And for a Friday after the epoch “Game-changing” budget, some thoughts….. some musings…..
The Union Budget presented by FM Nirmala Sitaraman was welcome to me for what it did NOT contain, as much as what it has actually promised to deliver. All the “Commies” leftists intellectuals, so called champions of the Poor (but no doers) have been advocating some most foolish ideas – COVID CESS, Wealth Tax, 50% Capital Gains on Share Profits, Gift and Estate Duty – to fund COVID crisis. Thank God the FM has instead taken a bold and visionary approach. Govt will borrow the funds rather than burden the 20 million already weary honest tax payers. First time any FM has been kind and sensitive to the Tax payer. Also 75+ retirees with only Pension and interest income, no more Tax returns – three cheers !!!!! A “right of centre” Growth stimulating budget. A unique and bold experiment in Socialist India.
With 5.54 lakh crores of Capital Expenditure outlay, this is the largest ever capital spend plan in Infrastructure, Roads, Railways, Oil and Gas and Health infrastructure which includes the World’s largest Vaccination drive. These measures have a huge multiplier effect offering employment from the unskilled workers, to all classes of MSMEs , Professionals and of course the large construction giants like the L&Ts of the country. It will ease liquidity, inject growth and revive the Economy. Add to it the redrafting of OPC (one person companies) will be big boost to startups and the concept of “Bad Bank”. Simply put, it means a series of measures by which Good and Honest Banks do not fold up due the the unforeseen Economic downturns. The NPAs ( Non Performing Assets ) of these banks will be carved out into a separate ARC (Asset Reconstruction Company) and by globally practiced transparent policies, the complex issues of failed assets and debts will be solved. Banks will be healthy and once given their independence from corrupt Babus and Politicians, these strong Nationalised banks can become the Engine for Growth of the Economy. Not easy, the secret is in Execution. Challenging but attainable. Essence is less of Government and Corruption and more of Governance.
COVID is still raging across most parts of the Developed world. China, the virus inventor, is also seeing resurgence. Hopefully India is now ahead with the management of the pandemic and the Vaccination drive with Indigenous vaccines. Let’s hope and pray there is no further wave. Let’s all work together to rebuild our Economy, the optimistic way, the governance way, the SEEGOS way.