You must recently be witnessing many writers and freelancers being turning up as BLOGGERS and wearing up new feathers. It's by far a good trend in hitech-journalism. Many service providers like Google, Microsoft, Wordpress, Rediff etc. are providing good platforms and ample opportunities too to encourage these trends and to cope up with the competitive marketplace which indeed is a critical & strategic move to get a share of pie in the global market. Recently Microsoft has hosted a bloggers meet in Bangalore & Hyderabad. You might be wondering why I'm mentioning all these things here in the write-up pertaining to Union Budget 2008 and does it really matter?
A few days ago, I asked one of my good frnds, Dr. Saibel Farishta - who's relatively a known figure in "blogger's park" and whose blog pulls me in everyday to have a glimpse of different aspects of life - "How do you write so much on different issues everyday and what makes you adept for writing umpteen articles in a day?" I really get amazed by the number of articles in his blog and always wonder how could he write so much!
He replied - "As far as the blogwritings go, 1 should have an eagle's eye to write so much."
Aha, an "EAGLE's eye"... how realistic the statement is! One should indeed have an eagle's eye to write about anything, yup anything... You might think of many issues but to write, it takes a bucket of water to be pulled up from the well which is 50 feets deep inside, isn't it?
Let's get back to the topic. PC presented his 7th and UPA Govt's 5th Union Budget on February 29th, 2008. In his last 4 budgets in this tenure as FM, he had tried his best to uplift the status of Indian economy, for the betterment of its citizens and for getting back its due respect in global marketplace. India witnessed a phenomenon growth in each segment of economy and the entire world started realizing the importance of Indian market in optimization of their own economic growth. We must not forget the role of former PM, late Mr. P. V. Narsimharao & PM, Dr. Manmohan Singh in this regard which laid down the foundation for economic reforms and sustainable growth in Indian economy.
In the currently presented budget, PC, though felt the pressure - while formulating it - of upcoming general election which is on the cards next year and rumours are on air that it might be preponed (it might happen anytime since, post-budget sessions, Congress could opt for signing Nuclear Deal with USA and in-turn the same might call for early polls by this year end. My intuition says that Loksabha Election and assembly elections in MP, Chhattisgarh & Rajasthan could go on air simultaneously during Nov-Dec 2008). This budget can really be considered most humane and interesting budget in Indian history. The budget is really good. It gave us many interesting topics to discuss about. The new changes in IT slabs will give relief to every common people. Health insurance schemes and healthcare programs; textile upgradation fund; corpus fund to subsidise all women Self Help Groups for LIC cover for permanent disability; special attention to micro, small & medium enterprises; upgradation of 300 ITIs; subsidy for PDS; special funds for power reforms programs; Rs 2.80 lakh crore for agriculture credit; roll out of NREGA schemes to new 576 districts; Special funds for Sarva Shiksha Abhiyan, Midday Meals Schemes & Secondary Education Schemes; Special attention on education and rural development and many more salient features of this budget are really impressive and are able to draw a significant growth. the most significant and interesting feature of this budget is - Farmer's debts to be waived off upto Rs. 60,000 cr. Marginal farmers owning land upto one acre and small farmers owning 1-2 acres would be enjoying complete waiver of their loans taken from financial institutions. One time settlement of loans for other farmers has also been attended in this budget. By loan waiver scheme, the country is discharging a deep debt and sense of gratitude to farmers, says PC.
Agrarian crisis in India is a no-secret affair. It's indeed disheartening that farmers in many parts of the country are still committing suicide, especially, Vidarbha region of Maharashtra, Andhra Pradesh, Chhattisgarh, Karnataka, Kerala and Orissa. Maharashtra is the worst affected state in this regard followed by Andhra Pradesh. Since 1997, more than 25000 farmers have committed suicide, many by drinking the pesticides which is supposed to make their crops more productive. Poor production of agricultural produce, drought and pests have become an unending tragedy for the small farmers who've no means to rectify it. Crop failure has resulted in an increased ratio of debt for the farmers and thereby inability to repay the credit loans taken either from credit societies, bankers or local moneylenders. One of the major causes for the suicides by farmers, other than natural calamities, which I see is - ignorance of farmers & their issues by the govt. authorities (read Govt.); poor administration & governance by local authorities as well as Govt.; and less attention to their demands for subsidising the chemicals, fertilizers, agro-produce, and water resources. Now, it's a responsibility of each individual in the government performing any kind of authorized action -be it a minister, a bureaucrat or any authority- to handle this kind of situations with due care and to give proper attention to the concerns, requirements, problems & issues of all the farmers, of course, above their self interests. It must really be given a due care it requires. Only then we can expect some desired growth in Indian economy.
The waiver of Rs. 60,000 crs by UPA Govt. would certainly give a huge relief to the small farmers who have taken credit loans from credit societies and banking institutions, albeit it's not going to help the farmers who've been dependant upon the local moneylenders. PC must obviously have given a deep thought to handling these kind of situations which would be arriving soon. But any Govt. is restricted to offer their attention to these kind of farmers. But the think tank of the UPA Govt. have certainly to do a brainstorming about this issue.
If this issue is left behind for some time, the budget has given a due respect to the lives of small farmers who can now get relaxed from a burden of repaying the loans.
Now the most significant question which is arising here is 'Where the GoI will generate this much of revenue from for substantiating the waivers and other schemes'? Where will the money come from?
PC is confident of achieving 11th plan target of 9% growth. With the solid foundation of domestic investments and savings, we can expect a relatively higher growth if the GoI is able to prosper the proper mobilization and appropriate utilization of available resources. With the better targeting of govt. reserves and cash flow from FIIs, we can expect a sustainable growth in the economy which will ensure good reserves down the line. With the Indian economy expected to grow with precisely a higher rate in next financial years, we may expect growth in GDP of more than 9%. With this expected phenomenal growth every citizen of India will say then 'Chak De Indian Economy'!
I've listed down the salient features and highlights of the Union Budget 2008-09 presented by PC on February 29th, 2008 in my blog for your ready reference.
Rgrds,
Remmish Gupta
विश्व और सनातन
3 months ago
2 comments:
In the realm of Aristotle's expression of governing mankind I must congratulate this blogger for writing an authoritative post on Union budget. I must say, that beyond any doubt, I stand in favor of this budget. The plan for monetary funding & collection has been well designed by Mr Chidambaram keeping in mind that not only Mahatma Gandhi's but also 21st century's India lives in villages, majority of which are farmers. Juxtaposition of industries with agriculture sector must be applauded as the former sector receives a rebate in excise duty (infrastructure manufacturing sector). Not to forget, esp. on the eve of Women's day, the half of Indian population also received some discount in taxation.
All in all, a welcome budget.
The 2008-09 budget presented by Mr PC is a reminder to the people that populistic schemes and subsidies for the poor, are permanently going to stay in Indian budget.
In an expected election year, any Central Govt has to deliver this kind of generous budget.
As the salient budget points have already been mentioned in the above post, I am just suggesting 10 changes that could have been incorporated in this budget –
1. Threshold of exemption for all Income Tax assesses could have been raised from 1,10,000 to 2,00,000.
2. Men and Women IT limits should have been the same.
3. No increase in the short term Capital gains tax.
4. Banking cash transaction tax should have been continued.
5. There should have been an increase in the Corporate Income Tax.
6. Increase in the outlay for ‘National Tiger Conservation Programme’.
7. The Duty withdrawn on naptha for production of polymers must have been continued, has this been done to favour Reliance Group?
8. The Duty on crude and unrefined Sulphur was reduced from five to 2 per cent, which is also surprising.
9. The Excise duty on small cars was reduced to 12 per cent from 16 per cent and hybrid cars to 14 per cent. This has been done, so that a medium class Indian family can afford a small car, yet it seems that this was done to favour the TATAs.
10. Lastly, the ‘macro’ loan waiver subsidy scheme for the small farmers, is the most important point of this budget. I think, such schemes should be banned and the farmers must be encouraged to earn their living. A similar ‘micro’ 3 rupee/kg subsidized rice scheme is being implemented by Chhattisgarh’s BJP Govt., which has already started making the farmers lazy & workless, as they know that even if they don’t work, they will get food.
Time will tell, how much PC has been successfull with his budget 2008-09.
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