The budget should aim to bring down fiscal deficit for which some simple solutions are to be attempted.Ensure that all transactions above Rs 5000 are made compulsory through Cheque or card payments. Keep a close watch on all real estate,commodity transactions and ensure that the Income tax returns provide columns to report all assets and liabilities on an year to year basis with proper explanation for variations. Make full use of Information technology to track all transactions in the economy above a cut off limit. Capture all economic activities under GDP. Ensure that all salary and wage payments including payments under NREGS are through bank accounts.and make financial and banking inclusion a reality. Several activities where huge payments are involved go unnticed and they need to be captured officially.Make accounting professionals accountable for manipulation and irregularities whereever they are employed either as auditors or accountants. Time management is missing in all spheres of economic activities and need to be closely monitored. Overrun costs and wastage alone can bring down the deficit to a considerable extent..Will the FM change the mindset of people lacking in commitment , sincerity and integrity through budget? The economy has all resources and its suffering is man made. The FM has to be very imaginative and practical in drawing the budget and make it a healthy and dependable one.There should be no scope for exploitation and manipulation of any kind.
Dr.T.V.Gopalakrishnan
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