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A note on Budget 2022 – 23
Having studied the budget for 2022-23 from standard media sources, I would like to pen here some reflections on the same from the perspective of a nationalist.
As India comes out of the dreary effects of a deadly pandemic unleashed by the CCP, we must move ahead with resilience despite the challenges posed by the CCP.
A rejuvenated India must lead the world. For this to happen it is desirable to see more of budgetary support for Indic/Vedic systems for sustainability.
I plead more budgetary allocation for Indic/Vedic systems – Sanskrut language, education policy supporting Bharatiya languages, Yoga, Ayurveda, Culture, Natural Farming, Deshi Cow Breeds Improvement, Renewable Energy Sector, Water, Forestry, Atmanirbhar Bharat. This list can be further extended. I shall again come to this while reflecting on expenditure at the end of this note.
One focus area from nationalist point of view is regarding our interests in foreign trade policy. More inputs should be gathered from stakeholders for level playing field in imports-exports. As a sovereign government, the centre needs to exercise its authority on all avenues to provide level playing field to our foreign trade organizations.
Not all imports are bad, nor all exports are good. Importing raw materials/agri-commodities to make for shortfall is good; deficit raw materials at good rates would help manufacturing while agri-commodities would help food security-nutrition etc. Importing non-basic goods is bad.
Exporting raw materials and agri-commodities should be preferably avoided, we should do value addition ourselves and then export finished goods if in excess of domestic needs.
Such fine tuning of foreign trade requires close monitoring of global and domestic markets. USDA does provide such inputs to US importers and exporters on regular basis. Govt of India must take a cue from this and provide inputs to our foreign trade organizations though this is done to an extent by some of our export promotion organizations, this needs to be further strengthened.
Foreign trade aim should be to become surplus in balance of payments and thereby to contribute to GDP in meaningful way while contributing to global trade too meaningfully. Customs duty structure, all foreign trade related measures must be optimally aligned to achieve this.
In this context I would like to quote the Finance Minister’s statement from the historical epic Mahabharat – “The King must make arrangements for Yogakshema (welfare) of the populace by way of abandoning any laxity and by governing the state in line with Dharma, along with collecting taxes which are in consonance with the Dharma.” (Mahabharat, Shanti Parva Adhyaya 72 Shlok 11)
Taxing gains from transactions of virtual assets is a good measure in this budget. Similarly exempting incomes from International Finance Service Centre – IFSC is a good measure, from the above mentioned point of view.
Quick review of changes in customs duty tells us that govt has upheld above mentioned dictum by and large with regards to national interests in foreign trade. Export of raw materials / agri-commodities needs to be taken care of very diligently as our domestic consumption is huge.
Regarding other heads of revenue and capital receipts and fiscal discipline, I think most of the provisions are noteworthy and in national interest. Coming to expenditure, as I stated earlier, we need to have more focus on cow based agro-economy in more comprehensive way.
If govt can provide subsidies for chemical fertilizers, why it shouldn’t provide subsidies for organic/biofertilizers? It must. And then there is potential of harnessing biogas and compressed biogas. Viability gap funding, if any required, can help reduce imports of fossil fuels.
Let us hope the govt comes up with great success in this Amrut Kal to steer the nation to pinnacle @Bharat100 in 2047.
Bharat Mata Kee Jay.
Featured image sourced from internet.
- Bharat – Ek Rashtra - February 11, 2022
- Budget 2022 – 23 – Reflections from a nationalist point of view - February 2, 2022