Budget and Gen Next: Problems and wishlists

BUDGETING FOR FUTURE: CNN-IBN panel debates and discussed the various aspects of Indian economy.

                  

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Rajdeep Sardesai

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Bose disagreed with Patnaik. “One important step that Finance Minister can take is to restructure duty and customs structure. So when prices rise, govt also gets a bonanza in terms of revenue. So say to give it back to oil companies, don’t burden the common man,” he said.

He also agreed with a student that the Government has to step up public expenditure and investment in agriculture and streamline the public distribution system.

Bijli, sadak, paani: Has it grown sufficiently?

Despite the public-private model, 90 per cent audience did not think infrastructure had grown considerably.

Dikshit admitted that Government had failed to provide adequate infrastructure growth. BJP’s Nalin Kohli jumped at the opportunity and said while the focus was on infrastructure during the NDA regime, it had gone down now.

Bhikchandani noted the sectors that had moved from a government monopoly structure to competitive marketplace structure – such as airline and telecom – had seen tremendous growth. “It’s important to move infrastructure to competitive marketplace,” he said.

He also said distribution should be privatised and customers should also be made to pay for electricity if they use it. Taneja, however, said privatisation was not a solution to everything. “It requires stable and good policy which sustains over time,” he said.

Dikshit agreed – even as audience booed – that there is a sense of urgency in the Government circles to do something about the flailing infrastructure.

So where will the money come from? Patnaik said FDI was an answer but that was not being done. “We are stopping money from coming in,” she said. A student pointed out it was important to have a good policy in place, to which most panellists agreed.

Patnaik, however, also gave the benefit of doubt to the government and said it was learning and doing things despite there being no consensus on what model to adopt.

The wishlist: What we want the Budget

Nalin Kohli, BJP: Rationalise taxes, provide relief to middle class and lower interest rates.

Prasenjit Bose: Spend more on agriculture, health and education. Do away with corporate tax exemptions, spend for poor people.

Ila Patnaik: Think long term. Don’t use tax payers’ money to buy votes.

Gaurav Taneja, Ernst and Young: Certainty is taxes, lower compliance costs and faster settlement of tax disputes.

Sanjeev Bhikchandani, naukri.com: Ensure nine percent growth, do away with surcharge, reduce interest rates.

Sandeep Dikshit, Congress: It will be a good budget.

Audience opinion: Tax agricultural income, better implementation, tax FIIs, remove cess, surcharges.