A couple of days ago, Ministry of Finance issued a press note. It said that Income Tax refunds below 5 lacs would be released immediately. Similarly, GST and Customs refunds are also to be disbursed. This move by the Govt involving Rs 18,000 crores would benefit 14 lakh assesses.
In the current economic scenario, this is a great initiative by the GOI. Most of these assesses are those who do not have money even to buy the necessaries. It means that entire money amounting to Rs 18000 crores would come into circulation in the market immediately on its dispersal. This would in turn activate the market forces to venture into more business activities. This chain is most important to keep the economy alive. So naturally it is a great initiative. But how many are there appreciating the GOI for the right step in the right direction? Not many. Why so?
Within a few hours of the press note, many citizens thronged the social media accusing the government of supporting the wealthy ones. They could have very easily verified the facts before jumping into any conclusion. They do not want to because it is not a part of their ‘agenda’ as their foremost duty is to spread the message of negativity all around.
We are now used to such senseless accusations by the vested interests who are working day in and day out to throw mud to hide all that is good. They have a right to do it in a democracy and so they are doing it. Its ok. But what is the factual position?
During the year ending 31st March 2020, i.e. till 10days ago, total number of Income Tax returns filed is 6.52 crores. Of them, as many as 6.14 crore returns belong to individuals. Who are these individuals? They consist mainly of salaried employees and proprietors of small business enterprises.
By any stretch of imagination, they are not rich as many netizens believe. Among these assessees are the ones who are low income workers in private sector and the petty shop owners too. A refund of around 10,000 (just for example) at this critical juncture would immensely benefit them; would give them the much needed relief.
Similarly, GST refunds would leave a positive effect on MSME that are starving for funds. This has been mentioned in the press note itself.
The relief package of Rs 1.75 lakh crores announced by the Finance Minister a week ago had a wonderful scheme as well that would help the small entrepreneurs substantially. Women Self Help Groups are now eligible to obtain non-collateral loan of 20 lacs against 10 lacs permitted earlier. This money is expected to galvanize the women entrepreneurs to playing a more pro-active rule in the Small and Rural Industries. Income generation and employment generation are both achieved by encouraging the SCGs to widen and broaden their activities.
These are some of the measures that the GOI has managed to implement and hopefully there are many more progressive schemes in the offing.
To keep the confidence of the enterprising youth on job is the need of the hour and India is doing just that. This is something to cheer about since many countries are still reeling the onslaught of the deadly pandemic.
Leave alone planning for the revival and upsurge, it looks likely that the USA and the European countries may need many more months to get back to the normal mode. But that is not the case here; as it is valiantly waging a war against the spreading virus, India is simultaneously doing its best towards keeping the economy at its near normal course.
Excepting the grueling hardships faced by the imminent lockdown forced upon us, and the resulting downfall in various sectors for a considerable period, we do not foresee any serious setback in the overall economic system.
While the global economy is hit by a massive earthquake, we are bound to feel the tremors. We are destined as well to have the adverse impact of it to a certain extent. But our fight against the virus has so far been reasonably successful and Corona may not be as catastrophic as it is likely to be in the USA or in the Europe.
Though it is said to be in a ‘comfortable’ situation now, China will have to bear the brunt of the anger and unhappiness of the affected nations towards it. It is almost real that the credibility of China is badly at stake and might be put to severe test. On the issue of spread of Corona virus, China has a lot to explain to the countries of the world and nobody would be serious enough to take the Chinese version anymore.
This would in all probabilities almost eliminate the communist country from the mainstream of international trade. In the event of the Corona affected countries deciding to keep China off, their next natural destination would be India. Being a democratic, republic nation and as one having shared their agony and anguish and as one being ‘soft’ in its dealings, India stands to gain much more than what the Corona could take away from us.
A solid political set up, a stable government, a strong leadership, ever dependable judiciary, above all the most friendly society to business with are the crucial determining factors that are available here that makes India the most favoured nation among all.
It is not a willful thinking but a pragmatic approach rather to the present imbroglio that is as much political as it is economic if one could look at it from the thoroughly anguished sense of anger and animosity of the people who stand testimony to the severest crisis in the history of their nations. These people and their leaders alike would never be able to forget and forgive so easily when all their legitimate dreams were shattered; when their kith and kin were helplessly left to die; when their might and intelligence were but useless dirt under the penetrating jaws of the ruthless virus.
While there is despair, people tend to search for hope. Where there is anger, there arises the direst need for Love and compassion. And, the land of hope can be none other than the Land of the Mahatma.
Yes. It is – advantage India!
- Baskaran Krishnamurthy.
- [email protected] , followed on Twitter @Baskaranitax
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