With all people speculating about what the FM is going to propose which is probably the last budget before the government faces an election, even I would like to present my take on it. Often government’s performance depends a lot on the budget it places just before the elections.
The FM has two choices either vouch for reforms or propose politically motivated schemes. One biggest flop show the government has already done is by proposing some thing like the employment guaranty scheme. A scheme that churns out 11300 crores from the tax payer’s pocket.
[googmonify]9724660217:left:728:90[/googmonify] This is what I would like to see in the budget.
1. Income tax exemption limit should be raised to 2lakh per annum. The only thing that will directly affect my pocket.
2. A special agricultural policy that will put guidelines for private players to enter agriculture and that will encourage use of technology. Private players must be allowed to aggressively get into agriculture.
3. Focus on higher education. Reforming Education department is certainly not with finanance misnitry but both in co-ordination can start some initiatives for higher education. Improving exisitng IITs, Setting up more IIMs and IITs. Ideally all the premier institutions should be made autonomous.
4. Slim the army. Cur down on defence budget wherever possible. Like French and British army, Indian military forces should no forget about being a tank to shoes lase army but should outsource the trivial operations. Reducing the number of hierarchy will certainly save a lot of bugs
5. Disinvestments should get priority. Disinvest wherever possible. All non banking PSU’s may be put under disinvestment tag. That is one way we can ensure that quality of government owned units improve.
6. If at all finance ministry can play a role (as I believe it can play its role everywhere), they should insist on giving new frequncy band to those operators who promise to provide more services at lesser cost. Currently its decided that operator with more subscribers will get a higher frequency spectrum allocation.
7. Special tax benifit for greener industries. Industries that use renewable sources of energy and are low on carbon emissions.
thats it a very little from a common man.