Being the finance minister of India, sounds fancy na? I would have the power and authority to approve or reject major projects involving crores and crores of rupees. The mere thought of it gives me butterflies in my belly. The last time India had a female Finance Minister it was in the 1970s when Indira Gandhi took this position and ever since then, India has never witnessed a female politician in that position.
We all know that the Union Budget is the most important thing in the country this year. I was simply thinking about the answer to a random question that my colleague asked me about finance, and that's when my wayward thoughts compelled me to think about the possibilities and things that I would do as the Finance Minister of India.
Here's what my #WittyBudget says:
Indians are fascinated with the word FREE. The minute they see this word their thoughts take them to a dreamland. Sorry to break this bubble and let them realize that nothing in this world is free, not even the air that you breathe.
Many people fail to understand the importance of direct taxes. They are the direct source of income for the Indian government but citizens simply refuse to pay them so I will rather put tax on consumption. For instance, goods and services tax (GST) and that's when even my people won't feel looted nor will I run out of resources to meet the financial requirements of the country.
As long as this terminology is in the books and on the Internet, it looks and sounds fancy but the minute it is taken seriously people start to lose their calm. The best way to bridge gaps between different genders of the society is this measure which I will follow as a Finance Minister because my budget will not entertain any disparity or division.
We all know most people don't tend to pay the income tax but have we ever wondered why? Yes, it is a form of direct tax and what you pay as a citizen as a part of Income Tax goes directly into the government's kitty. If it wasn't for abolishing direct taxes, to promote and help people with the financial burden on them, I would tweak the slabs of the Income Tax a bit so that individuals don't hesitate in paying the tax. More people will be able to afford to pay tax and that would just benefit all.
The education sector has shown a massive growth of 16% in the past few years and I, as a young Finance Minister would encourage people to learn and provide aids from the government's side. New policies and frameworks would be drafted to formulate a plan that is accepted by all and promotes the learning of young minds in the nation. Loans on education would also be included in this and assistance will be provided.
Health insurances will be made mandatory for people of all financial backgrounds so that they are able to make the most of the perks that will be given to them later on. The government will provide aids and assistance for the same.
As a Finance Minister, I would formulate and bring out new economic reforms so that our nation becomes a job creator and not a job seeker. My tax reforms again, would help the startups too to declare their income on paper and show how efficient and productive they are in terms of giving back to the society.
I would ensure that the new reforms not create a big hole in a common man or the bread provider of the nation which is a farmer a burden on his shoulder. The government would no longer be an anti-farmer government.
This was simply my imagination and what I would do if I was wearing Mr. Arun Jaitley's shoes today. In reality, as a Finance Minister Mr. Arun Jaitley will present his 5th and last budget before elections in 2019. Let's wait and look at the remarkable history of past budgets of India to the present Indian economy.
Cover image credits: Dhruv Singh
That's all people.
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