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The right fiscal move

by IT Web Admin
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The tentative budget for the fiscal year 2014-15 which was presented by the Chief Minister who is also in-charge of Finance during the ongoing assembly session has drawn more criticisms and flaks from all quarters of the society. And, as if in a continuation of the long uninterrupted run of misplaced policies and wasted efforts and resources, the state Government have announced its intention of shoring up revenue by adding more items to the list of taxable goods and services. The one track focus which is clearly evident in the expressed intention of the Government have proven beyond any iota of doubt that it has managed to find the forest but failed to notice the tree. Increasing taxes increases pressure on the consumers, and in the absence of a corresponding increase in the real income of the people, the move will result in decline of spending and therefore decrease income from taxes for the Government in the long run. It would be prudent for the think-tank within the Government to look at a more feasible and lasting avenues before such haphazard and short term measures could prove to be a huge deterrent to the development and fiscal progress of this already troubled society. Perhaps, a more sustainable solution would be to put efforts and resources towards developing an atmosphere conducive to entrepreneurs who will, when their ventures becomes successful, provide a stable and constant source of the much required revenue for the state. Such a move will undoubtedly benefit the society in more ways than one and will definitely help in bringing about a positive change by radically changing the mindset of the people from that of clamoring for Government jobs to one which develops ideas and innovative thoughts. But it is always easier said than done and there lies a vast chasm between what can be done and what needs to be done. The industrial atmosphere in the state at present is almost totally absent, and there needs a lot more to be done to ignite the spirit of entrepreneurship amongst the people. This is just the tip of the iceberg, and initiating interest will accomplish precious little until the move is backed up by a radical change in the way financial and other assistances are made available for investment. Stating that the present system of financing and credit facilities is stifling development and creation of capital will be putting it mildly. There is a systematic and deep-rooted practice of shutting down any efforts by individuals to start a venture by financial institutions in collusion with departmental heads by taking advantage of the helplessness and desperation of the individuals, making them to part with unofficial “commissions” and “considerations” without which every process freezes up. There is an immediate need to make radical changes if the state is to stay abreast of the developments taking place all over the country. creation of job opportunities and developing an atmosphere which will not only bring in the revenues but also enable bringing in of revenues from outside the state thus creating a positive balance of trade for the state while decreasing dependence on other states for even the most basic necessities. A determined and resolute stance for the necessary changes can make things much easier and smoother for everyone.

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Imphal Times is a daily English newspaper published in Imphal and is registered with Registrar of the Newspapers for India with Regd. No MANENG/2013/51092


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