Will History Repeat Itself?

February 04 2019


The latest Budget of the Modi government has come as a middle-class and farmers’ pleaser, an attempt to woo the two unhappiest sections. No stones have been left unturned (to say) to create a feel-good environment.
With Rahul Gandhi having already played the Universal Basic Income card in his poll sops, the Budget skipped this clause. If we talk of farm loan waiver, then here too Rahul is to be found a step ahead with his cent percent debt waiving plans.
The 5 lakh income tax slab may put a big question mark on the relevance of demonetisation and GST. Remember the Modi government ministers boasting of a hike in the number of taxpayers from 3 crores 67 lakh to 6 crores with the implementation of GST and demonetisation? Won’t the new slab again push the numbers down by safeguarding as many as 3 crore taxpayers?
And anyhoo, any of these promises won’t be effective till they are introduced in finance bill.
The fiscal deficit was talked of a lot, but now the higher expenses on account of income support for farmers and income-tax relief for the middle class have come at a cost to the government, which has missed achieving the fiscal deficit target for the second year in a row. How do they plan on achieveing the target of 3.1 per cent?
If you may remember, back in election year 2014, Modi had put himself one step ahead from the then Manmohan government’s Budget in every aspect/promises. That worked well with the voters. Now in the election year 2019, Rahul is to be similarly found a step ahead on all promises. Will the history repeat itself?

 
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