Friday, February 26, 2010

India Budget 2010: Fighting against Budget Deficit

Budget for the fiscal year 2010-11 has been announced just a few hours ago. Now, all the news channels in India are discussing about the proposed changes. One of the major goals of Finance Minister Pranab Mukherjee is to fight against budget deficit. There is some good news for income tax. A person who will earn 160,000 rupees will not have to pay any income tax. This will be a welcome relief for the lower middle class and middle class people. I think that more than anyone middle class people will become happy with the proposed changed in income tax.
So, you may wonder how Indian government wants to fight against budget deficit. There has been a significant change in excise duty structure. Excise duty has been increased to 10% from the current rate of 8%. This will increase revenue of the government.
People have a lot of expectations in India from the government. However, to meet the expectations, the government needs enough money. When a government is fighting against alarming budget deficit then it is difficult to satisfy the people.

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