Understanding Budget 2023

India has huge untapped potential which can make a significant contribution to GDP. This year budget unveiled one of its biggest jumps in capital spending in the past decade in its budget for the coming year to boost economic growth, while aiming to lower fiscal deficit before elections due next year. Privatization and disinvestment would be important for the coming FY, while implementation of these remain key, the economy would see a boost with private players coming in and the government having funds to spend on infra and other projects. Steps have been taken to make lives of women’s in rural and urban areas easy through further enhancing the women’s self-help groups.

While The biggest challenge posed to our economy is the menace of counterfeit currency. Reserve Bank of India has mentioned this in their leastest Annual Report as well. This revolves around loopholes in matters of internal security and these should be plugged at once with effective measures. The ghosts of the past notably the 2G telecom scam when pierced through the veil reveals a nefarious activity of counterfeit printing of India s currency notes being printed in enemy land and pumped into ours to destroy economic balance. Towards going truly digital India should undertake technology audit of towers,do radio mapping and ensure a true map of India is drawn up to replace the outdated manual map charted by a private company way back in 1950s. Another measure could be insisting upon all transactions over and above say a sum of rupees ten lakhs to be compulsorily undertaken by transfers to discontinue the practice of post dated cheques. If this is implemented,one third of litigation pending in courts will vanish thereby lightening stress on judicial machinery. MSMEs require impetus as well and urgent steps to repair faulty service of MCA-21 website ought to be taken in this direction.

By :-

Pamarty Venkataramana is an international corporate lawyer heads PVR LAWS and based n the Supreme Court of India.

Pamarty Venkataramana is a life member of the Supreme Court of India Bar Association. He is a multi disciplinary professional. His doctoral thesis is on ‘Corporate and Criminal Jurisprudence’. Associated with think tank bodies like Global Center for Human Security Studies,etc. Was part of World Bank affiliated UK based Rivlin International Limited UK for Hospitals and other healthcare projects in South Asia. He is Chairman Emeritus of The Centre For Scientific and Industrial Research. (sponsoring, monitoring ground breaking research in greenfield technologies including alternative energy, polymers and agricultural techniques).