Focuss on strengthening fiscal measures

At present Indian economy is in doldrums due to the shutdown of commercial activities in the wake of feral Coronavirus devouring the social and physical relations at large. The financial loss is so far estimated to 20 lack crores to the government and around five lakh crores in all the sectors of business such as air, water and land transport, tourism, textiles, trade, commerce, industry to name a few. In the context of strengthening the fiscal strategy, a few areas are touched hereunder without presenting any statistical data.

1. Stop all freebies.

2. Stringent action on income tax defaulters.

3. Auction the assets of defaulting borrowers of the banks and NBFCs. This is not new but undue political meddling is delaying the process.

4. Restart tourism and hike taxes suitably.

5. Increase the air, water, land transport charges periodically which should include insurance coverage.

6. Goods and Service Taxes are also needed to be hiked periodically.

7. Increase indirect taxes.

8. Corrupt officials should be dealt with mercilessly. The recovered money must be clubed with government aid on MSME development.

9. Encourage small-scale industries and aid financially with a condition of recovery.

10. Invite multinational companies, entrepreneurs to open their business establishments in India.

11. Get back the Swiss bank monies and invest in infrastructure development.

12. Repeal reservations in employment. Only meritorious be considered.

13. Health and education sectors shall be brought under government fold.

14. Implement all court judgements immediately.

15. Utilise to optimum extent the services of retirees.

16. Retired defence personnel services should be utilised in law and order exigencies.

N. Padmavathi, M Com, MBA, B Ed.,

Lecturer in Commerce, St. Ann's Degree and PG College for Women,

Mallapur, Hyderabad