On Budget day, Delhiites expect Union government to address demonetisation blues, end woes

NEW DELHI: The upcoming Union Budget was seen as a poll gimmick by many in the Opposition to win back the disenchanted voters still reeling under the effects of demonetisation. However, the citizens of Delhi still believe that the Budget will be a muchneeded healing balm.

The salaried middle-class has gone into a saving frenzy while the traders want the Budget to initiate a spending frenzy. The farmers have been left a disenchanted lot, as they want the much needed sops to resuscitate the rural economy.

THE ASPIRATIONAL CLASS

The aspirational class, comprising the salaried middle-class, have been hit hard due to the cash crunch. Many of them had believed that under the present government, they would be able to benefit from the pro-industry approach.

Since the BJP declared its war on black money, the salaried class, which applauded the move, soon became an insular lot as they went into a saving frenzy. Rakesh Baniya, a manager in a private company and father of two children said: “I was supposed to buy a new car last year. My eldest had completed Class XII and will go to college next year. My spending would have naturally increased, so I thought of buying the car.”

But with the cash crunch, Baniya soon started to hoard every scrap of money he could get his hands on. “My wife used to be the hoarder but when money ran out of ATMS, we decided that we should cut our spendings. We stopped eating out on weekends and also had to cut down on various expenses and had to forgo buying the car,” he said.

Now, many of them want an increase in the tax slab. Sumit, who works in an event management company said: “They should increase the tax slab from the present Rs 2.5 lakh to at least Rs 3.5 lakh. Many in my office tell me that it should increase to Rs five lakh but I don’t think that will happen.”

THE CORE CONSTITUENCY

The BJP’S core supporters comprises traders who have been disenchanted by the move.

While talking to Millennium Post, many of the small scale traders in Lajpat Nagar, Chandni Chowk and Dwarka have reported that there has been a 30 per cent dip in sales. Many want the government to take measures to make customers spend again.

Pankaj who works at Rosy restaurant and Ruby Jewelers, believes that the Budget should reverse the saving frenzy.

“The customers don’t spend their money anymore. Shopkeepers in this area would make at least Rs 50-60, 000 in profit. Now, they hardly make ten thousand. We can’t even offer discount to them as that would eat up our profits,” he said.

Director of Lanza Apparels, Sanchit Tosaria, who also owns several franchise clothing stores in Dwarka, is cynical about the Budget. “I have no hopes from this Budget. There has been a 10 per cent loss in growth, and I am waiting for the GST, which again, maybe delayed. But at least it will bring in a sense of commonality.”

THE CYNICS

The farmers based out in Delhi have been venting their ire at the government for not delivering on the tall claims made during 2014. Many had initially celebrated as there was good monsoon this year but then came the cash crunch wiping out their meager savings and pushing them towards the brink of starvation.

“I don’t care about the Budget. Right now, I want to focus on feeding my family. They always make promises and never keep them,” said Sunil Pradhan, a farmer.

But many still wait for the muchneeded sops as they claim that the rural economy is in ICU. “They should make arrangements for procuring fertilisers and seeds as it is getting extremely difficult to manage. Our revenues have dried up and there is acute cash crunch,” said Nand Lal, a farmer from Chilla Village.

“If Modi does not help us farmers, he will lose the elections. I don’t know how he will satisfy all of us,” he added.