Economists want ‘out-of-box’ ideas in budget, tells the FM
The Dollar Business Bureau
The Government should best utilise the recent demonetisation move and bring a Budget full with out-of-the-box ideas, economists are reported to have conveyed to the Finance Minister Arun Jaitley.
In a pre-Budget discussion with Arun Jaitley, some members have recommended that the forthcoming Union Budget should not be a traditional one as these times are not normal.
“Rather, the government should make best use of the opportunity arising from demonetisation to present a Budget full of out-of-box ideas. Members suggested that provisions should be made in the Budget to ensure that generation of black money is curbed,” the statement said.
Mentioning that India continues to be a bright spot in world economy and particularly in BRICS (Brazil, Russia, India, China and South Africa), the Finance Minister said that to further boost the growth, government has taken several measures such as passage of GST (Goods and Services Tax) Bill, focus on infrastructure, institutional reforms like UDAY, and banking reforms, among others.
Jaitley said that the economic growth in the US is lower than anticipated previously and Brexit has brought disturbing reactions in the global markets.
On the other hand, Indian economy has made considerable improvements as growth remains steady, and the country is in comfortable situation of fiscal and debt, he said.
He further said the government has taken several decisive measures in the past two-and-a-half years that have helped the country to get out from inflationary curve to steady prices.
Economists participating in the meeting suggested that in the upcoming Budget provisions should be made to make sure that black money generation should be curbed and the market would decide how much cash required to be infused into the country.
Some members in the meeting also wanted that the government should come out with a statement in the Union Budget with clear details of costs that have been incurred because of demonetisation.
