Economy too needs constant reboot
Disclaimer I
am neither a student of economics or finance or bureaucrat or politician. But I
have been in love with economics as a subject like I am with philosophy,
psychology, evolutionary biology and admire the splendours of bio geographical
marvels and the wonders of spiritual mysteries.
However, on
mere observation I feel that despite the blessings that economies across the
globe must cater to both the needs and greed of humanity, still every nation
looks out for multitude of options to accelerate economic growth or development
at all costs.
Now we see
USA, of all the nations going to the extent of offering Citizenship for a fee
because of the state in which the previous government in USA has left the
nation's economy in shambles.
Now Dubai is
doing everything to promote its economy, including an event , incidentally in
India, conducted by my friend next week at Chennai Leela Palace.
Why am I
even discussing these are because we as a nation despite our glorious past,
proud ancestry, great civilization, fantastic cultures, highly philosophical
attitudes, humane values and now a party in power focusing on governance and
making baby steps in economic development, we often tend to get cocooned in
complacence.
There are
many ways to generate wealth/ revenue/income by the government for the
governments besides taxes.
Every nation
goes about doing this in their own ways and as and when required resort to look
out for multiple hitherto untested options.
Some nations
fund heavily on R&D involve in and provide game changing real innovations
not spinning theories or making tall claims.
Some nations
are blessed with certain vital natural resources which get them enough revenue.
Some others
excellently commercialize by proper tourism promotion ( which is always a
highly neglected area in ours) through attracting and promoting the
beauty of the biogeographically blessed nature's bounty and their
own civilisation's heritage of monuments, museums etc.
Some
nations focus enormously on manufacturing and production.
Some nations
are blessed with certain raw materials essential for various things and they
make value added products with them and export all over the world.
They do all
these with the vital modern mantras of Publicity.
India with
its citizens NRIs spread across the globe, working as employees or doing
businesses and making contributions to the world in their own way but with
their heart always in our great country and now a more pleasant, secured nation
marching towards prosperity.
But our
economy fails to look at new, easy avenues which I have been harping on for the
past few years. Of course, the government needs to investigate source of
funds.
Though RBI
did introduce some extremely safe but short terms small investment Bonds
whose incentives may not be that interesting for HNI NRIs
2]In
September2018:-https://x.com/ideasspinner/status/1046374349857390593
3] In March
2024 https://x.com/ideasspinner/status/1767060544413114382
At last, in
2020,the Reserve Bank of India (RBI) introduced the 'Fully Accessible
Route' (FAR) to allow investment by Non-residential Indians (NRIs)
in government securities (G-Secs), state development loans (SDLs) and
treasury bills (T-bills). Several types of government bonds are
available in India, catering to different investor needs.
Treasury Bills (T-Bills): Short-term bonds maturing within one year.
Government of India Savings Bonds: Medium to long-term bonds with fixed
interest rates.
Sovereign Gold Bonds (SGBs): Bonds denominated in grams of gold
Inflation-Indexed Bonds (IIBs): Bonds offering inflation-adjusted
returns.
Still Sec
54EC has limits of 50 lakhs why ?
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