If I Were a Finance Minister of India : Essay, Speech, Paragraph, Article
If I Were a Finance Minister of India : Essay, Speech, Paragraph, Article -The role of the Finance Minister in a developing country like India is a crucial one. If I were given the opportunity to tackle such mammoth task then I would have left no stone unturned. Various ways are listed below regarding what I would have done if I were the head of the ministry of finance.
Steps Taken By Me If I Were a Finance Minister of India
Public Sector Units to lead the Capex Cycle
Companies belonging to the Public sector should lead the capital expenditure cycle. Public sector units like NTPC, Power Grid, Coal India, Limited should lead from the front by executing their projects and lead the capex cycle.
Improvement of colleges and universities
India has too few excellent institutions. Delhi University, IIMs, NITs and IITs are probably the best educational institutes India is having. As a Finance Minister it is to be ensured that education industry should make progress so that eventually it leads to the country’s industrial growth.
Liberalization of financial markets and increase in FDI
Foreign capital is also needed for India to enhance industrial growth. It is needed for the proper functioning of the stock markets as well. Enhancement of FDI contributes to the foreign exchange reserves of the country and also stabilities in the foreign exchange rate of INR in terms of other currencies.
Innovation in Farming
Agriculture is a very popular occupation in India as more than half of the country’s population is dependent on it. It is sad to say that it contributes to only less than 15%of the country’s GDP. Therefore, agriculture should be given due care.
Protection of the Environment
Economic development should be coupled with sustainable development. Environment should be protected and use of energy and other available resources should be utilized effectively and efficiently.
Develop alternative sources by increasing private sector funding in R&D
Using alternate sources of energy is the need of the hour. Buying oil from middle east countries is too expensive and leads to drain of wealth of the country. Private sector companies should be provided with financial resources to carry out their R&D in development of renewable sources of energy.
Support to the Tourism Industry
India is characterized by with unity in diversity. There are so many heritage sites in the country. The tourism industry should be provided with financial support as it can bring in contribute to the nation’s foreign exchange reserves.
Liberalization of Direct Taxes
India has the highest tax rates in the Asia Pacific Region. Both the corporate and individual taxes are the highest in the region. An attempt should be made to reduce taxes so as to eventually lead to the promotion of investment, especially in manufacturing units
Improving India’s sovereign credit rating
India’s sovereign credit rating is far poor as compared to what it really deserves. If the rating improves, large sovereign and pension funds will start to invest in India’s financial markets. The investment of such fund with a long term focus and can meet the additional capital requirements of the country’s economy.
Promotion of investment in Electronic Hardware and Semi- Conductors
India’s software industry is growing at a rapid pace but the electronic hardware industry has unable to keep pace with it. Promotion of investment in semi-conductor plants and electronic hardware should be done as well.
Verdict on If I Were a Finance Minister of India
These are my thoughts on what I would have done if I were the Finance Minister of India. Mr. Arun Jaitley is performing very well under the rule of Mr. Narendra Modi. I have confidence on our Finance Minister that he will discharge his responsibilities quite well which will aid in the country’s economic development.