Union Budget 2019-20 has set before the nation many dreams, of which the most ambitious seems to be the target of becoming a 5 trillion dollar economy by 2024-25. The budget has also tried to project the government as an able promoter of ‘egalitarianism’ since ‘Gaon, Gareeb aur Kisan’ phrase can be found in FM’s speech.

Annual budget is also a time for the middle class who waits for some income tax reliefs.Expectations this time was a bit high since it was the maiden budget after an emphatic victory with hopes that there would be some above average sops. But it has proved to be a damp squib as no changes have been announced in IT slabs except for increase in surcharge for those earning between Rs 2-5 crore, who are actually super-rich and not really the aam janta. Petrol and diesel prices are all set to rise as duty and cess of Rs 2 will be levied per litre thus fueling overall inflation. Gold and other precious metals are also going to be dearer since import duty has been hiked.

But there are also some positive measures that will indirectly but significantly impact the life of the common man beyond taxes. From now on for filing IT returns, PAN will not be compulsory and Aadhaar will also be accepted in lieu of it as a verification document. Outlay for health sector has been increased by over 19 per cent. Besides aiming to provide 1.95 crore houses to eligible beneficiaries, additional tax deductions will also be allowed. Coming to social welfare, one woman in every Self-Help Group will be eligible for a loan of Rs. 1 lakh under Mudra scheme with proposal for pension to three crore retail traders. Rs. 70,000 crore will be pumped into government banks’ coffers to boost credit. Overall transport and communication infrastructure including railways, power, water management, MSMEs, Start-ups have received greater plan outlays.

Budget allocation for Ministry of Development of North Eastern Region for 2019-20 has been increased to Rs 3,000 crore from Rs 2,629 crore of 2018- 19. While allocation under NESIDS is increased from Rs 140 crore to Rs 695 crore, allocation in NEC schemes has declined from Rs 607 crore to Rs 580 crore. Central Pool of Resources for Northeast India and Sikkim has also been cut from Rs 781 crore of 2018-19 to Rs 531 crore and allocation under North East Road Sector Development Scheme is increased from previous Rs 391 crore to Rs 666 crore.

Overall, giving a cursory glance at the budget it is sure that it will invite mixed reactions, with ‘desired satisfaction’ remaining elusive for almost every stakeholder.