COVID-19 brought about a big setback in most of our lives in 2020.
EXPECTATIONS FROM UNION BUDGET 2021
COVID-19 brought about a big setback in most of our lives in 2020. As we are slowly moving out of it, the Government should look at bringing down the personal income tax, thus giving more to the citizens. The existing personal tax slab may be slashed to increase liquidity for Indians.
Also the GST slabs may be restructured to 5%, 10 % and 15%. GST for the business services can be reduced to 10% from the existing 18%. The Government should also look at unlocking the value of 67 sick PSUs, whose rehabilitation or winding up proposals have been referred to the Board of Reconstruction of Public Sector Enterprises.CSR spend exemption may be considered for the next two fiscals due to the adverse impacts of COVID-19.
Measures to improve ease of doing business need to be implemented. Robust online payment gateways should be facilitated for payments to any government body. All te ndering through State Public Works Department have to be made completely online to improve better governance. Audit measures have to be increased with effective penal measures.
Even labour law reforms should facilitate ‘ease of doing business’ and at the same time protect the genuine int erest of the labourers. This may be facilitated through the creation of a central nodal agency that will hear their voices and will be vested with appropriate powers to take corrective actions. This assumes significance on acc ount of the weakening of the Trade unionism in the country.
The expenditure on Members of Parliament Local Area Development Scheme may be stopped. These funds may be utilised for towards development of Integrated Child Development Scheme – Anganwadis.Agriculture reform laws have to be implemented in order to protect the interest of the farmers. Also MNERGA expenses have to be more towards skill development initiatives in order to produce skilled labourers. This in turn will address unem ployment issues, improve employability and help meet the industry’s trained manpower needs.
NAGARAJ KRISHNAN
Managing Director,
Aparajitha Corporate Services Private Limited
