Sinha spells out four pillars of Budget '16 | Business Standard News

Sinha spells out four pillars of Budget '16 | Business Standard News

My VIEW:


December
2, 2015
Budget
on 4 pillars
This refers to the report
“Sinha spells out four pillars of Budget ‘16” (Business Standard, December 2). The move to infuse
credibility in the Budget exercise by being more transparent on the foundation
and pillars the Budget will stand is most welcome.
The focus on social
security, agriculture, employment generation and improvement in tax structure
in that order is a commendable improvement in the Finance Ministry’s stance on
the process of budget-making. Simultaneously, government need to evolve a prudent
‘Asset Liability Management’ (ALM) approach in handling government finances. The
‘Take as it comes’ approach to revenue and ‘Pay as you go’ approach to
expenditure which is a legacy of the pre-independence governments need a quick
re-visit.
As history of several
nations has shown, economic development alone cannot sustain long term social
security for the people. Government gets an opportunity to make corrections in
the financial planning exercise every year, if only there is a will to use
annual budget as an instrument for the purpose, which is evident in the message
given out by MoS for Finance.
Every year, the Economic
Survey, which is presented just before the budget, gives an overview of
developments affecting the basic features of economic growth and therefore have
implications on subsequent financial management. This year, government could
consider presenting a paper giving indicative information on the resources that
can be tapped for mobilisation of funds for promoting growth and government’s
priorities about their deployment over time. The sectors could include:
(i)               
Areas including agriculture income, now
enjoying tax concessions.
(ii)             
Tax waivers, including those extended to
corporates, provided during the last 5 or 10 years and the benefits derived. An
attempt should be made to make beneficiaries plough back to the exchequer, a
portion of the benefits they derive out of such concessions. Though this may be
happening in different ways(like employment generation, reduction in exports
etc), there is no transparent and meaningful analyses in these areas.
(iii)           
Real Estate is another grey area. States
and Local Self Government authorities may create an inventory of unutilised built-up
areas, both residential and commercial. A nominal tax on unused/unsold
buildings and commercial space could be thought of. This will improve real
estate market.


M
G Warrier, Mumbai

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