Exactly a “Bharat” Budget

Shiban Khaibri
On Feb1, two  very important events took place  in our country, one was an innovative  and a revolutionary budget meant for the people of India , Bharat to be more precise; because of its main thrust on the rural sector of our economy, Aam Aadmi  centric, not for the name sake to camouflage  anarchy , arrogance , inconsistency and shoot and scoot  in  politicking under the pseudonym of Aam Aadmi but in real sense – a desire, an attempt and  a resolve to have a departure from the post independence  era of empty truisms of “Garibi Hatao”. More of it in the following lines .
About the other “event” which too took place was ugly in appearance and precedence.  It promoted intolerance and struck at the roots of the right to expression. The pandemonium in our  state assembly where an Honb’le member  muscled  lifting two chairs with two hands to be flung in the  House , where the furniture, and fixtures   meant for  our law makers  purchased by our  hard earned money   was smashed and damaged . Blows were tried on one another by many opposition  members against the treasury benches. The duty bound “poor” Marshals were injured, mikes and even benches were pulled down .The reason? Well, apart from the  MAIN  reason of BJP sharing power with the PDP , another alibi to do a “free for all ” was about some  “remarks” on Article 370 by the Chief Minister. Is any remark, any view, any suggestion, any comment on this Article ,  not in tune with the rigid and inelastic  stand by the select Kashmir centric political club tantamount to committing a blasphemy ? It looks like that. It is detestable, unacceptable and last but not the least, reprehensible. A word of caution would be for such a mindset to read the writing on the wall, distinct and clear. Not only is India changing and changing very fast but the world too is changing where old rigid political concessions, protectionism, special considerations granted temporarily are getting modified or removed. So, this Article should never be treated as something divine so as not even to be commented upon. Very sickening and replete with nauseous feelings in respect of what was witnessed in the Legislative Assembly.
Coming to the Union Budget which we, Indians must necessarily feel associated with and interested in , at the outset,  a  heartening feeling is that an old practice of presenting two separate budgets,  the Railways and the  general budget has been given a  go – by. A combined budget has been presented this year and a month ahead shows that there could be departures from old practices to bring about changes. One thing very spectacular about Arun Jaitley’s budget is the consistency in  fiscal consolidation and from fiscal deficit of  3.5% it is expected to be 3.2% in 2017-18 . Those criticizing this government of being “anti poor and anti farmer” must find other excuses and grounds, now to attack the government as this budget is loaded with a rural push. That is why it may not be a budget for India but one for Bharat or the 65% people living in rural areas. Again, those who as a matter of habit, take on this government for being “pro rich”, ” pro Ambani and soot (suit) boot sarkar” have been attempted to be silenced by the Finance minister’s assertion that the wealthy must pay more taxes.  Big Corporate houses were expecting concessions in taxes but the FM has kept them guessing,  instead has given relief to smaller enterprises with turnover touching Rs. 50 crore by 5% in taxes.   90%  of all enterprises will be benefitted by tax reduction rate. The fact of the matter is that corporate sector provides jobs and reasonable concessions to them would give an increased fillip to domestic investments.  Also those critics have been kept at bay who avowedly charge the government as being “anti farmer ” by allocating as much as Rs. 187223 crore for agriculture, a record 24% more than the previous year . Farmers’ incomes are sought to be doubled in five years. Funds allocation for MNREGA are proposed at Rs. 48000 crore , again a record allocation of 22% more. 100% electrification is sought to be achieved for all villages by May 2017.  Rs. 10 lac crore has been proposed for agricultural credit and NABARD has been asked to do more in the area of providing money cushion for agricultural sector.  One crore households are proposed to be lifted out from poverty and one crore houses built for the roofless by 2019. Crop insurance coverage has been upped to 40% in the financial year 2017-18 and to 50 % in the subsequent year. More coverage of crop insurance shall generate a lot of hope and confidence in farmers.  60 days interest waiver promised to the farming community is one of the measures to afford relief on account of demonetization effect.
Contrary to expectations of the income tax payers , the rate has been brought down straight from 10% to 5%  for income slab of Rs.2.5 to 5 lacs. Not only this segment but all others stand benefitted to the tune of Rs. 12,500 while 10% surcharge has been levied on incomes between Rs. 50 lac to Rs. 1 crore. Here again the manufactured fear of the select opposition of being pro rich is blasted.
Modi government has taken a slew of measures through this budget to circumvent generation of black money by disallowing dealings in cash above Rs. 3 lac in consonance with the recommendations of the SIT on black money and more emphasis is laid  on  transactions  through digital means. This move is proposed to be strengthened by means of legislation.
As  mounting NPAs are increasingly straining the Banking system in terms of profitability as provisions have got to be made for non performing  assets , the government while augmenting the capital resources of the Banks by Rs. 10000  crore is also contemplating to effectively guard the loans especially to  the borrowers like  Mallya. Such willful defaulters who even could influence the PM and the FM in the UPA regime to secure loans as revealed with documents by a leading TV Channel recently and then left the country   to avoid the noose of the law of the land, could face seizures of movable and immovable assets and cause them to be sold through an effective legislation.
India needs to fight growing unemployment and for that we need investments. In that direction, FDI policy has been liberalized. Foreign Investment Promotion Board (FIPB) has been abolished. A new investment climate can generate huge employment and ease of business shall influence 95% of FDI coming through automatic route.
We often feel disconsolate at the grim prospects of bringing about drastic changes in political funding and to have reasonable probity and transparency and not allow political parties become a landing pad for black money.  So far we have seen a near unanimity among the law makers  to avoid , if not oppose, taking steps in matters where it comes to be reasonably  honest  and upright in receiving donations. A historical but daring step has been proposed by this government to cap  donations at Rs. 2000 only instead of Rs. 20000 so far. Though the move cannot unfortunately be cent percent successful because of maneuverings by extra clever politicians, yet the trend has set in for reforms in political funding. The next move could be state funding  for the contesting candidates in elections to avoid malpractices like “purchasing” votes instead of getting them in the ordinary course.
In Railways, the government is proposing a record plan outlay of Rs.131000 crore to make railways gain speed, ensure safety, provide better services, have new projects started and the ones in pipeline to be completed. Bio- toilets in all trains by 2019 , 3500 kms more of lines to be laid, ‘coach mitra’ facility, infrastructural development through PPP mode , eliminating of unmanned crossing  within  5 years are the main features.
Health sector shall get funds adequate to eradicate diseases like leprosy, TB and measles by 2018, 2020 and 2025 respectively and create additional 5000 PG seats every year to have more specialist doctors. Defence sector, gets Rs. 274114 crore.
The criticism from the Congress, Communists, TMC, RJD, BSP and also the SP , as usual is expected, if  initial reactions are any indicators. We could not have a better budget. It is high on investment thrust. No country in the world has handled demonetization in such a way in such a large country and this budget is a bold step to repair hardships and consolidate gains. Could we expect a revolutionary step like the scheme of Universal Basic Income (UBI) from this government in the near future which will really ensure every citizen getting as much income as suffices his basic needs? Concluding this “Bharat” budget wants us to spend more and save less and fight status quoin mindset because development is subservient to changes and reforms. Big clean up and a “game changing” budget, indeed.
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