Indian Finance Minister Mrs. Nirmala Sitaraman will be presenting her maiden Union Budget on Friday. This Budget must have been prepared in the backdrop of a slowing economy, delayed monsoon, which undoubtedly reduces agricultural activities, in main Khareef season. The sluggish domestic growth is compounded by lackluster global growth, which in turn reduce the demand for our Exports.

As a retired PSU employee I'm more concerned about raising of Income-tax limit. As high inflation is continuing, it’s the right time now that the Income-tax exemption limit of Rs 2.5 Lakhs (3lakhs for senior citizens) is raised to Rs 8 lakhs to make it at par with the rule of recent reservation policy under 10% quota. This way all eligible persons under this reservation policy will automatically out of Income-tax net. Also, the ensuing budget must provide for lower rates of taxes as it results in a greater number of transactions in white, and black money is reduced, while economic activity increases and our Gross Domestic Production and revenue also increases.

In fact, I have a different approach to this matter--as the elections proved that majority have adored our PM,  for taking very bold decisions like GST, Demonetisation, So-called surgical strikes, fighting black money there are several problems like unemployment, black money stashed in foreign banks, corruption in the whole system, by just one more bold decision of abolition of Income Tax altogether. The whole black money will come out in the market. With the growth in production and consumption, the industries will employ more, so the educated youth will become busy because of employment thereby we can see a surprising decline in crime rate even.

Several countries do not impose Income Tax and this is the disease which keeps our people corrupt. Abolition of Income Tax will transform our society into a healthy nation. Problems in the nation are many and some times we the people of India feel hopeless.