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Why Cars and ACs cost less?
- Mr. Madhu Seshanand

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Businessmen expressed their satisfaction on 2003 budget and welcomed the duty reductions on Cars and ACs and telecom equipment. There are many reasons to say thanks to Finance Minister (F.M) by various sectors except agriculture sector. If we look at the overall budget there is a reduction in the taxes of luxury goods and compensated with common man money. Let us look at them. Reduction of excise duty on Cars Reduction of excise duty on Air Conditioners Tax free dividends Tax free capital gains Abolition of travel tax and F.M further appealed to States to abolish luxury tax on hotel guests Now we will see how these reductions will be balanced Increase in Edible oils and Vanaspati Cut on interest rate on Provident Fund Increase in service tax (Telephone bill will raise) Special levies on Petrol and Diesel The reduction of interest rate on small savings and PPF will badly hit the common people. On the other hand stock market players have been given concessions in the form withdrawal of dividend tax. The removal of long term capital gain tax is absolutely helpful to the wealthy only. The real upset of the budget is increase in the fertiliser prices (now withdrawn). At present, Farmers in many states including Andhra Pradesh fighting with drought, then instead of providing assistance to them how the fertiliser prices are raised? The raise on fertilisers may be a tactical move by F.M only to silence the reasonable demands of agriculture sector like: Changes in crop support price policy, Change in crop procurement policy, allocations for Water storage and Management projects, Priority to research on raising low yield pulses, edible oil, etc... F.M safely avoided and neglected the agriculture sector by raising the prices fertilsers. It can be predicted easily that there will be an overwhelming demand for roll back from all corners. Then as a measure for saving farmers the raise of fertiliser prices can be withdrawn. As expected everything happened… F.M. need not say anything now on Crop support price or Crop procurement policy! There are many promises in each budget to help poor man which are still pending only for implementation. Let us take for example last year’s promise to launch the Jai Prakash Rozgar Guarantee Yojana to provide employment to the unemployed in most distressed districts of the country. So far only draft note on the scheme has been circulated among concerned ministers! This year too there is an announcement of 600 crores more to agriculture sector than previous budget! Without specifying the money allocation!! It now seems to be that the farmer in our country does not have true representative or strong pressure groups to influence the Budget as in the case of business man. Every year he will be assured with promises only!!!

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