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FINANCIAL EXPRESS: Budget cafe 2016: Unlockingताला खोलने India’s business
potential
Even as the Indian economy is expected to be the world’s fastest
growing, it is apparent स्पष्ट that
demand conditions remain subdued नरम and the appetiteभूख for investments is below parकम भाव में.
The upcomingआगामी Union Budget must,
therefore, focus on measures to stimulateप्रोत्साहित करना domestic demand, given that exports are likely to remain on a
declining trend. The Confederation of Indian Industry (CII) has recommended
that capital expenditure on key projects in sectors such as roads, railways,
irrigation and power be increased substantially काफी हद तक, either through higher
budgetary allocation or through utilisationउपयोग of PSUs’ surplus funds.
Public spending has the potential to ‘crowd भीड़ in’
private investments at a time when private investors remain risk-averseजोखिम के खिलाफ. Particular attention
should be paid towards measures for stimulating rural demand, which has been
adversely प्रतिकूल
impacted असर पड़ा by two consecutiveलगातार droughtsसूखा. Rural demand has to be
supported not only through higher spending on rural infrastructure such as
roads and irrigation, but also throughके माध्यम से measures to enhance बढ़ानेrural purchasing power.
Rural inflation has been consistently higher than urban inflation and measures
are needed to mitigateकम करना the impact प्रभाव on rural incomes.
The Budget should announce some bold steps to address the
problem of non-performing assets (NPAs) in the banking system. As of September
2015, NPAs constituted over 5% of banks’ total advances. The government should
considerविचार करना the creation of a
National Asset Management Company (NAMCO) which would take NPAs off the banks’
balance sheet and also focus on rehabilitationपुनर्वास , recapitalisationपुनर्पूंजीकरण and refinancingपुनर्वित्त of banks. This would release capital, provide banks with
lendableउधार देने योग्य resources and restore
their health.
Higher spending by the government in productiveउत्पादक areas should not
compromiseसमझौता its
plan for fiscal consolidationराजकोषीय समेकन. Any extra spending
needs to be compensated मुआवजा by
measures to reduce the subsidy outgoरवानगी, step up PSU disinvestment and expand the tax base. The Pay
Commission pay-outs can be staggeredलड़खड़ाना, so that the entire burden is not incurredकिए गए in one year. There is a
need to shift from cash-based to accrualउपार्जन-based budgeting, as it leads to better outcomes. The ministries
should prioritise their work, so that they are able to spend the amount
allocated to them in the Budget estimate.
The finance minister has announced the government’s intention to
implement critical tax reforms in both direct and indirect taxes. The reduction
in the corporate tax rate, together with rationalisationयुक्तिकरण of incentives, has the
potential to transform परिवर्तन the
investment climate in India. The government should announce year-wise roadmap
for reduction of corporate tax rate from 30% to 25%, along with the withdrawal
of incentives in a calibrated जांचना
manner. The phase-out चरणबद्ध तरीके से हटाना of incentives should be
prospective भावी, so
that any investments made on the basis of these incentives should not be
affected.
On indirect taxes, the implementation of GST will be a
game-changing reform, which will subsumeसम्मिलित all indirect taxes currently levied लगाया by the Centre, states
and local bodies, and eliminate cascading व्यापक of taxes. Industry had been looking forward to its
implementation from April 1, 2016, but has been disappointed by the non-passage
of the Constitutional Amendment by the Rajya Sabha in the winter session of
Parliament. The Budget should announce a revised roadmap for the implementation
of GST as well as reasonable tax rates. We hope that all political parties will
support the Constitutional Amendment Bill in the Budget session, as the major
concerns of the Opposition are now being taken into account.
The Budget presentation by the finance minister has become an
occasion that is widely followed across the world for indications of the
government’s policy direction. The policy announcements made by the finance
minister in the last two Budgets have brought in new ideas in several areas of
economic policy. Industry is looking forward to more measures in the upcoming
Budget that will facilitateकी सुविधा investments and unlock
India’s economic potential
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