Looking forward to pleasant tunes from this FM (Budget) channel

Each time the Finance Minister says "I rise to present the Budget", hopes among the common people rise. For the rich it does not make any difference because they know what is in store and they know how it can be passed on. It is only the common man who is already a squeezed lemon is further squeezed beyond the last drop.

Successive Finance Ministers have failed to live up to the common man's expectations. Even the so-called opposition parties which have the habit of criticising the Budgets have done precious little when they become the ruling parties. Budget data has been a massive jugglery with numbers which no one ever understood. The Finance Ministers often use expressions like cumulative impact and overall benefit which hardly mattered to the common man because he had to pay taxes and taxes on everything that he bought – and will continue to do so. The most tragic aspect of the Budget – yes, also the Budget – is that the blame game continues at the cost of the man in the street.

Budget pundits often say the Budget has to push reforms and the government must have the courage to do it. But what do these reforms mean to the commoner? Does he get to buy his dream home at an affordable rate? Does he meet his kitchen needs without having to bother about frequent price hikes and shortages? Do these reforms take care of uninterrupted supply of food grains, oils and other essentials? Can the common man go to sleep peacefully without worrying about the midnight fuel price hike?

Can the Finance Minister name any item – other than hollow promises - the cost of which is not impacted by spiraling prices? Obviously, a big NO!

Let me attempt to address a few issues which continue to bring frustration to us despite the consecutive promises by the ruling or the opposition parties, apart from the finance ministers. And I am not talking about statements such as GST-over-my-dead-body!

Housing: Affordable housing has become a cliché now all make promises without defining the affordability. So, the facilities the government offers are limited to sub-Rs 40 lakh homes. The powers that be conveniently forget the fact that the need for decent housing is on the rise in cities much more than in the villages, yet they do not think of a pragmatic rice threshold.

GST: GST is supposed to solve the headache of multiple taxation but has it done so? Today, almost every industry talks of rationalising GST. Take housing again. Why should the buyer pay GST? Hasn't the builder already factored the GST that he has paid on each and every item that goes into construction – from tiles, sand, cement to electric fittings? Yet, we pay a GST of 5 per cent on new flats, apart from the stamp duty and registration.

No government has done anything about bringing fuel under the GST gambit. The result is we are forced to pay heavy taxes to the extent of 60 per cent (now 50 per cent). Under GST, the maximum tax would have been 28 per cent.

Another common man's item, two-wheeler, is still treated as a luxury and is levied a 28 per cent GST.

Two years of pandemic has brought forth harsh truths on which the government needs to focus and make sure that the common man – mainly the middle and lower middle-income groups – get some relief. Some expected steps:

Tax bracket: Increase the tax bracket level from Rs 2.5 lakh to at least Rs 5 lakh. The allowance for standard deductions should also be raised from 50,000 to Rs 75,000. This will give major relief to low-income group people. Indians like to spend money and the money saved on taxes will be spent on consumables. Thus, the money will come back into circulation and businesses will gain.

Healthcare: Health care is one of the most neglected subjects despite all promises. The insurance premiums are allowed to be increased to unusually high in this pandemic period. This makes health insurance, though is a must, very unaffordable. The premiums must be linked to income levels with the availability of decent health care and treatment.

OPD reimbursement: Many health problems like tension and stress do not require hospitalisation and hence are not eligible for insurance cover. This is a big gap. Even OPD care must be covered under insurance.

The Finance Minister must come out with a National Health Scheme on the lines of the UK.

Real estate and infrastructure: The government needs to focus on increased expenditure on these two sectors as they are money spinners. They will also have a positive chain effect on over 200 other industries. This one stroke can help generate jobs across so many industries.

There is a huge population of senior citizens who cannot afford heavy taxation and medical expenses today. Even the mediclaim insurance premium comes to over Rs 60,000 a year. There is also a need to raise the cover with reduced premium. Remember, a senior citizen when he was serving as a salaried employee was an honest taxpayer. No government has any business to burden him during his sunset days. He too has served the nation. He must be treated as a true patriot. But for the five per cent extra interest that he gets on FDs, he gets nothing. The least the FM can do is to ensure his Mediclaim insurance premium is reduced and even the OPD and medical consultancy fee are covered under insurance.

Finally, Nirmala Sitharaman hopefully does not resort to a populist Budget now to appease voters in five States including all important Uttar Pradesh, and then go for creeping tax hikes after two months or leave things to market-driven economy just as they have done in the case of fuel. The common man looks forward to a transparent budget speech that will give him some cheer amid the current all-round negativity.

(The author is a Mumbai-based media veteran who runs 4 websites and a Youtube channel and is known for his thought-provoking messaging)