Everyone had expected an election budget, and true to expectations, the 1978 Budget that was presented last Friday was an election Budget. The trouble with an election budget, which gives out sweets, is that after elections, not only are the sweets taken away, but even more bitter pills are administered to pay for the pre-election sweets.
A closer study of the 1978 Budget shows that the sweets are given to the well-off and not to the poor, but which the poor will have to pay for after the elections. Import duties for jewelry , diamonds gold and precious stones are slashed by 10%, and on top of it, the sales tax on these items are further slashed from 10% to 5%. These election sweets are not for the poor, but for the rich.
Continue reading Industrial Co-ordination Act