Fiscal Consolidation: The way Forward

FM: On the right path

The most widely used words in the UPA government regime are fiscal consolidation and inclusive growth. Thanks to the windfall gains from the 3G/BWA spectrum sale, the government seems to be well on course on its path of fiscal consolidation in this fiscal year. Gross fiscal deficit as a percentage of GDP is estimated to be 4.8% as compared to 6.3% in the last fiscal. Needless to say, a major chunk of the drop in fiscal deficit comes from the gains from the 3G/BWA spectrum sale. Revenue deficit is also estimated to be 3.5 % as a percentage of GDP as compared to 5.1% the year earlier. (source: economic survey 2010-2011)

The thirteenth finance commission headed by Mr.Vijay Kelkar has laid down a fiscal roadmap requiring the states to do away with revenue deficit and achieve a fiscal deficit target of 3 % of their respective GDPs by 2014-2015. Such steps by the states need to be taken in a very calculated and systematic manner in order to meet the desired targets within the stipulated time frame. If Indian economy does achieve the target of fiscal consolidation laid out by the Kelkar headed commission, it would become a very attractive investment destination not only for the FIIs but also for the domestic investors. A lot of FDI will flow to the Indian markets if such targets are met.

To achieve the target of fiscal consolidation, it is imperative to reform the current fertilizer and petroleum policy as a major chunk of public non-plan finances are diverted here. The output from such subsidies is very low as compared to the same amount being invested elsewhere on other developmental projects. But above all, the governments need to be bold enough to understand as well as implement the recommendations of the committees it sets up. 

-Sunny Gusain

End of an era: IHM, Mumbai 07-10



The Fake Pic

 This is a blog post which I admit gracefully should have come a long time back. But then life is kind and gives you a second chance and a third and then a fourth and so on. So no need to regret. Just wanted to write about the 3 wonderful productive(???) years I spent in Mumbai. I really miss the light moments with friends that made life so much fun, enjoyable and worth it. Though all that is gone now but still a lot of learning did, surprisingly, take place during those 3 years. I wrote the title of this post 4 months before we actually spent the last day in college. I wanted to write it there only but then you know how lazy H & HA makes you. A few lines did go through the pen and on the paper but never made it to www. But now I think is the perfect time to get over what I couldn't finish while in college.

First let me thank those who made my life worth it in college. The name list is long and requires some effort to write down. So let's just suppose people who made my life worth it in college know by themselves that they did it. Wait, don't feel so proud I am not done yet.

Of course, needless to say, I miss my friends and other accompaniments with the main dish that really made the whole menu of three years fantastic and wonderful. The whole menu wasn't likeable but then that's the advantage of being in a buffet, You choose and take what you want and leave undesirable dishes untouched or just taste it a little. But I must say, I never disliked a dish for too long and thoroughly enjoyed the whole buffet. Sounds political but believe me it's not (read the title of the blog if you know what I mean). Too much about the students, now let's see what we had in store for us once we got ourselves into HAHA.

A spitting cobra in the first year kitchen(and God help those who suffer from amnesia and can't recollect the first year). A philosopher and politically incorrect Life's Tough preacher (and by the way he is retiring this december). A political sufferer in the F & B and don't ask me why I think political sufferer. A history teacher come Housekeping preacher ( if you forgot the ceaseless notes you made). Nutrition, well some people are good but that doesn't mean they have a great dressing sense and she could have done with a little more grooming. The Communication lessons were more revealing than worth reading as we got a daily glimpse of scenes from the movie (i love you teacher aka I love you even more.... student). The best for the last, Mr. Hotel Engineer, out of the world, and definitely the most comical character we would ever see. He really was an epitome of student welfare. I mean, name one person who never slept in his class. Of course, the only person who ever was scared with this guy was the lone rat that once entered the classroom. The best part was to see the kind of hegemony that these teachers enjoyed over their students.

More to come...........-Sunny Gusain

EPF: Employee Provident Fund or Employee Pure Frustration

PF(Pure Frustration)

Would you believe it, for the past 4 hours I have been trying to find out one little thing, nothing more just ONE LITTLE THING. Now is the time to write what it is( else I will forget?). I have been trying to get the status of my current Provident Fund balance online. And what have I figured out after spending 4 damn hours on the same??? That, as of now, it's just not possible to know your balance online. There is no such IT infrastructure present that could help you to do that. We talk about India's IT superpower status and this is what we get in the public services sphere. More than 5.5 crore subscribers and still the Employee's Provident Fund (EPF) system is so outdated and in shambles that it is better to forget about your nmoney than see it growing or checking for the status of your claims. I mean how difficult it is to get things online, computerise the whole system given the fact that we have such a huge IT industry. What to say about the transparency of the GOI. But thats the way it is...................,,,,,,,,,,just keep hoping ,,,,,,,;)

-Sunny Gusain