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We have Karnataka State budgetary proposals before us. The budget is termed as pro-farmer and moving to the villages. The previous budgets presented by then Chief Minister and Finance Minister SrI. S.M.Krishna were christened as pro-IT and Bangalore centric. Rightly.
The budgets in our country have become political tools. targeted more at vote banks. appeasing some particular group and retaining power than economic documents.
With the change of the guard, the nature of budget also undergoes a change, that is why we have undeveloped, underdeveloped, over developed sectors, haphazard growth.
What country needs is neither village or city centric budget, but a growth centric budget with certain targets. It is not that. cities or villages alone are responsible for growth of an economy.
Both urban and rural sectors contribute equally to the growth of the economy and any budget should concentrate on planned growth of all sections/sectors. It should be free from politics, and successive budgets should have common thrust on certain identified goals. No doubt it cannot be purely a document of economics. The state has some social responsibilities too, which should find a place in budget.
The budget have to find a permanent solution for such social responsibilities and any subsidies have to be gradually reduced. Further, they are often reduced to taxing exercises akin to rob the Peter to pay Paul. What is not taxed in the union budget is taxed in State budget. At times, taxes are aimed at groups, sectors which support the political opponents of the ruling party. Heavy taxation of any commodities, sectors, beyond reasonable limit leads to evasion of tax, undervaluation of assets, corruption, which affects the fiscal targets. So, the budgets do not have any common goals and miss sustained thrust.
The political parties should place the growth of the economy, development of the country above the vote bank and prepare budgets for overall development of all sectors in a planned measure.