Professor (Dr.) M.M. Goel : To assess the first budget of the 12th plan as an instrument of inclusive growth for reducing socio- economic inequalities which is a known reality having incidence of poverty, unemployment, industrial growth urbanization, domestic electric consumption, we need to understand, analyze, interpret the provisions made by the Finance Minister on March 16 of the budget size of Rs 14,90925 crore has failed to create hope with Public Private Partnership (PPP) model. The increased plan expenditure of Rs.5,21025 crore during 2012-2013 will be able to do wonders for the youth of India only with manpower planning , good governance and inflation targeting. This is essential to provide employment opportunities for the increased manpower and population, remove built in corruption and control inflation.
The risk averse attitude for FEAR( false evidences appearing real) of the global economic crisis evident in reduced growth rate of 6,9 percent and cautious approach for the political compulsions ( 5.1 percent fiscal deficit of gross domestic product ) revealed by the finance minister is bad economics and not in the interest of the emerging economy of India in the World.
There is no innovation and enthusiasm for the long awaited policy announcements in terms of gender budgeting, direct tax code (DTC), general sales tax (GST) and full convertibility on capital account. For implementing the Fiscal Responsibility & Budget Management (FRBM) Act to reduce the revenue deficit to zero from Rs 1,85,752 crore, the finance minister could have linked the pricing of public utility services and fee structure with the prevailing inflation rate.
The interest payments still continues to be 18 percent of the total budget which need to be brought to zero to achieve the long term objectives by confining to need and not greed. There is a strong case for using the used less manpower of the nation who can contribute and also get benefited. To care for the cared less, we need to learn altruism as a rational behaviour in consumption, production, distribution and exchange activities in Indian economy.
To fetch the fortunes of demographic dividend in India, the financial allocations in human resource development activities in the budget are necessary but not sufficient. An honest analysis of the provisional data of the 2011 census of India reveals the fact that the population of 1,210.2 million people consisting of 623.7 million male and 586.5 million female is higher than the projected by the Indian demographers shows that fertility rates are not declining as they should have which calls for bringing population control measures under basic infrastructural activities and can no longer be ignored. To take easy sleep, it is the time for the Government of India and the 28 State Governments and 7 UTs to reposition family welfare programme (FWP) with top priority and concrete plan of action.
The survival approach of the Govt. to remain in power needs to be replaced with political will power and concrete plan of action for getting love and affection of the masses including middle class if not Mamta Banerji and her clan.
To become agents of progress, prosperity and peace, the Indian corporate sector need to firmly establish inner-net (not internet) based on inside –out approach flowing from ancient Indian perspectives (Sanskar) for inclusive growth to include the excluded. There is a strong case for, at least, ten percent of the profits of corporate sector on social responsibility which can certainly be exempted from income tax. By creating understanding, analysis, interpretation and adoption of sanskar management model new avatar of ‘trusteeship model of Mahatma Gandhi’ also called ‘creative capitalism’ by Bill Gates among corporate world , we can do wonders for the inclusive growth of the excluded sections of the society. For the world of wisdom to exist, we need to stop word war of blaming one another as stakeholders and should be faithful to the intentions of the will of people as advocated by Dr. B. R. Ambedkar while identifying the functions of Comptroller & Auditor General (CAG)
in 1949.
* Professor of Economics & Dean, Faculty of Social Sciences, Kurukshetra University, Kurukshetra.