It's a full-fledged budget+campaign speech: PC on Interim Budget

February 01, 2019 14:55

Former finance minister P Chidambaram addresses a press conference on the Interim Budget on behalf of the Congress party. "My one line comment on the budget is that it is not a vote on account but an account for votes. The Interim Finance Minister tested our patience by the longest interim budget speech in the recent memory. It was not an interim budget, it was a full fledged budget accompanied by an election campaign speech," Chidambaram said.

Making a strong re-election pitch, the BJP-led NDA government Friday announced the biggest income tax sops for middle class, including complete exemption for income up to Rs 5 lakh, and Rs 6,000 annual cash dole to poor farmers in a scheme that will cost Rs 75,000 crore per year.

Converting a vote on account speech into an almost full-fledged budget announcement in Lok Sabha, Finance Minister Piyush Goyal proposed an array of incentives for both middle class and farmers, whose disenchantment was said to have cost the BJP dearly in recent assembly elections.

Over three crore salaried class, pensioners, self-employed and small businesses will save Rs 18,500 crore in income tax annually after the exemption limit was doubled to Rs 5 lakh for the next fiscal from current Rs 2.5 lakh. Also, standard deduction was raised to Rs 50,000 from current Rs 40,000.

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