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| As consumer state J&K will feel pinch of hike in petrol and diesel prices | | | Early Times Report
Jammu,Feb 27: Notwithstanding a word of praise from Prime Minister,Manmohan Singh,to the Finance Minister,Pranab Mukherjee,for having presented a good budget which was bound to accelerate the growth rate to nine per cent a wave of resentment has swept the entire country.It is so because people believe that the imposition of central excise duty on petrol and diesel by Re one per litre has already escalated the level of inflation.And as compared to other major states people in Jammu and Kashmir may have to bear the brunt of the ill impact of hike in petrol and diesel prices.Since the state of Jammu and Kashmir imports over 65 per cent foodgrains,80 per cent other consumer items and 100 per cent luxury goods the hike in diesel and petrol was likley to push up the transportation charges thereby making a large number of consumer items out of the reach of the common people in the state.
Already the prices of mutton,chicken,eggs,cheese,vegetables and fruit have touched a new high.Once more money was to be spent on the transportation of these items from the plains to the Kashmir valley and to the far flung areas of the Jammu region consumers in the state were bound to pay more for a kg of mutton,chicken,cheese,fruit and vegetables.Finally it will lead to chain reactions thereby affecting the price structure edible oils,pulses,spices and other consumer items.
The plan of the Government to include more services under the tax net is a matter of concern for the employer and the industrial enterpreneurs.The threat of bringing more ser vices under the cover of taxes has seemingly pushed the relief in tax deduction to the background.No doubt Mukherjee has made the salaried class to cheer when he announced that the tax exemption atRs.1.60 lakhs will continue.He announced that those in the income group of 1.61 to Rs.five lakhs have to pay 10 per cent tax,those in the income group of Rs.5.1 lakh to Rs.8 lakhs 20 per cent and 30 per cent in case of the income group of Rs.five lakh and above.
However,an interview with a cross section of the salaried people indicated that the majority of employees need not feel jubilant because after the 6th pay commission r eport had been implemented the employees,right from Class III to Class I,have drawing an attractive pay p[ackets and the tax exemption slab should have been increased at least to Rs.two lakhs.And the tax deduction range should have been rest ricted to five per cent to 15 per cent.
Increase in the defence expenditure by Rs.5641 crore is indicative of the Government's concern over the defence of the country.The Finance Minister has earmarked Rs.147344 crores for defence expenditure against Rs.141703 crores last year which includes Rs.60,000 for capital investment. Judged by the threats from China and Pakistan the Finance Minister could afford to ignore the allocations for the defence.By any standard the budget proposals would have not invited much wrath had not the Finance Minister hiked the excise duty on petrol and diesel.
The most uinteresting feature of the budget is that while the baby diapers,microwave owen abd refrigerators hve become dearer,mobile phones,toy balloons and quilts have become cheaper.Mothers may be foced to allow their babies to soil their garments when they may not afford to buy baby diapersat higher prices.
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