Union budget to address so many issues
As a citizen of India I can’t turn my face away from the coming union budget. I believe that union budget will determine the future of Indian stock market. But not only the market but the common man also eagerly waiting for the budget to come. So always expectations are high. Do the finance minister live up to these expectations only time will prove. The budget last July gave a clear indication that UPA government is with the common man, the aam admi. The only proof at that time was the crores spent for the NREG program. Another one is Bharat Nirman. No doubt these are social welfare programs, benefiting the rural population in this country. India according to official estimate would grow at a rate of 7.2 percent in the financial year 2009-10.
Fiscal deficit and raising inflation are the major topics which needs attention at this time. Free fuel pricing as suggested by Kirit Parikh committee, disinvestment in PSUs are the other major issues. Introduction of new tax system also awaits final touch by the exchequer. The burning issue now is the raising inflation. In January price of articles increased by 8.56 percent. According to financial analysts Inflation will become double digit by March. Recently RBI increased CRR rates by 75 basis points. But it will come to effect by February end. It will take more time to know the complete effect of this move.
In last two budgets finance ministers increased the limit for individual income tax. Since inflation is inside the room, there will not be level hike. If any hike happens definitely there will be some monetary measures like bank rate hike by RBI.
Continuous Terrorist attacks are another major topics. Terrorists again and again proved that no place in India is safe. They are well targeting India’s tourism sector. Measures should be there in the union budget to tackle this menace. Recent Pune attack was only a demonstration by terrorists to show that they can blast anywhere in India. How to keep the balance between growth and stability is the million dollar question now. It is hard but not attainable. Insurance and aviation sector reforms are the other major issues. US president Barack Obama’s comment against the outsourcing is another problem needs attention. Export industry is also on the path of recovery, but little more push is needed.
Glowing figures will not do any good for aam admi. They are still dreaming about the basic needs. Infrastructure revolution, as a result of recession, on the verge of collapse. Communication revolution is still at the infant stage. Agriculture sector leaves no hope for policy makers. Population is growing at a faster phase. Domestic food requirement is increasing. No country can depend fully upon import. There should be schemes to promote agriculture in households. As responsible economic power India should pave way to environmental friendly measures. Packages should be there in order to promote small and medium scale enterprises. Education loans should be hassle free. Australian incidents had thrown light to the need of improving our education system. Funds should be allotted for quality improvement of higher education.
Altogether a comprehensive budget is the need of the hour. The budget should serve as a blue print for India’s goal to become a developed nation.
I am a writer. I write poetry and articles related to business and cinema. I have been writing articles for Newspapers and websites. Articles are available in the site www.pramodthomas.com
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