The top-20% take everything away & in turn leave the bottom 80% with nothing, forever placing them at a serious disadvantage. In a democracy like ours, if this does not get upturned, the budget loses its essential quintessence...
It is an open secret that nothing like that has ever happened, as then the state of affairs would not have been as miserable as it stands today. Post independence, Union Budgets have always been a low key affair (relatively speaking!); but then, all this had gone in for a complete image makeover since 1991 when our current Prime Minister and then Finance Minister Dr. Manmohan Singh, made budget a platform to announce economic reforms packages. Then onwards, each and every gentleman from North Block has tried his best to blatantly utilise this platform to gain political mileage, to such an extent that the budget at times delivered reckless policy packages, only appeasing the ruling political party’s stakeholders, with no concern to the vast majority. As a result, over the years, the budget, which ideally should put up with serious stock taking exercise(s), has been reduced to a weak document with persuasive political overtones.
What is amazing is the manner in which Finance Ministers, over the years, have been baselessly allocating invaluable financial resources, which are hard earned tax payers’ money, to earn brownie points from a few sections in connivance with popular media!! In fact, over the last few budgets, it became all the more evident that various budgetonomics of almost all FMs were more to gratify select top sections of the society. This can be corroborated by the fact that in almost all pre-budget talks and consultations, the FM talks to the big corporate and industry associations and rarely to any social watch group and representative of budget advocacy organisations. It’s very clear that the society and social sector representatives are not asked for any significant input or invited for active participation in either pre-budget discussions or textual proposals. The whole concept of budget for aam adami is nothing but a big farce, which has got lost somewhere in the crowd of big lobbyists. Consider this: The manner in which the fertilizer policy has been structured is simply to allow companies to profit, and not farmers in anyway. The resultant economic packages (that aim at reducing the budget deficit) have been consequently reducing the social sector allocations and expenditures.
It is an open secret that nothing like that has ever happened, as then the state of affairs would not have been as miserable as it stands today. Post independence, Union Budgets have always been a low key affair (relatively speaking!); but then, all this had gone in for a complete image makeover since 1991 when our current Prime Minister and then Finance Minister Dr. Manmohan Singh, made budget a platform to announce economic reforms packages. Then onwards, each and every gentleman from North Block has tried his best to blatantly utilise this platform to gain political mileage, to such an extent that the budget at times delivered reckless policy packages, only appeasing the ruling political party’s stakeholders, with no concern to the vast majority. As a result, over the years, the budget, which ideally should put up with serious stock taking exercise(s), has been reduced to a weak document with persuasive political overtones.
What is amazing is the manner in which Finance Ministers, over the years, have been baselessly allocating invaluable financial resources, which are hard earned tax payers’ money, to earn brownie points from a few sections in connivance with popular media!! In fact, over the last few budgets, it became all the more evident that various budgetonomics of almost all FMs were more to gratify select top sections of the society. This can be corroborated by the fact that in almost all pre-budget talks and consultations, the FM talks to the big corporate and industry associations and rarely to any social watch group and representative of budget advocacy organisations. It’s very clear that the society and social sector representatives are not asked for any significant input or invited for active participation in either pre-budget discussions or textual proposals. The whole concept of budget for aam adami is nothing but a big farce, which has got lost somewhere in the crowd of big lobbyists. Consider this: The manner in which the fertilizer policy has been structured is simply to allow companies to profit, and not farmers in anyway. The resultant economic packages (that aim at reducing the budget deficit) have been consequently reducing the social sector allocations and expenditures.
Source : IIPM Editorial, 2012.
An Initiative of IIPM, Malay Chaudhuri
and Arindam Chaudhuri (Renowned Management Guru and Economist).
and Arindam Chaudhuri (Renowned Management Guru and Economist).
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