Left Menu
Development News Edition

Budget 2020: Dr. Kirit Parikh wants Finance Minister to put more money in the hands of people

Increase in purchasing power of the consumers will spruce up demands in the market which would incentivize investment and production, said Dr. Kirit Parikh demanding more money from the government for people of the country.

Devdiscourse News Desk | New Delhi | Updated: 31-01-2020 17:57 IST | Created: 31-01-2020 16:05 IST
Budget 2020: Dr. Kirit Parikh wants Finance Minister to put more money in the hands of people
Dr. Kirit Parikh was speaking to Devdiscourse on his budget expectations on the sidelines of 2 days Waste Management Series of Summits (WMSS 2020) in New Delhi concluded on Friday. Image Credit: Devdiscourse News Desk

Eminent Economist Dr. Kirit Parikh has urged the Union Finance Minister Nirmala Sitharaman to present the budget with the aim of increasing purchasing power of the common people. According to Dr. Parikh, this is important to stimulate investment and revive the economy.

"Several reports are predicting slowdown and worsening state of the economy in India. The improper implementation of schemes such as multiple GST returns in a year are posing challenges before small scale entrepreneurs," said Dr. Parikh. He was speaking to Devdiscourse on his budget expectations on the sidelines of 2 days Waste Management Series of Summits (WMSS 2020) in New Delhi concluded on Friday.

"In the budget, the government should focus on increasing demand in the market for which it requires to put more money in the hands of people. The government should seriously consider on direct money transfer for farmers and poor section of the population which will ultimately increase their purchasing capacity and incentivize production and investment," he added. Dr. Parikh is presently Chairman of Integrated Research and Action for Development (IRADe), New Delhi. He has been a Member of the Planning Commission of India rechristened as NITI Aayog and worked as a member of the Economic Advisory Council (EAC) with several prime ministers of India such as Atal Bihari Vajpayee, P. V. Narasimha Rao, Chandra Shekhar, V. P. Singh, and Rajiv Gandhi. "The government needs to increase demands both in domestic as well as in international market. There is great need to facilitate export by removing slashing taxation and making them competitive with the international market. The government should not hesitate to reduce the taxes where it could not have done," he added. Dr. Parikh highlighted that due to burden of multiple GST filing, small investors are being forced to give up the entrepreneurship. Dr. Parikh holds a Doctor of Science in Civil Engineering and a Master's Degree in Economics from MIT, USA. He is Former (Founder) Director (Vice Chancellor), Indira Gandhi Institute of Development Research (IGIDR), Mumbai.


TRENDING

OPINION / BLOG / INTERVIEW

COVID-19 seems cooking biggest ever global scam

The increasing number of corruption cases on COVID-19 funds from throughout the world and involvement of high profile persons indicate that the countries cant ignore corruption in their pandemic response programs. This has generated the nee...

Health Management Information Systems lack holistic, integrated, and pandemic resilient character

Being a part of the United Nations system, the World Health Organization WHO deserves its share of rebuke for its alleged failure issue COVID-19 health emergency alerts on appropriate time. However, the pandemic has also exposed loopholes i...

Pride in the time of coronavirus: a welcome move online?

This year is different in many ways not least as celebrations are also taking place against the dramatic backdrop of a global health crisis and a resurgence in grassroots activism following the death of George Floyd in Minneapolis. ...

COVID-19: Weighing up the benefits and limitations of edtech platforms

Edtech companies shouldnt focus on merely pushing contents, but to provide an interactive, effective teaching and learning environment. ...

Videos

Latest News

Mexican soldiers kill 12 in cartel clash near border

Mexican soldiers killed 12 alleged drug cartel members wearing military gear in the violent border city of Nuevo Laredo on Friday, Tamaulipas state security officials said, in another instance of mass murders that have driven Mexicos homici...

Soccer-Newcastle sign ex-Motherwell goalkeeper Gillespie

Newcastle United have brought in former Motherwell goalkeeper Mark Gillespie on a three-year contract to provide competition at St James Park, manager Steve Bruce said on Friday. The 28-year-old Newcastle supporter was born in the city and ...

Colombian army fires 31 members for alleged sex abuse against minors

The Colombian army said on Friday it fired 31 of its members accused of involvement with sexual abuse or violence against minors, amid recent accusations of sex abuse of young girls by soldiers. At least 118 members of the army have been in...

Alleged Jeffrey Epstein accomplice being held at 'well-run' jail -local lawyers

Ghislaine Maxwell, the alleged accomplice of Jeffrey Epstein, is being detained at a New Hampshire jail where she is likely separated from other inmates and under constant surveillance, local lawyers said.A source familiar with Maxwells cas...

Give Feedback