Mumbaikars welcome budget proposals with mixed feelings

Mumbai, Feb 28 (UNI) From a shrug of indifference to a wry smile of disappointment, to a nod of approval -- that is how Mumbaikars have welcomed Finance Minister P Chidambaram's budget proposals for 2007-08.

''Nothing spectacular from the industry's point of view. It is uneventful and seems more like balancing of books,'' says Kotak Mahindra Primus associate vice president (treasury) Jason Dalgado.

''The government has not at all bothered about the plight of middle class which is reeling under a severe price rise,'' Nasser, a small time trader in South Mumbai, fumes.

S Menon, a designer, says, ''It is the responsibility of the government to protect the interests of young professionals working in urban centres like Mumbai where prices of commodities are rising.'' Vijayan Nair, a former assistant manager with the Reserve Bank of India, is disappointed with the increase in the education cess to three per cent which, he says, will put additional pressure on the tax payer. ''I feel, the Finance Minister is under pressure from the Left,'' he says.

But the Finance Minister gets a half-hearted pat from Jagdish Karnani, a chartered accountant. ''On indirect taxes, the Finance Minister has done a good job,'' he says. He, however, rues that nothing much has been done on direct taxes. ''The markets were not expecting an increase in dividend distribution tax. Increment in tax gross limit for exemption is also not sufficent,'' he rues.

Charmine Joseph, working with a television firm, is happy that threshold limit of income tax exemption has been raised to Rs 145,000 for working women. ''Even a small amount of Rs 500 paid as Income Tax pinches working women like me. The raising of the limit is a solace in these trying times,'' she says.

Suman Sidana, who works for the Kotak Mahindra Group, said, ''The Finance Minister has seriously tried to address long-term agriculturural growth. When agricultural supplies increase, prices of food grains will come down,'' she says.

Eva Bhatt, a single working woman, is happy that taxes on tobacco have been increased, and exise duties on food mixes and retail prices of eatables and biscuits have been reduced.

UNI