By Lal Goel
We welcome the financial package announced by Prime Minister Sri Narendra Modi on 12th May. The Stimulus Package of Rs 20 lakh crores which is about 10% of Indian GDP will definitely boost up the economy.
My earlier article titled INDIA CAN RAISE HUGE FUNDS IN THIS CRISIS WITHOUT TAXING CITIZENS which was circulated on 6th May mentioned very clearly that “ Govt requires at least 10% of its GDP to induct in the system.” Yesterday in the first part of the Stimulus Package Finance Minister gave about 6 lakhs crores benefits to MSMEs. It is again a welcome move.
This is a clear shift of government policy to have faith in businessmen small or big. Now 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 get direct benefits, it is not easy to sell the products in today’s tough market conditions. This is a Herculean task.
But it is possible when we pass certain benefits directly to the Public when they are in distress.
No tax on Petroleum Products:
– Withdraw Excise Duty from all Petroleum Products including Petrol, Diesel, LPG, CNG, ATF etc. for three months.
– The total collection of Excise Duty will be approx Rs 50,000 Crores less in three months.
– Total loss of revenue to Government of India will be Rs 1 lakh crore (when Central Government compensate states their loss)
– This Rs 1 Lakh Crore will benefit directly 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 for international market in pricing.
It is always to start a fast track progress. Country can draw advantage when people are doing well. By this way Government of India can give direct benefit to Public at large. After all fight is not between anyone but Satan and Humanity…
In my last article it was mentioned that India Can Raise approximate 25 lakhs Crores of Rupees from:
ISSUENCE OF BONDS
RELIGIOUS TRUSTS
(90% cash & Gold)
AMNESTY FOR ECONOMIC OFFENDERS
AMNESTY FOR NPAs
About the Author:
Lal Goel is the Chairman of Organ Donation India 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 travelled across the country and oversees to involve leaders from various areas in organ donation awareness campaign. More than hundred TV episodes are done in Organ Donation awareness campaign and in Covid – 19 series.
