Union Budget 2010 and inclusive growth plan
The majority of Indian are still out of stock market affairs whereas stock market capitalization exceeds to total bank deposits in India. This is unfortunately called inclusive growth process in India where poor have to contribute for growth of rich.
IT IS clear that the targets for 11th five year plan have not been achieved so far, nor it is possible to do the same in coming days. Do the planning commission officials have any moral responsibility in failure of 11th five year plan targets? Is there any accountability for national planners and policy makers who are called as Economists and Financial Experts and expected to put Indian economy on high growth trajectory?
Is there any moral responsibility of the members of the Prime Minister’s Economic Advisory Council for the increasing inflation and declining growth rate? Where are their efforts meant for inclusive growth when majority of resources are pushed towards corporate sector and majority of Indian workers associated with the unorganized sector are in dire financial strait?
The Finance Ministry works under pressure of the corporate sector. There is hardly any chamber or association to advocate for poor and vulnerable section of the society. Who cares about increasing fiscal deficit and imbalanced growth among different industries? Have anyone evaluated pattern of financial allocation to different industries. India's majority workers and enterprises are deprived of financial resources whereas few large industrialists draw major share of resources to gain more economies of scale. Have we ever budgeted to eradicate poverty among slum dwellers / unorganized sector workers with no fixed dwellings? The majority of Indian are still out of stock market affairs whereas stock market capitalization exceeds the total bank deposits in India. This is unfortunately called inclusive growth process in India where poor have to contribute for growth of rich. Hope this time considering higher fiscal deficit as well as inflation, the finance minister and his team will work upon finding alternative mode of debt finance. Islamic banking and finance may just help us reduce the fiscal deficit and inflation with stimulating growth process. There are economies in equity / cost plus finance compared to interest based debt finances. This difference needs to be evaluated before framing budgetary proposals.
good one, we the member of civil society need to give them citizens charter on budget for our share.
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