The following is my wishlist to our generous Finance Minister Arun Jaitley to incorporate it in his budget:
1. With inflation rising and the value of rupee decreasing each passing day, income upto rupees 5 lakhs should be made tax free for all assesses.
2. Full amount spent on education of children should be deductible. This would improve quality of education and go a long way to see that every student complete his graduation.
3. Minimum wages for graduates and cent percent employment for all. The economy would see a turnaround if people’s spending power goes up.
4. A minimum 8 per cent interest on savings of senior citizens and those who survive on pensions.
5. Motivating people in uniform by giving them decent pay package and post retirement benefits which are on par with the private sector.
6. Heavy taxes on cigarettes and alcohol so that its consumption drops and quality of the life of people improves.
7. Luxury tax on cars and other vehicles so that people use more of public transport which would result in less congestion on roads as well as a pollution free environment.
8. Long term capital gain tax on stocks. People should be ready to pay if they earn money out of the stock exchanges.
9. Encourage people to disclose black money by opening a window which gives them an opportunity to turn their income into white for a price.
10. Simplify taxation so that it is not considered as a burden or a hindrance but people participate as a duty for nation building.
11. Every citizen should have a shelter over his head and encouragement must be given to low cost housing for the poor.
12. Farming sector deserves benefits both by way of low cost loans as well as infrastructure to sell produce at reasonable sell price.
13. Medical facilities at reasonable cost to every citizen for a healthy population.
14. Encouragement to sports and not limited to cricket alone so that we produce more world champions.
15. Old age homes for people who have nobody to care about them.
Hope our FM has a look at the above suggestions and expecting to see them incorporated in his budgeted statement!
(The views expressed by the author in the article are his/her own.)