What India hopes: Budget 2015???

The recent Delhi assembly election has shown that nobody can take people for granted in a democracy and it’s a harsh reminder to the NDA that it won the Lok Sabha on a platform of a development, Jobs, and hopes. What happens in the remaining 364 days may matter more for the economy than what is said or done on budget day.The upcoming general Budget 2015-16 is on the way and it’s the good opportunity for NDA govt.to write a new achievement and shut the mouth of all the opponents.

Approximately one month and 100 years ago; Gokhale told Gandhiji that Go see the real India and make India proud of herself again. Both are related because the real India works in informal jobs (90% of total employment) and massive job creation is the only sustainable way to make India proud of herself again.

For India, this is a well-timed and significant boon in order to boost revenues because recent Global price of petroleum oil will give India huge relief in terms of subsidies. Overall subsidies burden should be less than 2% of GDP this time around and perhaps around 1.5% for next year.

In the present scenario the entire world is looking to India because more than 65% of its Population is below 35 yrs. and by 2020, India is set to become world’s youngest country with 64 per cent of its population in the working age group and another side China is slowing down. Brazil is struggling. Russia is headed into a recession so its great time for BJP led NDA govt. to take some important actions which is helpful to surging India’s economy instead to see anywhere outside.

Today India needs more Jobs, increase productivity and competitiveness to spurts and growth. The growth in labor force in India is much higher than the growth of Jobs. According to12th Five year plans, the unorganized sector in India accounts for 90 % of the employment. The unorganized sector consists of agricultural workers in the rural areas and contract and sub-contract laborers in the urban areas. Self-employment accounts for more than 60% of the employed population of India. Casual workers, who gets jobs only at times and remain unpaid when they don’t have work, constitute 30% of the workforce, while only 10% are regular employee. Merely two-fifth of this 10% is employed in the government sector.

Instead of taking Jobs, next step India needs to focus on infrastructure. Good Infra is the need of the hour and without good quality infra is very difficult for nation to grow to its full potential. This budget’s should be more focus on to build a strong infrastructure and it will increase to raising the number of cities, smart cities. The PM’s recent statement “Make in India” plan should be used to shift the 50% of our labor force that works on farms and only generates 15% of our GDP to factories. This involves massive infrastructure commitments to roads and power and a clear roadmap for land guarantees that will blunt the need for state land acquisition.

During Lok sabha elections, one of BJP’s poll promises was to end what they called tax terrorism.it would be good singling if a massive simplification and rationalization of tax administration happens.

At present, India has 50 million enterprises but only 7,500 are companies with a paid-up capital of more than Rs. 10 crore. About 80% of Manufacturing is done in enterprises with less than 50 employees. The budget should be mutual cooperation between Central & state and set to be simple roadmap for GST, Tax regime and financial sector regime.

Finally Government must have to focus on employable skills among youth, only than India’s demographic divided truly take the economic graph forward. I wish to resist the temptation to celebrate India’s economic success and with hopes that this budget will be more helpful for every Citizens of India.