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Focus-less budget
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E-mailMade Popular Jul 7 2009
India :
With the Congress getting a good majority in the last general elections, I was hoping that the finance minister would be quite bold in presenting the budget. However, I was very disappointed as the FM has not done anything on issues which are very important such as boosting the industrial growth, real-estate, aviation, disinvestment, etc.
Doing away with FBT is welcome but increasing the MAT is rather perplexing. The budget is also silent on increasing the FDI in the banking and insurance sectors.
The only people who are happy with the budget are the people earning more than Rs. 10 lakhs as the surcharge has been done away with. A majority of people can at least take heart that the IT return form would be a simple one.
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Focus less budget? The government has clearly focused on the poor people and it is the budget to increase the earning capacity of poor people which will boost the domestic economy.
(Local Perspectives)
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Why?
1. The deficit (essentially the Government’s borrowing) has been increased dangerously and the budget is designed to encourage spending. Good work because spending stimulates growth. And if it doesn’t stimulate growth what will happen to India?
Another minor issue. This scheme has a problem this time. The budget focus the fiscal stimulus on consumers and not on firms or public spending on big projects like highways, canals etc. Okay, we don’t have time, so we can put the public spending part on the back burner this time. This effectively means individuals have the money this time and not organizations/institutions. Can the Indians prove to be wise enough individually to do what the FM is hoping from them? Maybe yes.
Yes? Well, maybe. And if it does work, the growth must be rapid or the whole Great Pranab Hope will fall right on its face putting India and Indians on the train to unimaginable economic misery.
It's the tragedy with us that we accuse the government for neglecting the down trodden sections of society and whenever government takes bold steps to help the poor we accuse them for extravagance.