With days left for the Central government to present its Union Budget for 2020-21 fiscal, Prime Minister Narendra Modi has urged citizens of the country to share their ideas for the budget which will most likely to be tabled by Finance Minister Nirmala Sitharaman on February 1. PM Modi is taking active role in this year’s budget.
With just 7-10 days remaining for the budget documents to be printed at the press in North block’s basement, Modi is taking steps to meet corporate honchos and economists as some of their suggestions might get included in the budget. Each ministry has been asked to prepare a roadmap of five-year vision plans. In its first term, the Modi government had decided to advance the date of Budget from last working day to first working day.
The Union Budget represents the aspirations of 130 crore Indians and lays out the path towards India’s development. I invite you all to share your ideas and suggestions for this year’s Budget on MyGov,” Modi tweeted.
The Union Budget represents the aspirations of 130 crore Indians and lays out the path towards India’s development.
I invite you all to share your ideas and suggestions for this year’s Budget on MyGov. https://t.co/zVCL06TdLn
— Narendra Modi (@narendramodi) January 8, 2020
Even the Government of India’s citizen engagement platform MyGovIndia has asked for suggestions for Budget 2020 on Twitter. MyGovIndia has asked people to share valuable ideas for the farming sector, education and others. Salaried class are expecting a cut in personal income tax rates which will provide more money with them to spend and thereby reviving demand.
Over the last few weeks, Finance Minister Nirmala Sitharaman has announced several measures to tackle economic slowdown. These steps have come after India’s GDP growth in the first quarter of FY20 slowed to 5 per cent–the lowest in 25 quarters or in six years. Sitharaman’s primary tasks involve reviving the Indian economy which witnessed the number of decade lows in 2019. Sitharaman and her ministry faces tough task to address unemployment, reduced demand and rising inflation.
In her July 2019 budget Sitharaman had set a fiscal deficit target of 3.3% for 2019-20; this was more stringent than the one set by the erstwhile UPA government regime when it allowed the deficit to increase 5.7 per cent in 2011-12 before a fiscal consolidation road map was followed by successive Finance Ministers.
However, key Indian sectors are facing a slowdown that seems far more than a cyclical occurrence, said many economists including former Indian Prime Minister Manmohan Singh who is also one of India’s most prominent economists.
Here are the suggestions made by citizens to revive the economy by way of an effective budget:-
“The rate of GST should be sliced as it would help businessmen and other small industries to grow at a good pace and, I think this will be a key step towards improving the Indian economy.”
“There are so many unused railway lines lying across the country. The government should remove these tracks and either get them recycled or sell them in scrap. Through this endeavour, the government can make lots of money by which our economy could be vastly improved. There are so many cars that the police confiscate and keep them to rust. The authorities should make efforts to sell them. There are several government owned companies where money is not utilised in a proper manner and this practice should be stopped.”
“Modi Ji should change his Finance Minister Nirmala Sitharaman and appoint an economist like our former Prime Minister Manmohan Singh. It is always better to seek the advice of the Ex-Prime Minister, instead of asking solutions from the under privileged. The government should think about common citizens, compulsory minimum salary system, diesel, petrol, cooking gas prices should be under control. Stop selling of public properties to private parties and keep something under government control.”
“Investments, especially foreign investment must be encouraged only at selective sectors or must be permitted which ensure guaranteed profits, income and employment generation and boost exports. Some type of catalyst must surely be introduced in order to control the already suffered economy and by reducing the tax in some percentage.
“According to me, the honourable prime minister Narendra Modi Ji should provide daily necessities like food, clothing and shelter at very reasonable prices to all our Indian citizens.”
“Firstly, the government should make income of senior citizens totally tax free because they have very meager income. Secondly, the government also accrues tax of the fixed deposits that senior citizens keep in banks for their monthly expenses. This practice should be totally withdrawn.”
“Firstly, the government should replace the current finance minister and should appoint Subramanian Swamy. And secondly tax terrorism should be abolished.”
“By improving access, enhanced transportation projects positively affect the economic impact of metropolitan areas. Easier access to needed supplies and materials and faster delivery times to customers can help lower transportation and inventory carrying costs while increasing both productivity and profitability.”
“It helps to raise the production of raw materials, fuels and machineries etc. by providing market to it. It widens the size of the market. Transport system is regarded as a strong pillar to protect the people from the difficulties of war, natural calamities and other problems.”
“Through its large resources, the government must catch the nerves of the people to know how the economy of the country can be improvised. And moreover the sincerity should be there to implement the suggestions.”