Has the Modi govt walked the talk? Experts speak about Budget 2016

| Monday, February 29, 2016 - 10:57
First Published |
Budget 2016, Finance Minister Arun Jaitley

New Delhi: Is India really growing at 7.6 %? Many people think it’s a Jumla - an empty promise. Let’s take a look at what experts feel. Experts feel that power and infrastructure sectors haven't really seen growth in the last decade or so.

As far as providing low cost power to consumers is concerned, experts also feel this could be a problem for the sector as the race for providing low cost power affects the sector negatively. The fact that power is a state subject has prompted many to say that the leadership shown by the central government is welcome, even though in the end it has to be executed by the state governments to implement any reforms.
Let’s take a look at the experts and their views:
(Also read: Budget Debates: What to expect in Budget 2016?)

Jagdish Khattar (Jagdish Khattar – MD, Carnation India): It takes 2-3 years for any industry to set-up... We should give it time to flourish.
Harsvardhan Neotia (President FICCI):  India's GDP may create jobs but for it, both public and private sector should create jobs.
GVL Narsimha Rao (National Spokesperson, BJP): We need to understand where the challenges lie.... 40% hike in FDI has been done till now but it will take some time to create better quality jobs. 
PN Vijay (BJP) There is much more happening right now.
Sanjeev S. Ahluwalia (Advisor Observer Research Foundation): The longer out you go, it’s difficult to predict. There are some risks also.
Som Mittal (Former President, NASSCOM):  There is a lot of automation happening. Let business do its work. Start-up initiative is a very good one... there is a missionary zeal with which it gets implemented.
Manoj Jha (RJD spokesperson) Somehow this government has not walk the talk
Sambit Patra (BJP): We have been doing things. Exports has been witnessing bump. Black money is already under scrutiny.
Saugata Roy (Trinamool Congress MP, Lok Sabha):  I have no mechanics to calculate GDP...  Black money is a big issue.
Dinesh Gundu Rao (food processing minister, Karnataka government) : India is in distress, economy is in distress. India is facing a challenge.
Gurcharan Das (Economist): We rather have a lucky Prime Minister. Job creation is slow in this country and this country is adding to the labour force every year.
Santosh Mehrotra (Professor of Economics):  We need to create jobs but we should not lose sight.


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Don't Expect This in Budget Don't expect my following suggestion to figure in the Budget speech which, Shri Jaitleyji will read in Lok Sabha , a few hours from now But then it does not have to be ! First break the unwritten rule : " If a reform was not announced in Budget , then it cannot be implemented " My suggestion is about ATM V 2.0 Many decades ago , ATM were first introduced in America when banks found long lines of customers waiting to withdraw cash at the CASH COUNTER In America , cashiers are called TELLERS . So these CASH DISPENSING machines came to be called AUTOMATIC TELLER MACHINE ( ATM ) In India , we call these ANY TIME ( cash ) MACHINE , which give out cash upon * entering a few details / code numbers into ATM screen * amount of cash you want to withdraw and * inserting your ATM Card in the machine ATM prints out a slip of paper incorporating full details of the transaction / customer name etc I believe , nowadays , any ATM accepts ATM card issued by any bank , so you need not worry to find a ATM belonging to YOUR bank ( where you have YOUR bank account ) MY SUGGESTION : * Come out with ATM V 2.0 ( call it , " Automatic Taker Machine " ? ) * Install one in every bank branch and at 145,000 post offices ( India Post's Payment Banks ) * ATM V 2.0 does NOT " dispense" cash . It only " accepts " cash ! * Cash depositor will enter personal details ( Aadhar No / Jan Dhan Bank A/C No etc ) and amount being deposited * ATM V 2.0 will count the cash ( much like currently used CASH COUNTERS at most bank branches ) * It will print out a RECEIPT , giving full details * All ATMs ( V 2.0 ) will be inter-connected in a Network having a CENTRAL server * All cash deposited ( by every user ) will be used for Infrastructure SPV * Depositor will earn annual interest @ 5 % on CASH deposited ( Receipt wise ) * Cash Receipts can be en-cashed upon maturity of 10 years ( like FIXED DEPOSIT receipts ) * Interest will be TAX FREE and get directly deposited in depositor's Jan Dhan Bank A/c * No questions ( as to the source of the cash deposited ) will be asked ( Perpetual Amnesty Scheme ) I understand , Jan Dhan Yojana managed to garner deposits of approx Rs 30 thousand crores in 18 months ATM V 2.0 , will bring back those Rs 34.4 lakh*crores of undisclosed assets that are lying in foreign banks , AND Rs 340 lakh*crores of unaccounted BLACK MONEY lying in domestic bank lockers ( or locked up as gold / land ) In deep space , there are BLACK HOLES which suck in all matter . Even light cannot escape from a black hole ATM V 2.0 will be our WHITE HOLES which will suck in all black money Indians have stashed anywhere ! Let us use this INNOVATION , which is simply re-configuring well-established and straight forward HW / SW ! Dear Shri Jaitleyji , There is no need to worry about how to raise revenue to fund those Infrastructure Projects to generate jobs No need to widen tax net ( from 4 % to 23 % ) or borrow money from market or abroad No need to announce in your budget speech this morning ! No passing of any BILL in Rajya Sabha !

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