The good, bad and the ugly of budget 2015 | Finance Budget 2015

Budget plays a major role in bringing about a smoother administration of a country. It is a well-planned budget by the government that ensures a growth in the economic status of a country. For a developing country like India, the planning of the budget should be done in such a way as to make sure that no sector gets badly affected. It is important to bear in mind the citizens, their income, their needs, supplies, the market, business and the list goes on and on. Since one can find all classes of people within the country, it is very hard to satisfy each one with a single budget plan. This results in certain good, bad as well as ugly effects on certain sectors. The budget plan of the year 2015 has got all the three components with good taking the major part of it for industries while hit the pocket of common man.

THE GOOD

As a good start, it was announced by the Finance Minister Arun Jaitley that there will soon be a national skills mission to ensure youth employment and help upliftment of the rural youth.
The announcement for 5 AIIMS in the states of Jammu & Kashmir, Punjab, Tamil Nadu, Himachal Pradesh and Assam,
IIMs in Jammu and Kashmir as well as in Andhra Pradesh and an IIT in Karnataka has been sweet news to educationalists and students.
Funds have also been released for school education and higher education.
Coming to the corporate sector, the announcement of a 5 percent reduction in the corporate tax for the next four years
The abolition of wealth tax and replacement of the latter with an additional 2 percent surcharge on super rich corporates has created a positive impression.
There is also a 100% deduction in the tax for contribution to clean Ganga and swachch Bharath schemes.
5 Ultra Mega power projects, of 4000 MW announced
Highest ever allocation for MGNREGA, by increasing it this year by 5,000 crore rupees
Exemption for health insurance increased from 15,000 to 25,000 rupees and Rs. 30,000 for senior citizens

BAD

Furthermore, there also is some bad news for the consumers as
The service tax rate goes up from the existing 12.36 percent to 14. This has been done keeping in mind the amusement facilities such as that of bowling alleys, arcades, water parks, restaurants as well as mobile network services. Entry for entertainment shows will as well be considered under the same category.
Swachh Bharat Cess on all or certain taxable services at a rate of 2%
Air travel, Plastic bags and sacks, tobacco products to become costlier

Ugly

Individual tax payers see no change in the tax rates. This makes the budget 2015 a plan which pays less attention towards encouraging individuals and exempting from taxes.
Since the major focus of this plan is on education and business confidence, there is very less for an individual to expect from the same.

Technology

A general aggregate of Rs 2,510 crore has been put aside in the financial backing for 2015-16 under the head "Digital India Program and Telecommunications and Electronic Industries".

One main feature of the budget plan this year is seen to be that the technology being highlighted. The widespread use of technology in various fields starting from farmers, the poor as well as the youth would be of great help. Rationalization of the same is of great importance, the application of technology in the right field would allow a channelized flow of the latest research thus making it applicable in the fields that truly are in need. The technological advancement can now be introduced to the sectors where they are most needed.