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However, it seems there will be little respite. The good thing coming out of the Budget, probably the biggest positive, is that the FM has, at least, not burdened households further.
Some positives
Though the government is in dire need of funds to bring back the economy on track, it has taken a bold move by not increasing the basic rates of excise and customs duty. However, the government has already done its part by allowing gradual de-regulation of diesel prices, which has kept inflation at higher levels. Nevertheless, no change in duties was a positive.
Though personal income tax slabs have been kept unchanged in FY14 and there is no relief for taxpayers, husbands falling in the income slab of Rs 2-5 lakh will now get a tax credit of Rs 2,000.
Families staying in rented houses but looking to buy their dream house will benefit from the additional deduction of Rs 1 lakh, apart from existing Rs 1.5 lakh, for loans up to Rs 25 lakh. Though some announcement was expected on housing loans, the FM came out with a positive surprise. However, this benefit is available only for a year starting April 1.
There are some indirect sops as well that may benefit housewives.
The FM has reduced the duty on specified machinery for the manufacture of leather and leather goods, including footwear from 7.5 to 5 per cent. While this does not guarantee reduction in prices of these goods, any reduction in duty sounds good to the ears and may help ease the burden indirectly. The FM also announced various sops for the Indian textile industry. These include continuation of the technology upgradation fund in the 12th Plan, modernisation of power looms, positive announcements for handloom weavers and zero excise duty route for cotton and man-made sector at yarn, fabric and garment stages. This could ease the cost of clothing.
For housewives living in rural areas, the FM has excluded vocational courses offered by institutes affiliated to the State Council of Vocational Training and testing activities in relation to agricultural produce from the service tax net.
Finally, women who may be trading in the equity market with their small monthly savings will gain from the announcement of reduction in tax rates on equity futures, purchase or redemption of mutual funds on exchanges.
A few negatives
However, there are some disappointments, too. The FM has proposed to levy service tax on all air-conditioned restaurants, which, if implemented, would make eating out costlier. Also, women planning to upgrade their mobile phones will find the devices costlier, as excise duty on mobiles priced at more than Rs 2,000 has been raised to six per cent.
In short, though the FM has not done anything to increase disposable incomes, he has at least not shrunk the spending power of consumers.
