There can never be a consensus on any issue; the Budget ’09 only emphasizes this point. Though I am not a Financial Expert, I am quite happy with the budget laid out by the Finance Minister, Mr Pranab Mukherjee. It is breathtaking, I would actually say.
For the first time in many recent years, it has actually tried to address the base issues, ie rural and infrastructure development, incorporating inclusive growth. Let the clamour about disinvestment of PSUs, increment of private share in various sectors, cheap credit availability to industries etc not befool us. These can’t be the spring boards for sustainable growth. We can’t have our industries, services viz IT, banking, insurance etc, grow without a concomitant growth in other sectors and areas: agriculture, rural infrastructure, education, health etc. These are mainly societal sectors, and hence tend to be neglected by the richer echelons, in order to generate quick moolah. But kudos to the government for coming to their rescue.
Just imagine if our rural sector has enough capital and spending power for Reliance Retails to be opened there; if the educational level reaches every nook and cranny for the Private Institutes to be lined up; if the Hospitals and Pharmacies make a beeline for the vast rural space. There is a whole lot market to be utilized, completely separate and in fact, dependable as opposed to the exotic foreign markets. But for that to happen, the rural sector will have to be uplifted. National Rural Employment Guarantee Scheme(NREGS), Food Security Act, Antodaya Gram Yogana, Bharat Nirman etc are not some sort of panacea, but they do aim to bridge the divide, provided they are carried out with sincerity and honesty. Let the economics percolate to every sector, and the capital will be generated. Let’s not fret over the 6.8% fiscal deficit bar set for this year.
It is not that the Budget didn’t look into the corporate sector. The unpopular Fringe Benefit Tax (FBT) is a goner. Corporate Tax is unaltered. Surcharge on Income Tax has been lifted. Basically, the Services and Industries have been asked to continue in the same ethos they have exhibited before. Now is the time for their neglected brethren to grow to their level.
I am sure in the next budgets, this so-called profligacy of money will be checked, and we can really see some money coming out of these investments. I would like to see some more schemes coming in Education, Health, Environment sectors too. That would be a perfect launch pad for the development of a just and healthy economy.
For the first time in many recent years, it has actually tried to address the base issues, ie rural and infrastructure development, incorporating inclusive growth. Let the clamour about disinvestment of PSUs, increment of private share in various sectors, cheap credit availability to industries etc not befool us. These can’t be the spring boards for sustainable growth. We can’t have our industries, services viz IT, banking, insurance etc, grow without a concomitant growth in other sectors and areas: agriculture, rural infrastructure, education, health etc. These are mainly societal sectors, and hence tend to be neglected by the richer echelons, in order to generate quick moolah. But kudos to the government for coming to their rescue.
Just imagine if our rural sector has enough capital and spending power for Reliance Retails to be opened there; if the educational level reaches every nook and cranny for the Private Institutes to be lined up; if the Hospitals and Pharmacies make a beeline for the vast rural space. There is a whole lot market to be utilized, completely separate and in fact, dependable as opposed to the exotic foreign markets. But for that to happen, the rural sector will have to be uplifted. National Rural Employment Guarantee Scheme(NREGS), Food Security Act, Antodaya Gram Yogana, Bharat Nirman etc are not some sort of panacea, but they do aim to bridge the divide, provided they are carried out with sincerity and honesty. Let the economics percolate to every sector, and the capital will be generated. Let’s not fret over the 6.8% fiscal deficit bar set for this year.
It is not that the Budget didn’t look into the corporate sector. The unpopular Fringe Benefit Tax (FBT) is a goner. Corporate Tax is unaltered. Surcharge on Income Tax has been lifted. Basically, the Services and Industries have been asked to continue in the same ethos they have exhibited before. Now is the time for their neglected brethren to grow to their level.
I am sure in the next budgets, this so-called profligacy of money will be checked, and we can really see some money coming out of these investments. I would like to see some more schemes coming in Education, Health, Environment sectors too. That would be a perfect launch pad for the development of a just and healthy economy.
