The
gradual decline of Corona infection in country is raising hope of a normal life
after a long period. We are trying hard to accommodate all sufferings of a
stalled life. Business sentiment of country is surging prominently. Hope we
will get back to the course with proper policy backing from the part of the government.
With the growing fiscal accumulation on ground of tax collections we are
expecting a sound outlay on public spending in the coming budget. Industry
lobby are waiting for a comfortable investment climate with the budgetary
provisions. General people are waiting for a comprehensive budget announcement
so that managing ‘bread and butter’ become bit easier.
The long stalled life has severely
hit the low-income unorganised sector workers. The government during the period
generously had extended all possible support through its distribution channel
and people managed to survive. And now they on their own are fighting to manage
to get back to a normal life. A better budgetary support thus will mean high to
safeguard the demographic concerns of the country.
Boosting the Supply side
Small business units if
get a good budgetary backing would surely mean a lot. Like credit support with
some interest exemption will enhance their business as well as profitability
concerns and help them to compensate the brunt of lock-down burden. To be very
specific the rural economy still contributes significantly to the aggregate
demand. So the small business units in rural areas which are significantly
concerned to roll over the supply of big industrial units need to survive well.
The Union government during immediate unlock stage extended favour of stimulus
package to the MSMEs which has significant contribution to the GDP of the
economy. Now it is time demanded to overhaul the measure so as to reap the best
result. To tone up the supply side of the economy it is highly necessary now.
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Pix- Credit: Amit K Sikder |
This apart the urban
employment generation concern is to be taken care of. The closure of
traditional units during quarantined phase should be placed on policy table and
need to be revived through a comprehensive parley.
Experts are pitching for
more public spending ahead of budget when we are almost close to a normal due
to low Corona infection. And a better public spending thus could be a best
measure to bring economy out of the low pandemic trap.
Demand side also needs care
Low income capacity of
people still is a cause of concern. The maximum share of population comes under
this category and even now is operating below usual income capacity. So the
budget must accommodate the cause of employment generation. Agriculture always
has been our advantage since the beginning of five-year plans. Unfortunately for
more than a decade it is at an abysmal low. Its contribution to GDP is
declining gradually. If the agrarian
class get best policy support and see better income potential in cultivation
then it will obviously sound well for a robust rural demand for industrial
produce. Market orientation of agricultural produce is required to ensure
better price but it is of first and foremost priority to make it sure that
farming is also a best career option to us. The ongoing chaos over farm laws
unfortunately conveys a message of deprivation for the farming community. The
marginal farmers don’t understand pros and cons of the law but grossly to most
of them its’ a message that the government is against their interest. We don’t know
what the final fate of the law is but the gross message to the farming
community may hamper the rural sentiment further.
In the forthcoming budget
we are expecting a comprehensive announcement which will curtail the social
cost of farmers’ stir. Budgetary support for better farming practices is highly
required now to dismantle the farmer’s uproar and establish a favourable farming
environment. Near about 70 per cent population’s betterment in terms of earning
capacity will significantly contribute to the aggregate demand of the economy.
Bringing every class to the mainstream of life will be the best democratic
success.
This budget beyond
economic insinuation needs to penetrate the social context amicably to
harmonise the socialisation which miserably is disfigured for an almost anomic
stage for long.
As the economy already has
started to rebound an all-inclusive budget will help the economy and society to
escalate to a buoyant growth trajectory. And we all are waiting for a grand budgetary
push.