Yesterday, I was watching the Union Budgest speech delivered by P. Chidambram, and I found that it was really innovative, the proposals for upcoming financial year can bring up the Indian Economy well above from its current position. I acknowledge what is said by him in his concluding remarks, that we can become among the top 5 economies of the world in all respects by end of 2025. This statement has a lot of strings attached starting with ifs and buts… Nothing can be achieved without proper implementation in a strategic manner.
Initially, when he started his speech, all he was telling was some numbers, this much will be allocated to this department, this project, this mission and all… It seemed no sense to me, that so much money is allocated then why we are still lagging behind, the answer lies in implementation. Acknowledging the inefficiencies in Government department he also announced various PPP projects. His budget was basically consisting of policies and stratgies being adopted at International standards. Something, which was a kind of new thing was a Women banks, this can be seen as political agenda, but after all he is a politician also we can expect some level of populistic budget in that terms. Another, new thing was taxing HNIs, something which is being adopted in many countries to fill in gap of their fiscal deficits. But, no one can stop people from tax evasion, and here comes few tips from Economic Times and there are others available too to prevent yourself in falling the 42800 HNIs in India.
A few days back, I read this article in Times of India that how taxing the “rich class” could this really help the government in building funds, and I must say it was an eye opener for me. In his budget speech, he restricted himself talking about common man much., but the main focus was to improve the macroeconomic scenario of country. If I were to rate the budget, I would have rated it 3.5-4 out of 5. It was innovative,forward looking, talking a bit about policy changes, etc. but less relief for a common man’s day to day life.