The Hindu : Tamil Nadu / Chennai News : Don't cloud budget with secrecy: Krishnamurthy

Online edition of India's National Newspaper
Sunday, Mar 04, 2007
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Tamil Nadu

Tamil Nadu - Chennai

Don't cloud budget with secrecy: Krishnamurthy

Staff Reporter

"Spend 60-70% of non-Plan expenditure on infrastructure"

CHENNAI: "I don't see any need for clouding the budget with such secrecy," observed former Chief Election Commissioner T.S. Krishnamurthy here on Saturday.

If the budget were not such a hush-hush affair, people's expectations would be easier to gauge and satisfy. Instead of secrecy, "a frank exchange of views between the industry, the common man and the Finance Ministry is needed. But, even the consultations are secretive," he lamented.

Governance stressed

Mr. Krishnamurthy was analysing the budget at a seminar organised by the Southern India Chamber of Commerce and Industry. He said political and socio-political compulsions had constrained the Finance Minister. "With all the recent growth and all the revenue coming in, we have not been spending our revenue in the right areas... we must realise that governance is more important than politics."

Mr. Krishnamurthy felt that 60-70 per cent of non-Plan expenditure should be spent on infrastructure, education, health and sanitation. This would help attract investment. The good measures announced in the budget must be implemented well. Deploring the "tinkering with tax amendments," he said the Government could have waited till the new tax legislation came through to make the changes.

"Not agriculture-oriented"

Chartered accountant M.R. Venkatesh said it was a myth that the budget was agriculture-oriented. "When you look into the fine print, little has been done for agriculture. The Finance Minister has just outsourced his work to other bodies," he said, referring to NABARD and World Bank funding mentioned in the budget.

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