Presenting my own budget, Nir ma la ji style for the year 2022-23

 

2 February 2022

Yesterday, I glued myself to our old smart TV watching the presentation of budget by the finance minister for the year 2022-23. I slowly felt sliding down in my enthusiasm as she dragged on talking monotonously about the new schemes. Unfortunately, there was no or little mention of performance of earlier schemes nor emphatic introduction of the new schemes. As this went on, it became clear that infrastructure is the mainstay of the budget. Infrastructure no doubt helps in accelerating the economic growth. More expenses mean more jobs to the people, she claimed. The Government reduced corporate and cooperative taxes, believing that these are the ones who run the economy. She also talked about expenditure on the procurement of agricultural produce under MSP and promotion of housing for the poor. Some commented that the Government expenditure under MSP did not increase. Moreover, there was no relief to the farmers, despite this being a year when the farmers’ income should have doubled as envisaged by the prime minister. She presented expenditure on the various ministries including agriculture and offered to promote the chemical-free natural farming, fortunately along the Gangetic belt, sparing the nationwide approach. And this is the belt where most underfed and malnourished people live as they do not get enough food. I am not sure as to how chemical-free natural farming in this area will reduce their malnutrition, as natural farming is likely to reduce an overall production. At the same time, she talked of promoting start-ups like those manufacturing drones which could spray insecticides. Thanks God, she did mention one of the ag technologies that contributed to the green revolution. Spending on the agriculture did not cheer me as I felt that mushrooming universities will suck it most for the bureaucratic maintenance and little will be left out for research and technology development. It was only yesterday that my colleague who heads the Department of Entomology in the University in Maharashtra told that the University siphoned off their revolving fund money for building, leaving them little to build upon their technological and developmental needs. Academics felt cheated while those in administration succumbed to the political pressures or their own show offs to impress their political bosses. 

I felt pessimistic and switched off TV for some time. It is only later that running headlines mentioned no change in tax structure for salaried people. There was no increase in standard deduction nor reliefs under various sections that would have meant lower taxes and more money at hand. Thus, people at large were left in lurch. Later in an interview or press conference, the finance minister showed her generosity of not increasing taxes on the individuals’ income as the prime minister desired so.  This was later repeated by her chief economic adviser so poorly that it left an impression that the Government did not care for this category of citizens. It was like rubbing salt on the wounds of these people who had expectations of lower personal taxes in view of Covid-19 brunt and have been honestly paying tax. The salaried class is the one who cannot hide income, unlike those in business. Despite digitization of economy, the country has a significant black money economy. A friend in Ahmedabad mentioned as to how cash in many folds of hundred thousand could even be used for real estate, with impunity. There is 100% faith between buyer and seller that every transaction has happy ending. I shuddered at the thought of even using the fraction of that money to be paid in cash. But for the business world, it is business as usual, no matter what the Government talks about internet banking or digital transaction.

Unusual as it was, the Government talked about taxing cryptocurrency at 30% rate. I am not sure as to who will tell the Government that they own cryptocurrency or they made a profit on cryptocurrency this year to be taxed at that rate. Are the cryptocurrencies like Bitcoin, ethereum, dogecoin being governed by the Indian State? How will it know on its own that someone possesses cryptocurrency? Hopefully, the Pegasus software that it purchased at the exorbitant cost may be used for mining this information, if the software is not fully exhausted for snooping on the opposition and others. Lure of cryptocurrency is so strong that the Government intends to have its own crypto-rupee. Is that possible with the intention of hoarding illegal wealth of other nationals? Is that an exercise similar to that in the Isle of Man, the self-governing island country or similar tax heavens? Does the Government intend to be tax heaven for illegal wealth of foreigners to be encased in the crypto-rupee? Will it promise them the same protection that these tax heavens promise? I hope this does not fail the way the Government efforts failed to bring back the black money from abroad as promised in the 2014 Lok Sabha elections.

Later, the Government promised bright future with its celebration of Amrit Mahotsav, with elixir of life by or in 2047 when the country celebrates its 100 years of independence. I feel that people live in the present era for earning their livelihood. If they cannot succeed now, will they be able to see and taste elixir by 2047. Or it is a lollypop for the GenNext. Fortunately, Godi media are running full steam this campaign of investing in our future, with great praise of our finance minister by the prime minister following the budget presentation.

With great sorrow, I thought that it is time I learn to present my budget for 2022-23 for own self or own family. Thanks Ms Nirmala ji for giving me this idea. I am aware that like the Government of India, I cannot burrow money from the World Bank or IMF or any other international body. I cannot float bonds that promise a fixed interest, no matter what the future generation of Indians will face. I am also aware of the fact that I cannot offer any lollypop or tax concessions or permits or licenses to anyone. I cannot be a feku, how much I may like to be. Simply, I am not in that class or category. So, my budget has to be within the limits of income with provision for unseen future. And since my income comes from pension, it is all in white.

Before I present my budget, I have emptied my bucket list for 2022. I am grammatically wrong. My bucket list now contains a trash of my hopes. More appropriately, it looks like this….

In view of unchanged tax relief under the various saving sections, I have stopped for some time donating to the charities except for those with whom I am personally involved. Now, only callers with their names in my phone list are attended to. Those with mere numbers are ignored or curtly cut short and then blocked. And this list of blocked phone is about 100 and is growing.

Before I go in to more details of allocation of funds, my wife is calling me for lunch. So, dear readers, please wait for some time. Hope you have bright future that I may be painting of my budget and you could take a leaf out of it. It could be Amrit Chakhna during the Azadi ka Amrit Mahotsav or balley balley…until 2047 as below.

  

Till then, BOLO, Bhaiyo aur Baheno; main kah raha hu wo sahi hai na !

SABKA SAATH, SABKA VIKAS, SABKA PRAYAS, SABKA VISHWAS…

BHARAT MATA KI JAI.

              BHARAT MATA KI JAI. 

BHARAT MATA KI JAI BOLNA PADEGA.

Bharat Mata ki Jai.

TUM BHARAT ME NAHI RAHTE HO KYA.

AUR JO NAHI BOLENGE, WO SAB IS DESH KE ……………………..….

                    BHARAT MATA KI..........JAI