Triple-T Dose: Trans­for­ma­tive, Tar­geted and Timely

All the right but­tons have been pressed and gears shifted to driv­ing the na­tion to a dig­i­tal fu­ture

The Economic Times - - Front Page -

It was an ‘his­toric Bud­get’ not only for the rea­sons spec­i­fied by the fi­nance min­is­ter, but also for the trans­for­ma­tive lead­er­ship dis­played by this gov­ern­ment in sus­tain­ing the mo­men­tum of re­forms. Trans­for­ma­tive lead­er­ship is about driv­ing sus­tain­able change and the gov­ern­ment has iden­ti­fied dig­i­tal, the ru­ral econ­omy, fi­nan­cial in­clu­sion, op­por­tu­ni­ties for the youth, and ease of do­ing busi­ness.

It is now work­ing sys­tem­at­i­cally to bring about the trans­for­ma­tion. There was also a clear at­tempt to make the econ­omy more trans­par­ent and, thereby, more ef­fi­cient and dy­namic.

Driv­ing the na­tion to a dig­i­tal fu­ture con­tin­ues to be a pri­or­ity for GoI, which will help bring the in­for­mal econ­omy into the for­mal frame­work. Use of dig­i­tal plat­forms will in­crease with new pro­grammes an­nounced, in­clud­ing two schemes to pro­mote the new pay­ments app Bharat In­ter­face for Money (BHIM), a mer­chant ver­sion of the Aad­haar-en­abled pay­ment sys­tem, and duty-free im­ports al­lowed of point-of-sale and other dig­i­tal au­then­ti­ca­tion equip­ment.

Data min­ing and the use of an­a­lyt­ics on bank de­posits col­lected fol­low­ing the de­mon­eti­sa­tion ex­er­cise are yield­ing the gov­ern­ment good in­sights to in­crease the num­ber of tax as­sesses and ex­pand the tax base. It will bring about tax ad­min­is­tra­tion re­form to en­force greater com­pli­ance as well as drive e-as­sess­ments.

To drive job cre­ation and cap­i­talise on our de­mog­ra­phy, Arun Jait­ley made much-needed in­ter­ven­tions: de­ploy­ing on­line plat­forms for learn­ing like the Swayam plat­form with 350 on­line cour­ses, in­vest­ing in new ed­u­ca­tion in­fra­struc­ture like set­ting up a na­tional test­ing agency, build­ing 100 in­ter­na­tional skill cen­tres in 600 districts where job aspi­rants can learn lan­guages, and a new skill ac­qui­si­tion for liveli­hood pro­gramme.

As old and new econ­omy firms con­tinue to in­vest and grow their op­er­a­tions, In­dia’s youth with find many op­por­tu­ni­ties to gain new skills and there­after job op­por­tu­ni­ties.

No coun­try can adopt a dig­i­tal econ­omy with­out build­ingqual­i­ty­in­fras­truc­ture.ThisBud­geta­doptedau­ni­fied ap­proach­totheis­sue­bymerg­ingtherail­way­bud­getwith it. This will al­low for greater syn­ergy in in­fras­truc­ture­buildin­gand­in­ter­con­nec­tiv­ityand­havea­cat­alyt­ic­ef­fect in at­tract­ing pri­vate in­vest­ment. Higher al­lo­ca­tions for pas­sen­ger­safetyal­soshowsacom­mit­ment­for­bet­terser­vicede­liv­ery.

Al­most dou­bling the ru­ral road network with 133 km of newroads­buil­tev­ery­day­is­laud­able.Asare­plansto pro­vide high-speed broad­band fi­bre con­nec­tiv­ity to 1,50,000 gram pan­chay­ats and one crore houses for the home­less. Giving af­ford­able hous­ing in­fra­struc­ture sta­tus will help sus­tain de­vel­op­ment in this sec­tor.

The most im­por­tant fac­tor is that mul­ti­ple, syn­er­gis­tic ini­tia­tives are all be­ing driven si­mul­ta­ne­ously. In other words, as we go along this path to the fu­ture, the dots will all get con­nected. For ex­am­ple, the im­pact of Swachh Bharat goes well be­yond ba­sic hy­giene. It will make a sig­nif­i­cant change to the health pro­file of the coun­try, aid tourism and boost self-es­teem of In­di­ans.

At­themacrolevel,theBud­get­de­liv­er­son­it­spromis­esof fis­cal pru­dence with num­bers trending in the right direction, while in­ten­si­fy­ing pub­lic in­vest­ment pro­grammes si­mul­ta­ne­ously. At­tempts to im­prove con­sump­tion growth­by­in­creasing­ex­pen­di­tureintheru­ralar­eas,lower tax­a­tion­rate­sattheen­tryleve­laswellas­fors­mall­com­pa­nieswill­help­pushGDP­growth­higher.As­theFM­said,this Bud­getwill­help­trans­form,en­er­gise­and­cleanIn­dia.

Fo­cus on dig­i­tal will help bring the in­for­mal econ­omy into the for­mal eco­nomic frame­work

Newspapers in English

Newspapers from India

© PressReader. All rights reserved.