The two B’s: Budget and Black Money

The issue of the black money is growing day by day whereas on the other hand there are high level meetings for the budget session. The most effective challenge before the Indian Government will be to tackle both of them at a same time. The most prominent thing that is to be noted is that the Govt. has promised to declare the names of the account holders before the Indian citizens. But thats not enough of it, the masses are aggrieved of the high rates of inflation especially, the prices of petrol. Therefore I consider that the two B’s: Budget and Black Money are both important and co-related issues that the government has to tackle as early as possible.
Today the Hon’ble Supreme Court of India has said that Government has issued notices to those who have account in the Swiss as well as the German Bank. The government by taking up the issue of black money has effectively showed that its enough of the drain of India’s wealth outside and that is seriously affecting our economy. Further by arrest of A. Raja can also be related to this that the government is now showing up the ‘responsibility’ of holding the centre. No matter whatever be the scam and scandal, mostly Congress leaders are now found to be involved in it. Just due to some political and legal reasons the Government was not able to declare the names of the account holders in front of public. But now it has promised to do so, what will happen they only know (as no one keeps faith in the government today). Also it has been seen that black money in the form of bribes has adversely affected our FDI growth as the international companies have lost in the legal procedure of the government. Only the main 11 public services have accounted for a bribe of about Rs. 22,000 crores !

The bribes are also form of black money, we know; we also know that it can be reduced by reducing the rates of the taxes and reducing the number of taxes. Just one thing to do is to bring more population under the tax system and take a little tax from everyone. The bureaucrats are found to be most corrupted, do you know why ? Because they are given very much less payments; if their payments will be increased to a bit good of Rs. 60,000, I think the corruption rate in India can be effectively controlled. The Black money, as told by Hon’ble Finance Minister of India that is stabbed abroad may be anything between Rs.10,000 crore to Rs. 70,000 crore !  Such a huge amount that has been deposited abroad is really a theft of the Indian wealth.
Now it comes to the budget. Budget is to be defined such by the council that the aggrieved common man should get atleast some relief by itself. The average GDP growth as expected by the Finance Minister was about 8% but to his contradiction it was 8.4% for the fiscal year ’10-’11. So it seems that the budget of the previous year was much better for the Indians. But now the major challenge is that, after so much so scams and scandals, India’s position and image in the global atmosphere needs to be improved, FDI is to be improved, for that purpose budget is the most important power in the hands of the government, it has to use it efficiently. Moreover, there should be a policy or a strategy planned by the government that will effectively reduce the petrol prices, which have been increased for 7 time in the 10 months ! The Defense of the nation will be the major obstacle for the budget. Now-a-days it has been a hit on the news channels and newspapers about the old and outdated weapons that the Indian Defense Staff uses. So government will have to clear up the scratch before a good public opinion is aroused in the country.
Thus bringing black money back in India and simultaneously approving a Budget that will effectively curb the inflation are the two major tasks before the Govt. The developed economies will surely have an eye on these issues. But its in their hand, lets hope for both the things to get settled well in there place. JAI HIND.

2 comments to The two B’s: Budget and Black Money

  • This is a nice post, and you make some interesting points. I agree that bringing back black money is important, given the amount of benefit it can do for some important spending in the country.

  • Well,thanks for the comments. Really the Government not so serious about the issue. I think India too needs a “Cairo Revolution.”

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