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Friday, March 29 2024
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Opinion

India must raise the confidence of its people: Direct benefits is the key

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By Lal Goel

We welcome the financial package announced by Prime Minister Sri Narendra Modi on 12th May. The Stimulus Package of 20 Lakh Crores which is about 10% of Indian GDP will definitely boost up the economy.

My earlier article titled India can raise funds without taxing its citizens – Here’s how! mentioned very clearly that “ Govt requires at least 10% of its GDP to induct into the system.” Yesterday in the first part of the Stimulus Package Finance Minister gave about 6 lakhs crores benefits to MSMEs. It is a welcome move.

This is a clear shift in government policy to have faith in businessmen small or big. Now the MSME Sector will be free from major hurdles like Inspector Raj, Sanctioning of Bank Loans, etc. The only challenge today after 50 days of Lockdown is the demand for the products manufactured by these MSMEs.

Until unless the Public gets direct benefits, it is not easy to sell the products in today?s tough market conditions. This is a Herculean task.

In my last article, I mentioned that India Can Raise approximate 25 lakhs Crores of Rupees from:

  • Issuance of Bonds
  • Religious Trusts (90% Cash & Gold)
  • Amnesty for economic offenders
  • Amnesty for NPAs

But it is possible when we pass certain benefits directly to the Public when they are in distress. Here’s how!

  • No tax on Petroleum Products: Withdraw Excise Duty from all Petroleum Products including Petrol, Diesel, LPG, CNG, ATF etc. for three months. 
  • Ask states to withdraw tax on Petroleum Products for three months.
  • The total collection of Excise Duty will be approx 50000 Crores less in three months. 
  • The total collection of taxes by states will be approx 50000 Crores less. 
  • Total loss of revenue to Government of India will be 1 Lakh Crore (when Central Government compensate states their loss) 
  • This One Lakh Crore will directly benefit the Public, MSME, Big Industrial Houses, Agriculture Sector, Travel & Tourism, Transport, etc. 
  • All products will become cheaper and thus inflation will be under control. 
  • The initiative of Prime Minister Modi to become self-reliant will get momentum.
  • The slogan “Local to Global? will become reality and Indian products can compete in the international market based on price.

It is a simple way to start fast track progress. The Country can draw advantage when people are doing well. In this way, the Government of India can give direct benefit to the public at large. After all, the fight is not between anyone but Satan and Humanity… ( To be continued)

About the Author

 Mr. Lal Goel is the Chairman of the Organ Donation Foundation with more than five decades of Business Experience. He is also the Chairman of Global Youth Activity Network (GYAN), a newly formed entity to promote Indian Youth to take up leadership roles. He has created a transformation in organ donation awareness in India and has traveled across the country and overseas to involve leaders from various areas in his organ donation awareness campaign. He has done more than a hundred TV episodes in his Organ Donation Awareness Campaign and COVID 19 Series.

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