The union budget is around the corner, the ruling party is the same, the prime minister is the same but the finance minister is different. In the previous tenure of the Government, the helm of the finance ministry was with the person who was more politician and lawyer than an economist.
Expectations vs. Reality
This time around the country has the finance minister with economic background. While the finance minister rise in the Parliament to present the union budget it would be interesting to observe what kind of budget she presents – ‘Nirmala Sitharaman- Current Finance Minister, India’. An economic budget or a political budget. Whether she repeats another Dr. Manmohan Singh or a traditional finance minister.
Budget 2019 Wishlist
There is a long wish list from a different section of the country and society. Corporate are seeking lower corporate tax, investors are expecting withdrawal of long term capital gain tax, traders on stock and commodity exchanges want STT to be rationalized. Agrarians have their own demand, NBFCs need liquidity in the system, banks are struggling with NPA and recapitalization is immediate to be poured in. Above all, a common man is expecting more freebies from the government.
Challenges to Budget 2019
A big challenge is for the Finance minister to take care of all the above-stated aspirants. But the Finance minister has more to do on the economic front. The Finance minister should rationalize the subsidies and tax structure. Rather a prudent equilibrium is pertinent between subsidies and tax collections. Tax collections should be deployed in a more productive manner.
Wise Message to India Finance Minister
Madam finance minister, when you raise in Parliament to present the budget it would also be important your Alma matter, your academics also rise not only in Parliament but also in the country and in the whole of the world.
GOOD LUCK AND WISH YOU ALL THE BEST!!!!
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