After demonetisation and its effects on various sectors of the economy as a whole, eminent experts on economy hope coming Budget will take structural reforms and not just incremental steps.
“Reform in the taxation system, housing and exports need effective steps in the Budget to push economy,” said Pahle India Foundation Dr Rajiv Kumar while moderating a discussion on “Post Demonetisation Budget: A PIF Roundtable”.
The roundtable saw participation from Sanjaya Baru of Centre for Policy Research· Dr Shubhashis Gangopadhyay of IDF, and Dr Surjit Bhalla of The Observatory Group.
While Sanjay Baru said dometisation was a politcal decision which has affected credibility of the institutions, there should be precise measures in the Budget to restore credibilty. Shubhashis Gangopadhyay of IDF opined the country should not copy any other country’s growth model and develop one of its own.
Surjit Bhalla of the The Observatory Group said that reform in the taxation system is the need of the hour and it should be completely overhauled so that compliance gets better and country reaps its dividend in a holistic way. He also said on dividend tax should be abolished.
While Bhalla opined agriculture should be taxed, Baru disgreed saying no Government would do so in the near future given its political sensitivity.
Actulally, Budget will be presented amidst the turbulent global environment demanding major moves from the Indian economy and it is high time Government of the day take big bang reforms in a structured manner.