Not just the torch bearers of core sectors like Information Technology, manufacturing, agriculture, education, e-commerce, health, etc will be routinely looking for the annual Union Budget with huge anticipation, but the people across India will be equally keen on what Finance Minister Arun Jaitley will present when the clock hits 11 AM on Thursday morning. Why Union Budget 2018 is being seen with utmost seriousness because it comes post the radicalising implementation of Goods and Services Tax (GST).
Last time out, Union Budget 2017 was presented just months after the haphazard decision of demonetisation. Although the boons were announced in full vigour by the government, they held little significance for the people gripped with the ramifications of the note ban. But it has been more than a year since old currency was nullified by Centre and the banking sector, consequently the economic industry has taken great strides ever since then.
Statstically, the tax evasion, both by individuals and companies, has witnessed a steep decline in the past year while banks have seen a multifold increase in their coffers as the transparency in individual incomes has taken leaps and bounds. During the course of last one year, the Centre has generated unprecdented revenues and the steady-moving Gross Domestic Product (GDP) of India was consistently talked about in positive light.
It has been more than a year to demonetisation and six months to GST, the crescendo of people’s expectations has now reached its zenith and Bharatiya Janta Party (BJP) understands that. Union Budget 2018 is touted to deliver innumerable sops to rural people and primarily aimed at creating job opportunities, but will the deliverance this time be adequate enough to satiate the empty well of needs or will it be another transitory pain reliever with a lurid touch of promises remains to be seen.