Budget - 2019 My Views By YVST Sai Commissioner of

Transcript:Budget - 2019 My Views By YVST Sai Commissioner of:
Budget - 2019 My Views By YVST Sai Commissioner of Income Tax (Judicial) & (DR) Hyderabad saiyvst@gmail.com What does the Economic Survey indicate? Ambitious agenda for behavioural change by applying the principles of behavioural economics to several issues including gender equality, a healthy and beautiful India, savings, tax compliance and credit quality Impact created by Government's flagship initiatives such as Swacch Bharat Mission, Jan Dhan Yojana and the Beti Bachao Beti Padhao provide testimony to the potential for behavioural change in India Given our rich cultural and spiritual heritage, social norms play a very important role in shaping the behaviour of each one of us Countless opportunities in creating data as a public good "of the people, for the people and by the people“ Vision of India becoming a $5 trillion economy by 2025 “Blue sky thinking“ - idea of complementary inter-linkages between macroeconomic variables using the pictorial description of several inter-linked gears What does the Economic Survey indicate? Private Investment as the Key Driver of Growth, Jobs, Exports and Demand - capital investment fosters job creation as the production of capital goods, research & development and supply chains generate jobs Job creation, demand, exports and economic growth are not separate problems Focus on policies that nourish MSMEs to create more jobs and become more productive, reduce the cost of capital, and rationalize the risk-return trade-off for investments – MSMEs provide jobs – unshackle them – Dwarfs are less productive than infant small firms – Incentivize infant firms – Age based policy Focus on high employment elastic sectors – focus on service sector with spillovers like Tourism Data of the people, by the people, for the people Ramp up capacity in lower judiciary Swach Bharath to Sundar Bharat via Swasth Bharath Affordable, reliable and sustainable energy National level minimum wage system for inclusive growth Labour laws need to be revisited Derides Anglo – Saxon view of economy but heavily relies on Anglo – Saxon theories and also does not present any viable alternative The past five years India became the sixth largest economy by sustaining growth rates higher than China Average inflation was less than half the inflation level of the preceding five years, matching the lowest levels attained in the country’s post post-independence history. The current account deficit (CAD) remained within manageable levels Foreign exchange reserves rose to all-time highs Beneficiary focus and targeted delivery – Aadhar as universal