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| "The Budget has taken significant steps forward for taking the overall fiscal deficit down and the challenge of subsidies is being met....This is a medium-term programme and we have both 2012-13 and 2013-14 numbers, which indicate the Government expenditure and borrowings are being brought down and I think, overall that's a good thing. |
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Friday, March 1, 2013
Budget paves way for lowering twin deficits, says RBI
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Pre-budget speculations and post-budget analysis are both indicative of the real mood of the people, who, otherwise, take things in their stride and live a normal life. It would appear, as if, it is the rich who are the only people contributing to country’s GDP. Let economists bother about this. One proposal, about identifying those who can support measures to contain fiscal deficit and asking them to share the burden needs special mention.
FM has revealed that there are ‘only’ 42,800 persons in India who admitted to a taxable income exceeding Rs1 crore per year. As privacy and secrecy issues will prevent FM from giving out the names of these 42,800 persons, he should arrange to prepare a district-wise list of these individuals and provide to each District Magistrate/Collector the number (only the number) of rich people in the respective districts who have annual income exceeding Rs1 crore. Collectors should be asked to make ‘discreet’ enquiries and report ‘who’ these persons could be and who all are likely ‘omissions’ in the list. Quite possible, GDP may not grow at the expected growth rate, but, next year (2014), FM will be able to give a six-digit figure against the 42,800 he included in the Budget Speech.
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