Two faces of PC and three bad ideas of budget

Incentivising ‘do-number ke ameer’, having a PSU bank for women alone, and telling the youth that Barista is the same as Bukhara are ideas that deserve to be booed out

rohit

Rohit Bansal | February 28, 2013


Finance minister P Chidambaram
Finance minister P Chidambaram

1. Tax surcharge on the super rich is a bad idea. That’s because translated on terra firma, the taxman wants us to believe we have less than 45,000 crorepatis.

Complete nonsense!

The surcharge is a penalty on those who are foolish enough to declare such income. They’ll pay a 10 percent surcharge for their stupidity. That’s nearly 45 percent in direct tax, not to mention the cascading impact of indirect taxation. Is India trying to tell top-end knowledge workers that they’re no longer wanted?

Meanwhile, the wilier ones – the big-ticket tax dodgers, sometimes the ones who employ these Rs 1-crore assessees – will continue to get away.

There has to be something terribly wrong in this.

Isn’t this is economy where by their own disclosures, BMW sold 9,375 cars; Audi sold 9,003; Mercedes sold 7,138 in 2012 alone? Surely all these proud owners were crorepatis too. So, also those who bought these toys in earlier years and those who prefer classier stuff like Bentley and Rolls Royce.

But the FM thinks we have only 45k super rich!

Chanakya, the astute commentator has been warning us since 2,300 years ago, a state that allows ‘do number ke ameer’ to flourish is bound to fail.
 
2. Special bank for women. Utterly insulting to Indian women, if not constitutionally suspect. I could understand women thanas or women compartments in the metro. But banks! What’s coming up next…women post offices, all-women women buses. We certainly have the cup brimming with tokenism.

Women can bring in 2x the amount of gold than a man can. Hmmm…I still have to hear the critique from constitutional lawyers, but may be, meanwhile, Manish Tewari should offer some broadcast licences for all-women news channels and Kapil Sibal can match up with 33 percent incentives in licence fee for women-owned telcos!
 
3. It’s the headline with which CNN-IBN anchorman Rajdeep Sardesai opened his post-budget analysis: Service tax if you’re swinging by a restaurant that has an AC!

That’s penalising the youth visiting a battered Barista, Café Coffee Day and telling them they’re in the same class as the Maurya. The logic that there’s no difference between them and swanky ‘boozeries’ which are already covered by service tax is insane.

The distinction, our Harvard-educated FM tells us, is “artificial”.

A country that hasn’t had the guts to slam service tax on lawyers – Why else do we have the kinds of legal eagles Salman Khurshid, Kapil Sibal, Arun Jaitley, Ashwini Kumar and Chidambaram himself at the helm? – wants to penalise young 24-year olds sipping coffee at the end of a 12-hour work day.

Shame!

Unrealised taxes, tokenism, and failing the youth – while pandering to lawyers – flunk the test I set up for PC as the mahout to steer the doddering elephant and the #IndiaStory.

Comments

 

Other News

El Niño threatens India’s Rabi crops

India’s southwest monsoon ended with a 13% rainfall deficit in 2026, its weakest performance in a decade, raising concerns over agricultural production, water security and the upcoming rabi season. With El Niño expected to persist into early 2027, experts warn that declining soil moisture, dep

Regulating the data advantage: India’s new e-Commerce framework

For over a decade, India’s e-commerce story has rested on a simple premise: platforms connect buyers and sellers, while data fuels efficiency, personalisation, and scale. However, as the market matured, its structure has revealed a growing imbalance. E-commerce platforms, especially marketplace ent

Changing weather patterns, climate change responsible for Nepal floods

The interaction between active Western Disturbances, increased atmospheric moisture and the region’s complex topography aswell as global warming are important factors behind intense rainfall in the Himalayas, leading to flash floods in Nepal, according to meteorologists. Nepal

A right she cannot reach

Last summer, the two of us spent several weeks in rural Madhya Pradesh with a non-profit that works on gender justice through women’s self-help groups. We went in with a notebook full of laws. The Protection of Women from Domestic Violence Act. The Dowry Prohibition Act. Free legal aid for every wo

Tier-2 cities lead India’s digital credit push

Digital payments have become a reflex for urban India, but the confidence earned in paying has not yet carried over to borrowing. That is the central finding of `How Urban India Pays Report 2026`, released by Pahlé India Foundation in collaboration with Amazon Pay. Based on a survey of 5,149 consu

India calls for doubling bilateral trade with UK by 2030

Commerce and industry minister Piyush Goyal has called upon businesses in India and the United Kingdom to translate the opportunities created by the India-UK Comprehensive Economic and Trade Agreement (CETA) into expanded trade, investment, partnerships and job creation. Addressing the Bu

Upcoming Conferences



-->

Archives

Current Issue

Opinion

Facebook Twitter Google Plus Linkedin Subscribe Newsletter

Twitter