Dear finance minister,
It recently dawned upon me that the budget affects even those who do not follow it. Soon after, I learnt on Twitter that you’ve been reading many of the ideas and suggestions from the ‘aam aadmi’ and may be incorporating them in your budget speech on 5 July.
I do not profess to be an expert in economics or finance. I do, however, follow India’s national religion (no, not the one your comrades think of). I’m referring to cricket, of course. Madam, I aspired to be an arm-ball cricketer and after years of practice have graduated to an armchair cricketer.
The budget comes in the midst of the ICC World Cup. Madam, PM Narendra Modi wants to turn India into a $5 trillion economy. That’s trillion with a T followed by 12 zeroes but still less than the number of ‘expert opinions’ that the budget and cricket both elicit.
Therefore, having followed the World Cup matches closely, I do feel there are a number of lessons hidden in Team India’s performance that can prove useful in getting the economy back on the front foot.
1. Economy Rate
Madam, cricket, like economics, revolves around numbers. The Men in Blue, however, have thrived at the World Cup because they’ve taken their statistics for what they are – an illustration of what has worked and what hasn’t. Those who have made it to the squad and those who failed to make the cut have done so on the back of unadulterated statistics reflecting their form.
The NSSO report on labour and employment, on the other hand, was suppressed by the Centre in January, possibly because it revealed unemployment to be at a 45-year high in election season.
Is it a co-incidence that the first World Cup was held exactly 45-years ago as well?
I hope your budget will boost job creation. If I may add a word of caution – jobless youth with a lot of time in hand are more likely to bombard you with unsolicited opinions, which, I am certain you wouldn’t mind avoiding.
2. Eyes on the Skies
Madam, cricket, like India’s economy is often at the mercy of overhead conditions. England, which is hosting the World Cup, requires Team India to keep one eye on the skies above and one on the ground below.
That’s because the pitches in England are as unpredictable as the rains. A reason why Kohli & Co remain unbeaten in the tournament is because they adapted well to these exigencies.
It requires little reminding that the agriculture sector, too, has been battered by a series of unexpected bouncers – with depleted water supply from the ground below and unpredictable rainfall from the skies above.
Nearly 12.5 crore out of the 14.5 crore farmers are small and marginal with land holdings of less than 2 acres. They are among the worst affected and in need of quick insurance claim settlements.
One hopes the budget accommodates restructuring of the controversial Pradhan Mantri Fasal Bima Yojana where payouts are automatic and linked to weather parameters like deficient rainfall. This ensures farmers do not have to wait two years to get money for unexpected crop failures.
3. Advice of Margdarshaks
Madam, you may have noticed the criticism that former Indian captain Mahendra Singh Dhoni received from another former captain, Sachin Tendulkar after the match against Afghanistan. Tendulkar’s censure of Dhoni was about the latter’s sluggish batting and lack of “positive intent”.
Five days later, Dhoni bounced back with a mature innings of 56 not out in 61 balls against the West Indies.
However, a similar situation, where Yashwant Sinha, a former finance minister of BJP (1998-2002) has been a bitter critic of the present government’s economic policies including demonetisation, has often been dismissed as opportunistic.
Instead of dismissing his views, perhaps, the budget can do well to lend a patient ear to Sinhaji, who has presented seven Union budgets. The exits of RBI Governor Urjit Patel and his deputy Viral Acharya, perhaps, lend cause for introspection.
4. Allow Youngsters to Start-Up
Madam, eight of the fifteen cricketers in India’s current World Cup squad are playing this tournament for the first time.
Be it Jasprit Bumrah, Hardik Pandya, KL Rahul or Yuzvendra Chahal, youngsters have been a principle force driving India’s dominance in this tournament. In fact, none in the Indian squad were born when unemployment was this high the last time.
However, despite a lot of noise about Start-Up India, hundreds of young companies have been stumped by the “angel tax” problem. After a desperate plea on 16 January by 68 start-ups to the PM over “angel tax” notices slapped on them, the government did address some core problems like redefining start-ups and relaxing investment rules.
However, instances of tax notices served to start-ups on their funding under sections 56 (2) (vii)(b) and 68 of the IT Act still make the news.
5. Respecting the Opposition
Madam, during our match against Australia on 9 June, something quite unprecedented occurred. Virat Kohli, in the midst of his innings, walked up to a section of the spectators at The Oval and firmly gestured at them to stop booing Australia batsman Steve Smith, who recently returned to cricket after serving a one-year ban for cheating.
While India won the match comfortably, a gesture of respect towards the opposition won a few hearts as well.
One does hope that unlike Budget 2018, the Opposition will get a chance to debate and discuss the Finance Bill before it is passed.
Madam, it is a sincere hope the budget’s Finance Bill will not be passed without debate this time. You will recall that the Finance Bill 2018, tabled by Arun Jaitley, was passed in 30 minutes through a voice vote. In the process, several cut motions by the Opposition were also negated.
While your meeting with former prime minister and finance minister Manmohan Singh on 26 June is a healthy sign, you will also lend a patient ear to the reasoned arguments from the depleted but vocal opposition benches in the Lok Sabha.
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