Union Budget 2017-18 is a political statement for upcoming elections: Federation Of Punjab Small Industries Associations

Ludhiana, February 1, 2017: Federation Of Punjab Small Industries Associations president Badish Jindal has said on Wednesday that the Union Budget 2017-18 is a political statement for upcoming elections instead of true financial statement.
The early presentation of Union Budget was mainly due to the elections of States. And as the budget prepared in hurry, the exact impact of demonetization was not touched.
The major surveys have showed a decline of more than 2% in GDP whereas the Financial Statement of the budget is different from all the surveys which clearly proves that this is a fake budget.
The enhancement in Income Tax Limit is just a show-off of merely 5% whereas the Other Statements such as no requirement of keeping books of accounts upto turnover of 25Lacs and income of 2.5 Lacs are contradictory as the Govt is asking for single penny record after demonetization. Govt claims that in India only 3.7 crores are Tax Payers whereas Govt is still exempting the major agriculture economy.
The Industry was expecting the direct tax code under which there was an exeption of 5 lakhs.
The Govt has made whole budget in air as all the surveys shows a decline of Direct and Indirect Taxes whereas Govt claims an increase in income from 1790783 crores to 2146735 crores which is approximately 18% which is next to impossible.
The Govt has given merely investing Rs. 10000 crores to NPA ridden Banks whereas the Last Year Invested 25000 crores and was assured to invest the same for last 5 years.
We condemn the decrease in cash expenditure limit from 20000 Rs to 10000 Rs.
The Ministry of MSME has only been allocated the Grant of 6481 crores. Whereas the expenditure of Ministry on administration is more than 5000 crores. Thus, a mere amount is left for the development of 5 crore MSMEs of India. Whereas the schemes like MNREGA were enhanced from 37341 Crores to 48000 Crores.
No increase was made in the Interest subsidies and schemes like CGTSME and the amount pegged at 1950 crores.
The funds for PMEGP (Prime Minister Employment Guarantee Programme) scheme reduced to 250 crores from Last 2 Years.
The capital and Revue expenditure for Ministry of Heavy Industry was reduced from 7833 crore to 2600 crores.
Similarly, the Technology upgradation fund reduced to Rs.2013 Crores for 2017-18 from the revised estimate of 2610 crores for 2016-17.
The Govt claims to support the exports, whereas Duty Drawback Funds reduced from 1200 crores to 1100 crore during the Financial Year 2017-18. Whereas during the same period crop insurance scheme increased from 5500 crore to 9000 crores.
Even the Health and Education has been ignored in the budget as there is a minor increase in Health Budget from 19462 crore to 21189 Crores and Similarly the Education budget just increased from 28251 crore to 29556 crore.
The Urban Area has been fully neglected in the budget as in Prime Minister Awaas Yojna 23000 crores were kept for the rural areas whereas only 6043 crore are kept reserved for Urban Areas. Similarly, for Swacch Bharat Abhiyaan the budget for the rural areas enhanced from 9000 crores to 13948 crores whereas not a single penny was increased from 2300 crores for the Urban areas.
Similarly, in National Health Rural Mission, 21189 Crores were kept for villages and cities got grant of just 752 crores.