The Union Budget for 2018-’19 announced on Thursday kept much of its focus on rural plans and easing the agrarian crisis ahead of general elections next year. The headline schemes included a healthcare insurance proposal for the poor and an increase in the minimum support price for crops.
In the midst of it all, India’s salaried class felt woefully ignored. There was no relief in the income tax slabs and the standard deduction of Rs 40,000 on taxable income that Finance Minister Arun Jaitley announced fell far short of expectations.
Besides, this was offset by the increase in 1% education and health cess, which will increase taxes overall.
The Long Term Capital Gains Tax on equity and an additional dividend distribution tax on equity mutual funds came as an added blow.
Adding salt to the wounds was the fact that the salaries of the president, vice president and governors were increased, while MPs were guaranteed an increment every five years to keep up with inflation.
Feeling left out, the self-proclaimed middle class – who are much closer to the top of the Indian social and economic pyramid than they dare to admit – turned to humour and Twitter for solace.
For those who may be confused. National Bamboo Mission does not refer to what the budget has done to the middle class.
— vir sanghvi (@virsanghvi) February 1, 2018
It’s just another provision in the budget...
New movie titled 'How To Lose Friends and Alienate The Entire Middle Class' should be made now. #Budget2018
— Kabir Taneja (@KabirTaneja) February 1, 2018
Poem by @arunjaitley to salaried middle class:
— Arnold's Soundness (@brakoo) February 1, 2018
Roses are red
Violets are blue
I have 5 fingers
Middle one's for you.#Budget2018 #replug
For those who were left speechless by the disappointment, GIFs and screen grabs from Bollywood movies came to the rescue.
Condition of middle class in #Budget2018 pic.twitter.com/iz3Z5kHRb5
— Bhaad me Jaa.. (@iAbhishek_J) February 1, 2018
Jaitley ji to Middle Class #Budget2018 pic.twitter.com/YIzr4N8Nzv
— Ritik (@RitikRai619) February 1, 2018
Middle class right now#Budget2018 pic.twitter.com/HoIx48ZH60
— Bollywood Gandu (@BollywoodGandu) February 1, 2018
Middle class looking for tax relief in #Budget2018 pic.twitter.com/yM18V1RqiV
— Geekology 🔁 (@academic_dud) February 1, 2018
Arun Jaitley holding Indian middle class. #Budget2018 pic.twitter.com/c2WDtw5F4Z
— Aaqib Raza Khan (@aaqibrk) February 1, 2018
Politically it's a great strategy.
— Akash Banerjee (@akashbanerjee) February 1, 2018
Keep #SuperRich friends close
Keep taxing the quiet #MiddleClass
Keep announcing schemes for #ThePoor voters.
The only problem is that the economic bails will not stay there by sheer bhakti.
(Original pic via @BollywoodGandu) pic.twitter.com/8Nr071N0Ns
But there is always light at the end of the tunnel, as one Twitter user pointed out.
Middle Class will now have to pay:
— Jet Lie(Vasooli Bhai) (@Vishj05) February 1, 2018
Goods and Service Tax.
Long Term Capital Gain Tax.
Income Tax.
Increased Cess on Income Tax.
This will make them fall in BPL category and hence will be able to avail all Govt Schemes.
Masterstroke by Modi ji.#Budget2018