Sunday, February 28, 2016
Union Budget: Which way will it go this time?
As the union Fiance Minister prepares to place Budget 2016-17 in parliament today, I am re-posting my article written on 8th Feb that had shown how lakhs of crores worth money have been siphoned off from PSU banks by the super-rich of India and which is ultimately to be borne by common Indians. In this article, I have also given indication of what all real development works could have been supported in the country had this siphoning off not happened.
My broad wish list for the budget...
The budget, besides giving more opportunities for growth to common Indians, should have strict measures to impose 'retrospective taxes' on corporate giants who are planning to siphon off lakhs of crores by pressurizing the government on that; should tax the super rich and corporate houses more and eliminate tax regime for the common Indians because they are already facing a lot of burden via indirect taxes; should stop all sorts of 'Corporate Karza Maafi'; have a stringent mechanism to recover the 6 trillion worth Indian rupees that have been siphoned off from banks through frauds (my article has a small mention of that as well); and invest heavily on public health, education, irrigation and agriculture sectors.
The rural areas need special focus!