మధ్య తరగతి ఆశలపై నీళ్ళు చల్లిన నిర్మలాజీ ||No Place For Middle Class In The Economic Package||
Narendra Modi’s unforgettable announcement that “this economic package is for the middle class of our country, which pays taxes honestly and contributes to the development of the country” laid the ground. The farmers that the finance minister, Nirmala Sitharaman, addressed on Thursday might have been Mehrauli farmhouse owners or film stars who have invested in agricultural land rather than sharecroppers or tenant farmers who rarely get bank credit, are exploited by moneylenders, face problems with minimum support prices and need funds for seeds and fertilizers. They account for 80 per cent of rural suicides. Some promises were repackaged old pledges. Others did not go far enough. Easier credit did not live up to Thomas Piketty’s recommendation of an immediate “basic income scheme and... a safety net”. No one can survive on savings while lockdowns are indefinitely extended.
Moreover, the promised Rs 20 lakh crore outlay turns out to be a much smaller sum once previous commitments and the cost of recoverable facilities are excluded — perhaps not much more than the Rs 3,500 crore cost of foodgrain supplies. An attempt to bring street vendors into the tax net cannot be passed off as relief. Neither can administrative measures like extending deadlines. Streamlining micro, small and medium enterprises may be of the utmost importance since MSMEs are reckoned the lifeblood of the economy but, again, necessary structural reforms do not amount to fiscal stimuli. Neither does tinkering with how much tax should be deducted at source or how much employers should pay into the provident fund kitty.
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మధ్య తరగతి ఆశలపై నీళ్ళు చల్లిన నిర్మలాజీ ||No Place For Middle Class In The Economic Package|| Narendra Modi’s unforgettable announcement that “this economic package is for the middle class of our country, which pays taxes honestly and contributes to the development of the country” laid the ground. The farmers that the finance minister, Nirmala Sitharaman, addressed on Thursday might have been Mehrauli farmhouse owners or film stars who have invested in agricultural land rather than sharecroppers or tenant farmers who rarely get bank credit, are exploited by moneylenders, face problems with minimum support prices and need funds for seeds and fertilizers. They account for 80 per cent of rural suicides. Some promises were repackaged old pledges. Others did not go far enough. Easier credit did not live up to Thomas Piketty’s recommendation of an immediate “basic income scheme and... a safety net”. No one can survive on savings while lockdowns are indefinitely extended. Moreover, the promised Rs 20 lakh crore outlay turns out to be a much smaller sum once previous commitments and the cost of recoverable facilities are excluded — perhaps not much more than the Rs 3,500 crore cost of foodgrain supplies. An attempt to bring street vendors into the tax net cannot be passed off as relief. Neither can administrative measures like extending deadlines. Streamlining micro, small and medium enterprises may be of the utmost importance since MSMEs are reckoned the lifeblood of the economy but, again, necessary structural reforms do not amount to fiscal stimuli. Neither does tinkering with how much tax should be deducted at source or how much employers should pay into the provident fund kitty.
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