Yet another budget. A retrograde one at that. The government is the most inefficient user of money, any increase in flow of money through the governmental system only creates more "babus" who don't work. Literally make you cry when you visit them.
The loss to the economy is phenomenal whenever there is a massive increase in government spending.
0.1% tax on cash withdrawal of Rs 10,000 from banks on a single day.
The tyrannical government that doesn't tell us what does it do with thousands of crores of rupees it puts into so called social upliftment schemes wants to tax cash withdrawals of more than Rs 10000 ( about $225).
What this will do is push more money out of the banking system into the parallel money market.
Heck! what comes next 97% income tax.
Indian
India has made progress in any field wherever government of India has receded from and left the field untouched for the practice of free enterprise. An apocryphal story is that after Independence India had a formidable textile industry and the Japanese and other east asian economies decided against trying to compete with it. However as it so turned that much of it was very sick or rather became sick and un-competitive till the late 80s when the liberalization started, thanks to the attention that was bestowed on that industry by the government of India. As examples of successful industries which avoided the gaze of the government of India for their early growth period is Cable TV industry . There was a time when number of phone lines in the country was 3 million and number of homes with cable 30 million. The Telecom/ISP system in India is an awful mess despite the self-congratulatory pats of petty bureaucrats at TRAI/DOT and the foolhardy politicians even today.
The question one should ask after every budget is what economic activity where money is made has been freed of government interference now, if the answer is none the budget is a failure.
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