Finance Minister, P Chidambram announced the last budget of the second term of UPA-II today. Several new announcements were made and several expectations remained as they were. Various sections of the society took a different view of the budget. Industrialists seem to be happy, economists, as always, gave a balanced reaction, banking shares toppled, service class said it was just another day for them and the poor have no idea what so ever.

Among other things, the financial document lowered the prices of branded apparels, precious stones, handmade carpets, branded non-allopathic medicines, eco-friendly vehicles and watching movies; while people will have to shell out more for SUVs, imported cars, imported bikes, cigarettes, marble flooring, dining in AC restaurants, set-top boxes and mobile phones (of cost above Rs. 2000).

Here are a few reactions that we received on the Budget-2013.

According to CA Nirmal Singhvi, Finance Ministry has levied Rs. 13300 Crore of Direct Taxes and Rs. 4700 Crore of Indirect Taxes which will increase the pressure on the common man and will also raise the inflation rate.

From Udaipur’s perspective, Singhvi said that the budget has doubled the production value of marble which will affect the local marble industry and this rise will reflect on the selling price of the marble too.

He welcomed the additional tax deduction on the home loans but critised the budget for mentioning no steps to improve export. Overall, he said that the budget was a mediocre one which will not improve GDP growth.

MD and CEO of HDFC Life, Amitabh Chaudhari welcomed the budget proposal and said that it was the result of P Chidambram’s strict stand on some of the key issues related to overall growth. He intended to generate investor confidence and increase investments, and according to Chaudhari, he probably will achieve that.

He said that the budget was a responsible and prudent one. Several steps have been taken to improve market sentiments. He also welcomed move to levy a surcharge of 10% on the ‘Super-Rich’.

Criticizing the budget, National General Secretary of BJP and Rajsamand MLA, Kiran Maheshwari said that the proposal was full of promises that could not be fulfilled. She said that the government lacks willpower and intention to take the country towards the path of strong growth and development.

Kiran said that increase in production tax of marble will impact the small and medium scale marble industry. On the announcement of establishing National Women Bank, she said that only announcements and establishments won’t help in improving the condition of women. Strong rules should also be made to provide monetary help to women entrepreneurs through each and every bank.

She also said that without any discipline in the government expenditure, development cannot be attained.