Approximately two-thirds of India’s GDP originates from what is loosely called informal sector.  Importantly, 90 per cent of our non-farm work force are employed here. This is one of the highest in the world. Yet, this informal sector rarely gets policy traction.

Significant portion of India’s out-bound foreign investment policy is dodgy.

Could Budget 2015 look into all this? Will Budget 2015 revisit outbound FDI and strengthen oversight rules? Will Budget 2015 align our outbound FDI with our policy?


Will Budget 2015 provide incentives, plans and programs for individual states to become self-sufficient in food production?


It is easy for the FM to say [as did the UPA] that the share of manufacturing in national GDP in 2025 would be in excess of 25 per cent. But as UPA realised it is easier said than done for what is required is a comprehensive plan with great attention to details and implementation.

The Billion Dollar question – Will Budget 2015 provide us the comprehensive plan to ensure Make in India initiative is a success?

Will Budget 2015 slay the monster of inflation? Will it significantly lower fiscal deficit? Crucially, will it make India an efficient economy and hence an attractive investment destination?

Budget 2015 – Micromanaging the Economy

Does the Government have managers to micro-manage the economy? For starters, it must de-stall the projects stalled. To do so it must micro-manage. But has it got managerial bandwidth for this exercise?

A retired bureaucrat and a good friend of mine had a wonderful annecdote to narrate. Having been served a notice from the Deputy Commissioner Income Tax, my friend – at that time a Secretary to an  unimportant department of the Government of India – sent his personal secretary with all details [most of which were innocous] on the appointed date to meet the Income Tax authority. The personal secretary was surprised to see that his boss was not the only person who had received notice from the said Deputy Commisoner as quite a few personal secretaties representing their respective bosses were also present there. Made to wait for a few hours, the personal secretary complained to his boss who even as a Secretary, Government of India, could not do much at that point in time.

Notwithstanding pulls and pressures will Budget 2015 bring about a simple plan for water storage by identifying, repairing and rejuvenating existing water bodies? Remember simplicity is a complex affair. It would not cost much and would provide ocular demonstration of job opportunities to our poor.

Will the FM do the needful? Or will he like his predecessor take a flight of fancy?

Budget 2015 – Income-Tax laws need simplifying

There are vested interests who would prevent simplification of Income-Tax law. And even if simplified, given years of training, our lawman cannot resist complicating matters all over again.


Budget 2015 has to come with a programme that differentiates the chalk from cheese; the bad from the ugly. Projects that have failed purely on economic reasons and judicial interventions must be differentiated from those where promoters have been party to the loot [and that includes corruption]. If Budget 2015 remains silent, things will drift further down, possibly to the point of no return. If it takes action on every defaulter and treats them as criminals it would create mayhem and a systemic collapse. Surely, it needs to tread on a new, balanced and pragmatic path.The billion dollar question is, will it?

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