Budget has been always a serious affair for any expanding and developing economies and also for the world. In India budget has always been a very important phenomenon that have always made national headlines as it should be being the most important guideline for the nation’s development. The budget 2012 has provided some new dimensions to the country and the improvement in the trade and also internal market. Economy of any country depends totally on the planning and the budget that it discloses. That helped a lot in the running of the economy. This makes the most important contribution that makes good utilization. Now what has this years budget provided to the market: -
- The Indian film industry which has become really huge in the last few years and catering to the world market has never been the problem. They have been exempted of the service tax of the copywriting relating to the recording according to budget 2012.
- The thing that impacts most other people in the country yet. Mobile phones will be charged more for every call. There has been a lot of problem regarding the actual scenario.
- Rupee has ended on a high note later on as there has been much government intervention. The government claim to infuse ECB s to aviation, power, and road has helped the foreign investment to soar up and give the rupee a boost.
- Construction business and manufacturing is going to get more costly as price of cement is expected to rise by about Rs.5 per kg.
- The life saving drugs has been allotted to special tests and it was only done with this budget where there has been given duty exemption for the products.
- India will spend about 50 crore on the welfare project on the overseas Indians. The Ministry of overseas Indian affairs will be allotted Rs.114.77 crore to spend which is a 44% hike than last year.
- Garments will get cheaper while there will be a possible hike in the excise duties.
There have been various criticisms of the budget 2012 from among the politicians and others alike. BJP and other oppositions rejected this budget saying that it is missing the original picture of India. The gulf region NRI s gave mixed reaction to the budget that will be really helpful to implement the procedure. But overall there have been pretty much an air of consent regarding the union budget.