Letter from the Editor-In-Chief
March 2015
A visionary Budget 2015
The Namo budget 2015 presented by Mr. Arun Jetley the Finance Minister of India, is too technical to understand. Though there is nothing much for the middle income group, yet the budget reflects the ingredients, which will make our economy strong in the days to come. The total focus of the Finance Minister is to correct the physical deficit in the coming years and bring the physical deficit to 3%. There were of course, two more significant development that were announced in the budget which reflects the creativity of the Finance Minister. They were the issue of Gold Bonds and integration of Post Office with banking networks. Yellow metal, is well liked and is a part of tradition and rituals besides being a source of security. The Gold bond as purposed, will help in, circulating the bonds rather than gold and at the same time the value of gold will be protected.
A larger transfer of Central receipt to the State Government is indeed a welcome step as it will strengthen the federal structure of the economy.
To improve Tourism, the Finance Minister proposes to grant Visa on arrival to India for 150 countries as against 43 last year. This will generate more employment in private sector.
Secondly in our remote areas, we have post office but we do not have bank branches. It is in such areas that banking transactions, more particularly, DCTS can be routed though the post office.
In the taxation sector the announcement of GST w.e.f. 01.04.16, was welcomed by the industry, so as lowering of the company taxation within next four years, to bring them at par with global economy. The increase in service tax was a tough bill which will have impact on everybody. The abolition of wealth Tax was indeed a smart move by the government.
Coming back to our North Eastern Region there is not much to cheer. Though announcements have been made for a film institute at Arunachal Pradesh, an India institute of Medical Science at Assam and a Para Medical Pharmaceutical Institute at Nagaland, there is nothing for any other North Eastern States. It is interesting to note that budget for DONER Ministry and North East Council has been substantially increased. The functioning of these departments has been often criticized and alleged for corruption and lack of transparencies.
Modi Government, inspite of its best intention have not been able to bring any material changes. The Doner Minister has already been changed.
True, budget is the estimate of expenses and income, yet it gives a direction to the economy.
Budget is also an occasion where government is announcing the setting up of many institute of national importance to different states. There is no doubt that they are needed all over the countries. But unfortunately many such institutes, announced even by UPA-II, has remained non-functional. Many of them are headless and campus less. The investment of the government will yield better results if the existing one are brought to road and made fully functional.