Infuse professionalism in fiscal management


https://www.thehindubusinessline.com/opinion/editorial/the-centres-decision-to-tweak-its-borrowing-programme/article23366552.ece

 March 28, 2018
Infuse professionalism in financial management
This refers to your timely editorial “A taste of markets” (The Hindu Business Line, March 28). Without saying in so many words, the editorial gives a glimpse of the imprudent fiscal management by GOI and the not so professional way of resources management by Finance Ministry guided by NITI (National Institution for Transforming India) Aayog which was supposed to be a functional replacement for the Planning Commission, which Prime Minister Modi had in 2014 identified as a building in disrepair needing reconstruction.
Unfortunately, the three years didn’t see much contribution from NITI Aayog helping India to manage the country’s resources professionally, some open debates and research-type papers notwithstanding.
The present predicament of GOI in managing fiscal deficit and the over-dependence on banks and financial institutions for borrowings prove the pessimists who had doubts about Centre’s capacity to manage public debt independent of RBI right.
Any improvement in the management of domestic resources to the advantage of the country will depend on the political will to:
(a)             Mainstreaming the country’s domestic stock of gold and jewelry lying idle with individuals and organizations including religious bodies.
(b)            Discourage evasion of tax by providing appropriate incentives and disincentives by making taxation simple and transparent.
(c)              Get out of the fear of the unknown whenever GOI thinks about taxing agricultural income.
(d) Reconsider the decision to sell family jewelry (read PSUs) to shore up deficits.
Last three Economic Surveys addressed these issues peripherally and failed to get even the pragmatic suggestions implemented by the government.

A clear message down the line about non-interference by political leadership and government/s in the professional functioning of government departments (like Income-tax) and regulatory bodies (like RBI) will be a move in the right direction. Sermons or spars by or between elite politicians/officials won’t do much good today, as literacy has improved and people’s responses are issue-based.

M G Warrier, Thiruvananthapuram



Comments

Post a Comment

Popular posts from this blog

NAVAGRAHA STOTRAM

NAVAGRAHA STOTRAM* According to astrology, the positions of the nine planets in the twelve constellations of the zodiac and their movements are considered to be quite significant. The nine planets ‘Navagraha’ affect every aspect of human life. They play an important role in the activities, physical and mental health and life of any individual. The unfavorable positioning of any of these planets can be the cause of problems, bad health, and stagnation for many people. However, there is a solution to avoid the ill effects of the position and movement of the ‘Navagraha’ in our lives. Navagraha mantras (or stotram) are simple mantras which work as powerful healing tools to reduce the negative effects of any of the nine planets. These mantras are Hindu holy hymn addressing the nine planets. Benefits Of Navagraha Stotram And The Way to Practice The Navagraha Stotram is written b y Rishi Vyasa and is considered to be the peace mantra for the nine planets. They are powerful m
Read more

THE SUNSET OF THE CENTURY

*SUNSET OF THE CENTURY: Rabindranath Tagore THE LAST SUN OF THE CENTURY SETS AMIDST THE BLOOD-RED COLOURS OF THE WEST AND THE WHIRLWIND OF HATRED. THE NAKED PASSION OF SELF-LOVE OF NATIONS IN ITS DRUNKEN DELIRIUM OF GREED IS DANCING TO THE CLASH OF STEEL AND THE HOWLING VERSES OF VENGEANCE. THE HUNGRY SELF OF THE NATION SHALL BURST IN A VIOLENCE OF FURY FROM ITS OWNSHAMELESS FEEDING FOR IT HAS MADE THE WORLDITS FOOD, AND LICKING IT, CRUNCHING IT AND SWALLOWING IT IN BIG MORSELS, IT SWELLS AND SWELLS TILL IN THE MIDST OF ITS UNHOLY FEAST DESCENDS THE SUDDEN HEAVEN PIERCING ITS HEART OF GROSSNESS…   *Note: “The Sunset of the Century”, translated by the poet, from Naivedya; The English Writings of   Rabindranathtagore, Volume II,Delhi 1996, page 466. Quoted in his article ‘Critiquing nationalism’ by K Satchidanandan (Frontline, November 14, 2014). The article takes you to a much broader spectrum. HAPPY READING(READ MORE STAN
Read more

The King of Ragas: Sankarabharanam

                       The King of Ragas                      --------------------------     Long ago  serpents were put to lot of hardships.They  were afraid of other animals. They had to seek refuge in the hermitage of sage Saraba.The sage was a true devotee of Lord Shiva.He used to pray Shiva with melodious songs. As he sang a particular raga the snakes were much inspired and they began to dance,. Slowly the serpents became friendly with the sage. They brought water in their mouths for the pooja.They secreted  a special fluid in which the flowers got stuck to their bodies.The sage was much astonished by the service of the snakes.As the sarpas became very close to the sage ,they requested him to help having Darsan of Lord Siva. As requested by the sage Shiva appeared in the form of  a  Kapalika and stayed in the ashram.The music and dance of the snakes continued. The snakes rendered service to the kapalika as they considered him  a Shiva bhakta.Shiva was much pleased with t
Read more