P Sainath, Rural Affaiers editor, Hindu wrote a excellent article on budget titled Corporate socialism's 2G orgy which bluntly exposed the misplaced priorities of Union Government.
I just couldn't fathom the facts which he has conveyed in the article. They include:
1. The budget writes off Rs.240 crore in corporate income tax every single day on average
2. In six years from 2005-06, the Government of India wrote off corporate income tax worth Rs.3.74 lakh crore — more than twice the 2G fraud — in successive Union budgets.
3. Corporate income tax written off in 2005-06 was Rs.34,618 crore. In the current budget, it is Rs.88,263 crore — an increase of 155 per cent.
3. In three years preceding this one, the customs write-off on gold, diamonds and jewellery totalled Rs.95,675 crore.
5. The budget slashes thousands of crores from agriculture. The expenditure on agriculture sector is to fall in absolute terms by Rs.5,568 crore.
Have you heard of a farmer who is struggling to meet his day to day needs which forces him to commit suicide ever contemplating buying a diamond set? The jewellery industry welcomes customs write off on gold, diamond to the tune of 30000 crore every year. But the same attitude is not shown towards farmers. In fact every year the spending on Agriculture remains more or less stagnant.
Can someone tell that the budget is pro-poor? The government says it does not have enough money for Rural Employment Guarantee act. It is thinking twice to give subsidised ration for below poverty line public fearing loss of revenue. Thinks of reducing the subsidy offered for fertilizers. Farmers have to protest like anything to get a minimum support price for their crops. Countless number of farmer suicides are ignored. But corporates are spared of any burden. They get tax waiver without even asking for :)
TV anchors who analyse budget have only one thing in their mind. If a budget is pro-poor(pro-agriculture), it cannot be good for the country. If it does not give the corporate world more goodies, it is bad. The budget is analysed in terms of how stock market reacts. Many corporate giants were critical of the farm loan waiver scheme but when the customs or excise tax is reduced they welcome the budget.
Hats off to people like P Sainath who expose such budgets. But no matter whoever is in power, they will continue doing the same thing for years to come.
I just couldn't fathom the facts which he has conveyed in the article. They include:
1. The budget writes off Rs.240 crore in corporate income tax every single day on average
2. In six years from 2005-06, the Government of India wrote off corporate income tax worth Rs.3.74 lakh crore — more than twice the 2G fraud — in successive Union budgets.
3. Corporate income tax written off in 2005-06 was Rs.34,618 crore. In the current budget, it is Rs.88,263 crore — an increase of 155 per cent.
3. In three years preceding this one, the customs write-off on gold, diamonds and jewellery totalled Rs.95,675 crore.
5. The budget slashes thousands of crores from agriculture. The expenditure on agriculture sector is to fall in absolute terms by Rs.5,568 crore.
Have you heard of a farmer who is struggling to meet his day to day needs which forces him to commit suicide ever contemplating buying a diamond set? The jewellery industry welcomes customs write off on gold, diamond to the tune of 30000 crore every year. But the same attitude is not shown towards farmers. In fact every year the spending on Agriculture remains more or less stagnant.
Can someone tell that the budget is pro-poor? The government says it does not have enough money for Rural Employment Guarantee act. It is thinking twice to give subsidised ration for below poverty line public fearing loss of revenue. Thinks of reducing the subsidy offered for fertilizers. Farmers have to protest like anything to get a minimum support price for their crops. Countless number of farmer suicides are ignored. But corporates are spared of any burden. They get tax waiver without even asking for :)
TV anchors who analyse budget have only one thing in their mind. If a budget is pro-poor(pro-agriculture), it cannot be good for the country. If it does not give the corporate world more goodies, it is bad. The budget is analysed in terms of how stock market reacts. Many corporate giants were critical of the farm loan waiver scheme but when the customs or excise tax is reduced they welcome the budget.
Hats off to people like P Sainath who expose such budgets. But no matter whoever is in power, they will continue doing the same thing for years to come.
1 comment:
thanks for paraphrasing the article and budget :)
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