The ensuring budget will make you to negate
the established truth of either becoming gloomy or gleeful. Why? Because the
last budget, which incidentally was the first one of Modi and his NDA
government, they could not establish the magical reforms formula required to
upheave the country’s disheveled economic performance. So this budget, which is
to be tabled in the parliament in the next week have to announce more & more reforms and expedite the policies needed to
increase the implementation of these reforms. So people are naturally more
enthusiastic to know the outcome of the budget.
Most of the past finance ministers of India believe
in the theory that budget should not the only key indicator for evaluating the
performance of a government; rather it is a directional path to be followed for
proper execution of economic and financial policies for a particular fiscal.
So, one should not diddle much on the aspect of a particular budget, rather see
the working pattern of the government for various efforts to implement the
finance related policies already taken in the particular budget and very many
decisions to be taken in the course of the year. More importantly, reviewing
the policies and decisions and ultimately results accrued thereupon is more
important to evaluate the performance of any government with respect to their
consideration of economic reforms. Despite these philosophical utterances of
the finance ministers, people will be mostly scrutinizing the budget as virtually
the real indicator of performance of the government and their direction to
fulfill the people’s wish lists.
After the radical changes brought by the then
finance minister Manmohan Singh in the year 1991, India opened the conservative
gate of budget formulation. Dismantling the shackles of licensing raj, Singh
created a furore in the history of politics and came out with such a courageous
decision. Perhaps with similar type of expectation, millions of Indians and
foreign nationals all over the world will glue to the television set and chew the
words of Mr. Jaitley’s speech to find out how much it is beneficial to them and
in what way?
The last year's budget by Jaitley is almost
like a one day match, but this time he has to establish all his credibility to
make this budget industry friendly, pro-reform and helpful for the common
people to combat their financial burden and plight. He may provide an
explanation that last year budget was just like a net practice, but the same
commotion will not be effective this time to appease the countrymen. Moreover
to counter the onslaught in the hands of AAP in the recently held state
assembly in Delhi, Modi has to burn a much more midnight lamp to guide Jaitley
to meet the expectations of the people of India and also the world.
Modi very rightly, exercised all his rhetoric
power to change the image of India in the global map. Relentlessly, he has
whisked past pillar to post and visiting many countries and had brought those countries'
heads here to apprise them our zeal to increase the business & strengthen the
trade tie-ups. In this process, he has assured them for adequate support system
through the budget and bringing more reforms to provide a conducive business
environment and he also says to
eliminate the red-tapism so as to come
out from the bureaucratic impasse and ensure them that he and his team mean end
result. With these types of assertions from none other than the level of the
Prime Minister, the world is eagerly waiting to know the crux of the economic
reforms being contemplated by Jaitley in the forthwith budget.
To present a bold and reform packed budget, the finance ministry must come out
from the thinking like a namby-pamby and counter the chaotic forces of the
opposition parties In the parliament on the budget day. Though, for the past
nine months, this government has made an amicable relationship with the
opposition forces, centre-state cordiality has improved upon and Modi has not
given much importance to political mudslinging. He has not even accused and humiliate the opposition parties to get
their wrath. He has shown the countrymen of his sincerity for a good
governance. In fact, from the day one of holding the mantle of this government,
Modi has identified very many useful buzzing slogans of “Make in India’”
“Swachh Bharat” and “stashing out the black money,” and to bring the same in
the economy and now through this budget announcement, he has to prove some of his above desires to
be implemented in the right direction.
All
are not that simple because this government does not have adequate numbers in
the upper house. To make any bold decisions and strategies to increase the
speed of reforms, if Jaitley comes out with any new proposal related to direct
and indirect taxes, cut down the subsidies and take some steps which may hurt
the emotions of the people causing the shrinkage in vote bank, the same needs
to be faced firmly. In that case, the Government will try and try to persuade
to accept their budget proposal and ultimately when they will fail, the whole
purpose of a bold and courageous budget, will not produce results. What Modi and Jaitley
will do then? Already we have seen a number of ordinances have been promulgated
immediately after the last session proposing to ratify various bills related to
FDI cap in insurance, land acquisition act, coal block auction, e-Richsaws in
Delhi and speed up the reforms in arbitration, etc. If any new proposal in the
budget does not have any unanimous sanction in the parliament, Modi government
functioning will be a question mark.
Whatever may be the political consequences,
rivalry and acrimonious debates in both the houses of the parliament, Jaitley
has to present a forceful budget with complete boldness as it was shown in the
year 1991. Singh could do so, of course, with the help of Late P.V. Narshima
Rao then why Jaitely can’t do with the help of ever aggressive charismatic and
eloquent speaker Modi.
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