Government
should make the best use of demonetisation and come out with a Budget
full of out-of-box ideas, economists told Finance Minister Arun
Jaitley here. In a pre-Budget meeting with the Finance Minister, some
participating members suggested that the upcoming Union Budget should
not be a conventional one as these are not normal times, a Finance
Ministry statement said. "Rather, the government should make
best use of the opportunity arising from demonetisation to present a
Budget full of out-of-box ideas. Members suggested that provisions
should be made in the Budget to ensure that generation of black money
is curbed," it said. Pointing out that India remains a bright
point in global economy and BRICS in particular, Jaitley said the
government has taken many steps -- such as passing of GST Bill,
institutional reforms like UDAY, banking reforms and focus on
infrastructure, among others -- to further boost growth. He said the
growth in US is weaker than anticipated earlier and Brexit has led to
disturbing reactions in the markets. However, Indian economy has made
significant improvements as growth remains stable, and we are in
comfortable fiscal and debt situation, he said. He said the
government has taken various decisive steps in the last
two-and-a-half years which have helped the economy to get out from
inflationary spiral to stable prices. Economists suggested that
provisions should be made in the Budget to ensure that generation of
black money is curbed and it should be decided by the market how much
cash needs to be infused into the economy. "They mentioned that
in terms of use of cash, our economy is worse. They said that we use
much more cash than our neighbours (with almost similar culture and
mindset) use for similar economic activities. Some countries with
even larger informal sectors use lesser amount of cash
comparatively," it said. Some members also expressed the need of
transparency on the government's part and wanted it to come out with
a statement in the Budget which should detail clearly what costs have
been incurred due to demonetisation. Commenting on demonetisation,
members said it can curb black money for the moment, but cannot check
the generation of illicit money. "So next task should be to stop
generation of black money in future. For this, government should
incentivise people to move from informal to formal system and
maximise use of e-payments," it said.
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