Boost consumption by raising salaries

VADDETI VENUNATH Central government employee

India's retail inflation has touched the five-year high mark this month and achieving GDP growth is the major challenge before the government which aims at becoming a five-trillion dollar economy. Union finance minister Nirmala Sitharaman will be presenting the Budget for 2020-21 on Saturday, February 1 and there are several concerns and expectations with regard to the current economy scenario. Due to growing unemployment, impact of demonetisation and GST, low agricultural and industrial returns, low spending and consumption, climate change and global trade impacts, the country's economic situation took a downturn. In view of the above circumstances, I put forward the following suggestions and expectations for the forthcoming budget 2020-2021: (i) Setting up of a new inflation regulatory commission, cutting expenditure on non-priority works and certain subsidies (ii) Boosting research and development in agricultural and industrial sectors (iii) Measures to reduce medical and education expenses (iv) Unemployment allowance or self-employment loans with low procedural formalities (v) Independent regulatory body to oversee infrastructure maintenance (vi) Implementation of group insurance policy for NSE stocks to avoid loss to investors (vii) Ban on vehicles which are 20 years and older and recycling of raw material to avoid pollution impact and reduce raw material costs (viii) Merging ill-performing companies with profit-making companies (ix) Raising salaries of government and private employees who fall in low pay scales, a move that could improve spending in the economy (x) Regulatory body to monitor rising land prices and issue of e-documents for all properties by linking them with Aadhar (xi) Comprehensive measures to boost rural economy (xii) Income-tax exemption for low income (up to `5 lakh) entities.

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