The Economic Survey

While the budget garnered mass support from the major sectors of the economy and was well perceived by the middle man, there were also shortcomings that were pointed out almost immediately.

The main issue raised was that the budget presented on July 5th,2019 was almost an exact copy of the February interim budget, thus criticizing the budget for not being innovative enough.No previous failures were mentioned, and hardly any solid numbers were given as to the final allotment towards various sectors.

No announcements were made towards import regime other than defense and the 3 major problems i.e ,

• 1. The highest unemployment level in 45 years,
• 2. The drastic reduction in consumption and
• 3. Proposals for private investment found no place in the finance minister,s budget speech.

The economic survey stated that nearly 71% of crop produce was sold below MSP, another issue that was not addressed. shareholding norm tweak for listed cos was a demerit, causing an increase in minimum public shareholding due to which MNC's listed on Indian bourses may consider delisting.

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Budget proposed to bring about 25% tax ambit companies with annual turnover rs.400 cr. In the earlier cap of rs. 250 cr.

What remains sad here is that something which was promised about 5 years ago, has still not come around. Almost no mentions were made towards the defense sector, in the phase of an all-time high risk, making it a major dampener. Tax dampeners too were present, standard deduction and TDS threshold didn't find a mention despite the interim budget promising a hike in these limits.

Long term capital gains (LTCG) were the only taxon equities that riled investors no end. This issue was never touched upon. Very high tax on super-rich led the economy towards being uncompetitive, more Indians can be expected to low tax land. An increase in special additional excise duty and road and infrastructure cess by rs.1 / liter on diesel and petrol wasn't very well received by the people .

In the agriculture sector, no roadmap was provided to double farmers' income. Kurubur Shanthakumar, president of Federation Of Farmers Association, criticized the budget for streamlining Pradhan Mantri Fasal Bima Yojana and called out the budget for being extremely pro-corporate house.