Dear Mr.Jaitley, It was heartening to note your priority - reducing fiscal deficit. Let me give you 10 easy steps to reduce it. - Bank NPAs - 100,000 crores. Stop paying for the follies of Vijay Mallyas of the world. One of Governments priorities is to recapitalize banks. You can avoid that, if you give enforcement agencies free hand to target willful defaulters. The NPAs in banks are about 2.36 lac Crores, a growth of 36% YoY. You can easily collect at least 1 lac Crores through a carrot and stick approach. - SAHARAS - 40,000 crores. You have an SC order in your hand. Force the Saharas to cough up. Unleash the law enforcement agencies. The money has come to you on a platter, through repeated SC orders. Make your law minister a party to collect the monies. - Money stashed in Swiss Banks - 600,000 crores. The estimates of money in swiss banks is anywhere between USD 500 billion to USD 14 trillion. Go after governments, give carrots for voluntary compliance, come up with a law for punishment if carrots are declined. You can easily have a Trillion dollars move into India over 5 years. - Tax the rich farmers - 100,000 crores While the poor farmers suffer, the rich farmers are actually industrialists showing all their income as farming income. Stop this facade. Start charging any farmer, whose total income is above a threshold, of say 1 Crore. - Stop subsidizing PSUs who are not needed - 50,000 crores There is no reason that my taxes should go to fund companies like Air India. It is a commercial entity and competing with private players. It also takes the level playing field off commercial airlines with an unlimited line of funding from tax payers. Let the government get out of all such PSUs. Sell them. You will make money and every year will save in subsidizing them too. No brainer. - Attack the Vadra Business Model - 100,000 crores. The root cause for Most black money, corruption and lack of transparency is Land. The NDA government has erroneously removed the pre emptive purchase powers from the income Tax department. You need not have thrown the baby with the bathwater. Bring it back for transactions above 100 crores. When Sahar values land costing 307 crores to be 6000 crores, it is corruption at the highest level and a lot of black money. Ditto with Robert Vadra transactions with DLF. Attack the model. Force transparency. This can lead to a trillion dollar revenues over a period. Coal block and natural resources auction - 100,000 crores Each successive government has distributed national wealth and resources for the benefit of few crony capitalists. Bring in a transparent method of allocation. Auction them. Make them stick with the terms. Appoint auctioneers if needed. You can earn at least 1 lac crore each year. Tax Disputes- 100,000 crores. More than 3 lac Crores is stuck in disputes. Work on the easiest of them. Settle them through arbitration. Move on. You can easily collect 100,000 crores. And then force them to pay. - Oil, Gas, - 200,000 Crores. The oil import bill for 2013 were USD 144 billion. With rupee gaining 10%, you already have about 100,000 crores in hand. Start working on supply side. EnForce oil exploration companies to go by the agreements. Stop subsidizing oil marketing companies(65000 cr). Make the prices market driven and increase supplies to balance it off. You can easily save Rs.2 lac crores through forex gains, reduced subsidies and increased production. - Slippages in NREGA - 25000 crores The rural employment scheme is a Vote catcher with more than 75% being wasted at the hustings. Start working on efficiencies, reducing pilferages. You can start with a modest 25000 crore savings in year 1. These savings can easily reach 50000 crores per year. These are only the low yielding fruits. I am sure you can work on many more. Regards
Posted on: Wed, 28 May 2014 14:10:12 +0000
Trending Topics
Recently Viewed Topics
© 2015