Union Budget 2008 - If I Were the Finance Minister of India ..
This piece was published in Mint, a joint initiative of the Wall Street Journal and HT Media.
What are the three things you wish for from the Budget?
Tax rich farmers, do away with capital gain bonds especially for capital gains from sale of property, bring out a common card/ number for doing all financial transactions and social needs, and do away with need for different PAN, voter ID, mutual fund KYC norms, etc.
If you could end one thing, what would that be?
End subsidy on LPG for people living APL (above poverty line).
If you were finance minister, what would be the one thing outside your industry you would want in the budget?
Primary Education to be made compulsory for all at any cost as it is the sole reason for the growing problem of poverty, unemployment, population and social unrest.
What is the one thing you don’t want changed?
Continue exemption on long-term capital gains to facilitate wider stock market participation.
Which budget disappointed you the most? Why?
The Union budget 2007 since it was mostly a non-event and anti-reform due to political compulsions.
One proposal you think is shot down in every budget but shouldn’t be.
The issue of tax moderation, which makes relevance in today’s economy since due to inflation and rising incomes, tax slabs should be increased for focus on middle and higher income population.
What would you consider to be inclusive growth?
For having inclusive growth and financial inclusion, what we need is a framework where the rich and poor co-exist and achieve higher incomes, as without growth, there cannot be rise in income and growth can only happen once capitalists are given proper environment to work.
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Amit, you are so right.I especially like this one:
“If you were finance minister, what would be the one thing outside your industry you would want in the budget?
Primary Education to be made compulsory for all at any cost as it is the sole reason for the growing problem of poverty, unemployment, population and social unrest.”
AT ALL COST!
I think,that’s the only way to establish a modern democratic country and market economy,otherwise everything is just ‘a spin/an illusion’, an act of looking forward to time,when social differences is going to lead to unrest and revolutionary changes.
Basic knowledge should include math/natural sciences,native and foreign language,local/world history,use of modern gadgets(PC,mobile phone,mp3 players, etc.),Internet/Social Networking/Seeking any Information needed.
p.s.
Many socialist/communist countries had been successfully proved, that their basic education was quite good, especially natural sciences and math, but not the history/humanity/philosophy - one party system and brain ‘Marxist’s style brain washing’
If I were the the FM then definitely i must improve our agriculture side by implemeting some concrete steps to enriching our agriculture sector instead of industy. No doubt, industry is the key factor of developing process in today’s world, but we should never ignore to the agri. side. Because what we suffering the major price hike crises. I think it is a severe failure of govt. of india to give a break on pricehike.