The last budget of this innings of the Modi government was placed today, and as expected it was the kindest exercise in the five years of the NDA rule. The unanimous chorus that it was not a ‘vote on account, but an account for votes,’ summed up the sombre mood of the opposition, who too have resolutely and lavishly exploited election times to announce sops and reliefs for the sake of votes.
Just the other day, the Congress leadership waived farmers’ loans in Madhya Pradesh and Rajasthan. The Congress party president earlier this week announced a ‘Guaranteed Income Plan,’ if elected to power. The economy of India is growing, but so is unemployment, and the disparity between the poor and the rich, which needs to be addressed to avoid a backlash.
Unemployment, therefore, has become a weapon in the hands of the opposition to attack the government, in the wake of an agrarian crisis and shrinking manufacturing sector. I’m not very happy at the domination of the services sector, which alone cannot give a long-term safe growth possibility. Successive governments devise yojanas or plan to placate the restive youth, be it called MNREGA or skill development programme. Without proper linkages and infrastructure, much money spent in skill development goes waste.
The salaried and the middle-class, which is mostly mute and face the brunt of deficits and salary to salary existence, the farmers, who have to lay siege to the cities to voice their demands or commit suicide had to be addressed. Their lives had become worse after the demonetization, despite the troll brigade on the social networking sites crying hoarse otherwise. The assistance, tax -sops, reliefs to small and marginal trades would help one and all.
Questions are now raised as to where the funds are to be sourced for meeting these expenses. The country is dreaming of becoming a US$ 5 Trillion economy in 5 years and $ 10 Trillion in 10 years, which means an average and constant annual GDP growth of nearly 15 per cent, which seems to be a bit boisterous. The past five years have not shown such growth either. However, any economic growth would enable more tax compliance by its citizens, which could go into nation-building.
Youth power is enormous, and no government in the last 70 years have utilised it for nation’s growth and instead made them political slaves. At least now there must be a comprehensive plan to use their energy in the creation of capital, infrastructure and more importantly strengthening our nature and environment.
Support to the marginalised and weaker sections of the society and helping them attain a dignified living is laudable, but care should be taken not to convert the country into a welfare state and our citizens lazy. Overall, the budget would help and foster growth in ensuring that India continues to be the engine of growth in the world economy.
Rarely I have seen such joyous thumping of desks from the treasury benches and such long faces in the opposition during the entire presentation of the finance bill! This round squarely goes to Modi and his team!
Sampath Kumar
Intrépide voix