Indian Budget and Increasing Inequality

I am not qualified to review or even to fully-understand one of the biggest budgets of the world. However, as a common man with a common sense, I do have a concern and asking fellow Indians to think about it.

A recent report published by Credit Suisse says, India's rich people are getting richer every year, as the top 1% of them now own 58.4% of entire India’s wealth. For instance in the year 2000 , the share of the richest 1% was comparatively low, 36.8% of the country’s wealth. The trend of “rich getting richer” has been growing multifold for the last 16 years and the rest 99% of the people doesn’t make any significant progress. What do you think is the reason ?

This only shows that rich class do so well for themselves whichever government is in power, doesn't matter #UPA or #NDA, the rich industrialists control most of the assets of whole country and government policies are only to favour them. 

In many ways this year’s Budget may have a number of new features., but it is no different in neglecting the serious issue of economic “inequality”.

The informal sector of our economy contributes nearly half of our GDP and employs nearly 70% of our working people. This sector was worst hit by demonetization and continues to remain crippled; but there’s no mention about revival of demonetization effects in the budget. 

There is not a single word on recovering the massive NPAs (non-performing assets of banks), though the budget says, the government would act*(mean?) against those have fled abroad.

On the other hand, all the industrialists celebrate the budget; SENSEX & NIFTY surges into green. These only give an impression that this year budget is also only to woo the rich and doesn’t have any interest to address the issues of poor.

SO WHAT IS THE POINT:

Everyone of us want #GDP growth, But remember, the overt focus on GDP at the cost of compromising other social factors is dangerous. Policy making, such as budget should not get biased for the large corporates, while leaving out the primary concerns of the larger public.

When policy making gets biased for the rich, roads will be designed only for cars, not for the pedestrians. Taxation scheme will aid only the industrialists, not the salaried middle/under class of India. When primary sectors such as Health, Education, and Infrastructure are owned by private rich industrialist, these basic amenities will become accessible only for the people who can pay for it.

India of our dreams cannot be built on weak foundation of huge economic disparity. Let’s think beyond our “individual tax slab”announcements in the budget and urge the government for sincere reforms that redistribute the wealth and level the opportunities.

Let’s spread the awareness within us and impel our policy makers towards the “real” growth of country, in terms of proper health, good education, and impartial access to opportunities to everyone, this can only be the long-term solution.

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Pon Paulraj