it seems, everyone is quite worried about what the coming financial year would bring to them? Fin Min giving positive signals about sixth pay commision and a little negative signs about corporate taxation has moved every eye towards the pre-budget talks that, air on each and every news channel these days . The impact is so huge that even PAK polls could not keep out this topic at bay for some time . Despite the Fact that this Budget does not do any good to Common man, but the higher pays and better paying capacity per capita has covered the major part that come under this umbrella of tax.
Financial closure preparation have started, for the calculation of Tax and it is a busy time for Individuals to workout the extent of scissors of IT department that shall be running through there paychecks.
While going through an article by Venugopal "Reading the Finance Ministers Mind" it some how lead me to cogitate over the financial tenure of India for Last five year. i found that most of the policies that were framed during this tenure were kept for short term. The solutions that emerged for the economic problems were targeted towards the short term treatment to the problem. what was more evident is that Mr. Chidambaram worked like a doctor who had a pill to every problem. his adamant approach has been one of the reason for couple of economic decisions that have put markets to trail the growth. But on the other hand he had also provided a foolproof taxation structure that had grown the govt. revenues manifolds. his uniform taxation policy provides an immediate relief to every individual and push them to pay there taxes in time. All in all we are in one of the finest taxation regime of the country.
But taxation cannot be the only edge that Indian Economy could afford as, we are one of the fastest growing economies in the world. we have to be a little more holistic and farsighted in our approach. Better economic models need to be developed to match the growth that we are facing, apart from this we need to have better policy structure that allows maximum growth (currently we use the policy as a shield to curb the growth which in turn is suppressing the requirement of better economic models). we should be little more insulated towards the growing uncertainities in the international economies. But, every Dream needs a start to realize, lets hope that, this is a start to India Growing Globally.
