What one can expect from this year Budget

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There may be some good news for the common man in the upcoming union budget as certain steps may be taken which will help them. The union budget will be presented in the parliament by the Finance Minister, Parnab Mukherjee on 16th March, 2012.


The chances are there that income tax exemption may be increased from 1.8 Lac to 3 Lac as the parliamentary panel has given its recommendation in its favour. It will mainly help the middle income group of Indian society who draw their fixed salary.

 

There are chances that people will get some relief on their housing loans as the property sector’s growth is being negatively affected in last 6-8 months.


But there may be bad news from fuel sector. Government is planning to increase petrol prices by 4 to 6 rupees. Also, the government is planning to deregularise the diesel prices and may remove the subsidy support to it. It may also be forced as the fuel prices in the international market has increased very steeply. If the diesel priced deregularised, there will be a sharp rise in the diesel prices and it will discourage the sales of the diesel vehicles in the market.


Government is also planning to increase the duty on the edible oils as the prices have increased of their crops.


Electronics good may become a little cheaper as the used technology has become easily available and also the raw material prices of metals are more stable.


The government may come up with certain plans for the industries as the growth rate has fallen to lower level and the Finance Minister may provide them certain reliefs to sustain a good level of economic growth.


It will be interesting to see the steps to be taken in this year budget that whether the government bring popular budget or keep in the mind the common man as well as better reforms.

 

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