The BJP today came out with its wish-list for the upcoming
Union Budget, demanding that the income tax exemption limit be increased to Rs
1.5 lakh and the interest rates on housing, education and agricultural loans be
reduced. The saffron party also expressed concern over the volatility of the
stock market, saying the Government should immediately expose the people behind
the upheaval and prevent recurrence of such an event affecting small investors.
In his presidential address at the party's two-day National Council meet, which
began today, BJP Chief Rajnath Singh said, "the income tax exemption limit
should be raised to Rs 1.5 lakh to provide relief to tax-payers." He
demanded that the interest rate on housing and education loans be brought down
to 2004 levels, when the NDA was in power, and that on agricultural loan be
reduced to four per cent. Expressing concern over rising property rates, the
party demanded the setting up of a `Real Estate Regulatory Authority'. "Housing
is a basic human need. This sector cannot be left unregulated or uncontrolled.
To bring about healthy competition in this sector and also to ensure that the
common man is assured the availability of a house, the BJP is demanding the
setting up of a `Real Estate Regulatory Authority," Singh said. On the
stock market fluctuations, he said, "the Government should immediately
investigate and find out who are the people behind the upheaval in the share
market, what are their objectives, who are the main beneficiaries and also how
the government is planning to compensate the billions of rupees that small
investors have lost in the process." The BJP chief said the government
needs to ensure that a repeat of such an event does not take place and a
handful of people are not able to manipulate the entire market in the future. "Such
volatility impacts the small investors the most, and creates doubts in their
minds," he said and voiced concern about the role of Foreign Institutional
Investors (FIIs) and funds coming into the Stock Market through the
Participatory Notes (PN) route. Ridiculing the Centre's assertion that the
country was progressing at a fast pace economically, he said in the past three
years and eight months, prices have consistently been increasing, interest
rates for housing loans have increased and the condition of farmers was
pitiable. – www.outlookindia.com