If I were the Finance Minister of India Essay

In the economy of a developing county like India, the map of the Finance Minister is a crucial one. This is much so in the case of the country which has chosen the path of planned development, as Indian has done. If ever I become the Finance Minister of the country, my origin effort would be to root out the demon of back money. It is black money which leads to ostentation and to the mature in prices, and this makes financial control almost impossible. Since black money is the money on which tax has non been paid, I allow for interpret to it that that evasion is reduced to a minimum. With this end in view, tax body structure leave behind be rationalized. The taxation rate will be brought down so as to impart relief to the salaried people as well as to the business community. With a more fairish tax structure, the temptation to evade taxes, would no longer be there.Those who still avoid payment of tell taxes, plugged, so that tax-evaders ar not able to escape the clutche s clutches of the law. Black-markets hoarders, ect, who run a diverseness of parallel economy, would overly be severely dealt with Laws in this respect would as well be made more stringent, and the concerned Government officials would be given more power to deal with such offenders. In this way, the inflation rate would be brought down, and relief provided to the people, groaning under the burden of rising prices and increasing taxation. I will also see to it that credit facilities are handsomeized. Banking services will be extended to the rural areas. With this end in view, Banks will be come alongd to open their braches even in remote villages. Indian farmer is proverbially poor, and owning to his poverty and illiteracy he has always been exploited by the local money lenders.Instructions will be used to the banks (through the Reserve Bank of India) that the needy farmers be given loans on easy and liberal terms. This will enable them to purchase good quality seeds, fertilizer s, tractors, etc. Agriculture would thus be renew and this would lead to increase production. Construction of tube-wells would also be encouraged and villages would be rapidly electrified, so that horticulture production is no longer at the mercy of rains. While I will continue to encourage large scale industries, the growth of small industries would also be encouraged. They would also be provided with soft loans by the nationalized banks, and if need be more banks would be nationalized.Technicians, live T.V and Radio mechanics, Internet, professional people like Doctors and other self-employed people, would also be given financial help by the banks. Non-plan Government expenditure would be brought down whenever possible. Wastage would be reduced to a minimum by appropriate measures. I will see to it that, while the just demands of the employees are met with, they also work honestly and sincerely for the good of the nation. both these measures, I hope, would be brought down when ever possible. Wastage would be reduced to a minimum by appropriate measures. I will see to it that, while the just demands of the employees are met with, they also work honestly and sincerely for the good of the nation.All these measures, I hope, would go a long way toward revamping the Indian economy. Still, if considered necessary, I will not weave to accept foreign aid or to take loans from International fiscal Institutions like the I.M.F Funds would also be raised through borrowings from the public. However, I am hopeful that such measures would not be necessary. usual sector undertakings are already showing large profits which are likely to be bigger still in the next years. These earnings should be sufficient to fill any budgetary gaps.Those which are running in a loss will be wound up and replaced by insular industrial concerns. In the interest of rapid, increased production even multinational concerns will be invited to good deal up industries in the country. The employ ees of the sick public sector undertakings would be absorbed in these private industries. indeed a massive programme of privatization would be undertaken to encourage competition and promote production. In short, as the Financial Minister of India, it would be my earnest endeavour to see that there is an overall increase in production, that the mischance of the people are reduced to a minimum, and through proper fiscal control Indian providence becomes more and more self-reliant.