Revamp fiscal plan


My letter published today in Business Standard is copied below:

M G Warrier

Letter to BS: Time to improve the fiscal architecture of Indian economy

The long-term solution lies in mapping the nation's unaccounted for wealth and considering a realistic taxation policy that covers high income groups and agricultural income.

This refers to the article “Time to improve the fiscal architecture” (February 1). The three suggestions by A Prasanna relating to the creation of a Fiscal Council, the adoption of a ‘deficit neutral’ rule by the government and advance annual ceiling for market borrowing make sense in the context of the government’s search for external remedies for internal debilities.
The government’s efforts to camouflage fiscal deficit using surreptitious methods like deferring payments due and pressurising government-owned bodies to divert funds or pay extra or advance dividends have invited adverse observations by analysts. There is one school of thought that considers explaining a higher deficit with more prudent and transparent accounting system a better and desirable alternative than the present tightrope walking that brings embarrassment to several organisations.
The long-term solution lies in mapping the nation’s unaccounted for wealth and considering a realistic taxation policy that covers high income groups and agricultural income.

M G Warrier Mumbai

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