaitley has said that we cannot spend beyond our means. He is aiming for sustained growth of 7-8 percent in the next 3-4 years and bound to usher in policies for higher growth, lower inflation. While these are some highlights of the budget, reactions on Twitter highlight some other aspects like spending on the Sardar Patel statue, saving girl child, funding for startups and entrepreneurship, cheaper phones and tablets and more.
Some other highlghts include reduction in the basic custom duty on LCD and LED panels below 19 inches that will ensure cheaper monitors.But it adds 10 percent basic customs duties on telecom products and service tax for broadcast and online advertising.
As ever, there’s no better place than Twitter to find out people’s real-time reactions to the Budget. Government’s decision of allotting Rs 200 crore for the Sardar Patel ‘Statue of Unity’ in Gujarat hasn’t gone down well with many. That seems to be the biggest pinata at the moment. There were other notable announcements, which also got some interesting comments. Take a look at some of the reactions below:
We are sure to hear more interesting comments as the Finance Minister Arun Jaitley winds up his speech. So watch out for more reactions as the day goes on.