Where will 60k Crore come from ?.
Tax slab is increased from 1.1 to 1.5 et al, so less no of people will pay the tax. Also tax percentage is reduced for some slabs, what about the loss of revenue ?
Best explaination of the budget I found on the internet: Down to earth explaination in lay man's terms, by Prof. Kanu Doshi.
In short, the answer is "Multiplier Effect". It says, if your earning is >5 PA, you will end up saving 50k of tax. So spend 50% of that and save/invest 50%. It is easy to spend since production cost is reduced by reducing excise from 16% to 14 % or so(bikes, clothes etc.). This rotates the money you saved from tax, amongst the people. Thus, circulating economy pays PC a lot of paper.
Also take good care of your parents. It will benifit you in income tax :).
Gud thing for me is that Automobile industry will be benefited.
Also now PAN is compulsory for all the economic transactions.
Politically, will people remember the benefits in their short term memory? Does the election year budget really help political parties? Rajdeep Sardesai, Yogendra Yadav will analyze and tell us who will loose the elections. That party will form next government :D.