Speaking at the Global Business Summit yesterday , Shri
Arun Jaitley said :
" We will
introduce Structural Reforms in the forthcoming Union Budget "
What is the current structure of Union Budget ?
# SOURCES of REVENUE
* Taxes ( Direct + Indirect )
* Borrowings ( Domestic + Foreign )
* Sale / Leasing of Assets ( PSUs + Natural
National Resources )
# DEPLOYMENT of
REVENUE
* Administrative Expenses ( Salaries / Pensions
/ Maintenance / Subsidies , etc )
* Interest ( + Principal Amount ) on borrowings
* Developmental Expenses ( Creation of new Assets
/ Infrastructure )
* Lending
Broadly speaking , this is the current structure
Most of the time , all that the successive Finance
Ministers have done is to slightly " Increase / Decrease " the "
Sources and / or Deployment " of the funds , here and there
Once in a while , some Finance Minister , even introduced
altogether NEW source or a NEW way to spend
the revenue !
But so far , no one has attempted to change the FUNDAMENTAL STRUCTURE !
I wonder whether Shri Jaitleyji's BUDGETARY REFORMS would incorporate the following Structural
Changes for which , I have sent to him ( and to most of his cabinet colleagues ),
dozens of emails ? :
* Total
abolition of Personal Income Tax ( Revenue
Loss of approx Rs 2.5 lakh*crores )
* Introduction
of 2% Bank Transaction Tax - BTT ( Revenue Gain of Rs 15 lakh*crores )
* Decreasing
Corporate tax slab-rates based on No of permanent employees ( to encourage job
creation )
* Perpetual
Amnesty Scheme ( no questions asked as to the source for CASH deposits in Jan
Dhan Accounts , if
funds from
these Accounts are invested in Govt approved INFRASTRUCTURE SPVs )
So far , Rs
30,000 Crores have been deposited in Jan Dhan Accounts . With introduction of
this REFORM ,
that figure
will rise a thousand times to Rs 30,000,000 Crores , within one year !
These
investments will generate 10 million jobs each year and raise our GDP to 10 %
in 2016-17 !
* Transferring 10%
of GST ( ie 1.8 % out of 18 % ) to PPF accounts of the buyers ( increase
Domestic Savings )
* Embedding of RFID
chips in Currency Note ( read Kurzweilai.net ) to solve twin problems of
BLACK MONEY and
* Introducing " Budgeting By Objectives " ( instead of Monetary Allocations, setting Physical Targets for Ministers )
* Quarterly Performance Review of " Targets vs Actual
Achievements " to be published on Govt web sites
* Thru an Online
Opinion Poll , involving citizens in framing of the Ministry-wise Physical
Targets before the budget
After second World War , German Economy was in shambles
68 years later , Germans are still thanking their then finance
minister , Ludwig Erhard , for the miracle ("Wirtschaftswunder," German for "economic miracle")
he brought through his " Out of the Box "
reforms to revive the German Economy
I hope Shri Jaitley displays similar courage on 29 Feb
2016 - even if he is not bothered being remembered or not !
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hemenparekh.in / blogs
31 Jan 2016
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