The Budget presented by Smt Nirmala Sitaraman contains the thinking of Modi Sarkar. One side, it gave concessions to Corporate sector. The other side ,it surcharged Super Rich. This reflects the thinking of this Sarkar. Now a days, in the global competitive environment, business friendly measures should be adopted by Governments. This was done in 1970s by South Korea , in 1980s,90s by China, 2000s by Vietnam. Out of the three countries, two are Communist countries. They realised that their economy can be improved upon only when concessions were provided and attracted international finance. Success stories are now before us.
India though opened up in 90s, its attempt was half hearted. Only in the recent two decades, the opening up of our markets are somewhat better. Of course, in democratic set up, it is not possible to take decisions freely. All these countries mentioned pursued the path because of their nature of societies. South Korea was under dictatorship when reforms were undertaken. China and Vietnam were not democratic countries. Government implement whatever they want irrespective of public sentiment. Sometimes, it was argued that economy develops leaps and bounds in autocratic regimes. It is dangerous argument. The other side of the coin is that they ruthlessly suppressed human rights. Human rights are as important as development.
India is proud of its democratic structure. People are its masters. Rulers are accountable for the people. Sometimes, it may hamper the progress of the country but it values the public opinion. In the present reference, though it took time, now people realised the need of reforms. That is why there is no resentment against interest concessions given to Corporate. At the same time, due to limited resources, they did not hesitate to tax Super Rich. This measure strengthens the argument that the concessions provided to Corporate sector is not to favour rich but out of necessity. Mobilisation of resources through Direct Taxes is always preferable to Indirect Taxes. It impacts only targeted group whereas Indirect taxes impacts all the people including common man. This twin approach of new Finance Minister is laudable. Madam,we stood solidly with you in this approach.