Half-baked ideas won't do

Budget should primarily be judged on basis of what the govt needs to do in the aftermath of note ban

With reference to A K Bhattacharya’s article, “Wanted a post-demonetisation Budget” (January 18), the Budget should primarily be judged on the basis of what the government needs to do in the aftermath of demonetisation.

Even as there are arguably no visible signs of the success of demonetisation, the Bharatiya Janata Party-led government and its leaders have been blowing their trumpets a little too much. 

Of course, Bhattacharya’s concern about fully achieving the twin objectives of eliminating black money and ushering in a cashless economy in India merit consideration. But serving half-baked food won’t do. Any plan to encourage digital transactions with an aim of reducing the current cash-gross domestic product ratio envisages that adequate cyber laws are in place. Such laws will ensure privacy of customers and guard their online transactions against cyber fraud and leak of personal data.

The writer has a five-point wish list for the Budget. However, Finance Minister Arun Jaitley has already ruled out the return of the same number of currency notes, which were in circulation when the move to ban Rs 500 and Rs 1,000 notes were announced.

Regarding the other items on the wish list, especially black money-prone political funding, the ball is the government’s court. Let’s wait and watch what happens on February 1.

Letters can be mailed, faxed or e-mailed to: 

The Editor, Business Standard

Nehru House, 4 Bahadur Shah Zafar Marg 

New Delhi 110 002 

Fax: (011) 23720201  ·  E-mail: letters@bsmail.in

All letters must have a postal address and telephone number