5 Trillion Economy Steps needed for the possibility

Recently our Honourable Prime Minister of India Shri Narendra Modi has revealed his intention and dream to achieve 5 trillion marks for the Indian economy in the near future. Many of the leaders criticized the same and ridiculed the ambition of Modi Ji being a pessimist, a few of them are optimists but expressed carefully.

Herewith I would like to point out the few initiatives that the Indian government must take immediately which could be a huge boost towards attaining the 5 trillion economies. If the same is implemented not only would India gallop towards a huge economy but the black trading would get diminished gradually and automatically will reach its natural death thus contributing towards touching or even comfortably crossing a 2 lakh per month GST collection target from the present one lakh. 

• In order to encourage the digital India initiative, RBI must stop charging banks a "surcharge" on paying through credit cards or debit cards from the merchants.
• The "Points" that the cardholder earns through transaction must be converted into cash and should be allowed to adjust towards their monthly dues. (The customer will have the choice to reimburse the points in the form of cash by adjusting towards his outstanding or can buy items available it must be under the customer's liberty).

• The government must concentrate only on governance nothing other than governance and hence the government must disinvest each and every industry in which Government is directly involved. BPCL, HPCL, IOC, ONGC, AirIndia, and many other government-controlled institutes including Railways.
• The Railways must be handed over to the interested industrialists on Station wise initially instead of  Region or zone wise so that each station would compete with each other and every private player would get sufficient time to get accustomed to the new responsibility slowly and steadily. Later own gradually it could be auctioned region or zone wise.
• For obtaining a loan from a bank PAN and Aadhar must be made mandatory. It will play a huge role in streamlining and disciplining the economically related habits of individuals.
• Introduction of BIN (Birth Identification Number) is most important (Click the link to read my suggestion forwarded to PMO a few years ago). It would prove to become the Mother of Solutions to every problem of the country as it may able to streamline and consolidate the government's overall control over their citizens.

• The country should be totally made free from footpath shop keepers. For the same, each and every footpath / pull cart shoppers must be provided with EWS shops at certain points in every city through a proper subsidy loan system (Startup). Such shops must be under total accountability with respect to GST and IT. The local police station and the other respective administrative officers must be made seriously accountable for finding any new encroachments and establishing fresh roadside cart shops.
• The village-level groups of 1000+ citizens must be formed through a local membership drive and the startup loans must be issued to the members of the group through the guarantee of each other. In case of default, the responsibility of reimbursement must be on other members who had guaranteed as well as the rest of the entire group members who need to keep the society alive for their future needs. The rule of law for disbursement of loans must be in such a way that a new loan to the member could be issued only if 90% of the existing loans are on time or not more than 20% of them are irregular. ( This will thus will be in an auto mode as the members themselves will take care of the defaulter through proper followups among themselves.
• GST Refund system to consumers, i.e. the government must charge 2 or 4 % extra than actual on every product which would be refunded online to the bank account of the consumer every month, or quarterly or annually. The best option is to release the amount annually as it may accumulate to become an attractive big amount this will encourage the consumer for insisting on invoices on every even on the tiny purchases. The refund credit of the purchases should be made possible by uploading the invoice details on an online GST portal meant exclusively for this purpose. The same must be in such a way that the consumer can log in and check his accumulated account balance on his online consumer GST passbook.
• Another encouraging option must be, the government must consider the introduction of a policy wherein the individual citizens (PAN Number) must get the benefit of 100% tax exemption on the total GST paid by the Individuals PAN number in a financial year.

• The government must bring in a provision wherein the total Income tax paid by an individual will be accounted in a routine way and in the future in case if the account holder or his siblings face any adverse financial eventuality at a later stage of their life even after decades, then there could be a provision wherein the account holder or the sibling can avail a flexible loan of up to 50% of the total Income taxes paid by the individual on a very negligible interest. This could be a big boost to the confidence of upcoming as well as the established corporate tycoon of course for the individual salaried class as well as small and big business class individuals. The very intentions and attitude of the corporate giants who are not doing well in their business may change and this may prove to become a big parachute for them). This step may help bounce back a few Genuine personalities like Anil Ambani to restore their business back on track and as well as this kind of provision may help those whose name are in bad books to think twice before they declare bankrupt and run away from the country as witnessed today, the failed corporates like Nirav Modi and Vijay Mallaya.
• The software and hardware tycoon across the globe must be individually targeted for one-to-one consultation so that successful and fruitful negotiation is done and make room for successfully establishing their production for local consumption as well for export from India thus huge forex reserve could be materialized. 
• Automobile majors like BMW, Mercedez Benz, and many others must be successfully negotiated to start their factories in India.
• Tourism connectivity must be made with world-class roads and helicopter services. Infrastructure between all prominent cities as well as the spiritually important place must have interconnectivity by means of Rail, Road as well as Air.
• All the shops available at all major and minor tourism destinations must be authenticated and made to follow GST guidelines, thus tourists feel at ease and the economy would benefit too. (At present 1000s of them are trading without any GST and are earning millions annually).

• The minimum professional tax must be introduced to Auto, Taxi, cab heavy vehicle drivers which may help to scrutinize and have control over them as well as contribute to the economy to a very good extent. ( Even if an annual Flat Professional tax of 250/- is charged from them it may be a huge income for the nation)
• Eduction system to streamline and bring the entire country under a single syllabus. At the same time the teachers of every school, especially government-managed ones to be verified thoroughly to determine if they are eligible and suitable for the teaching job or not.

The last but most important step which needs to be implemented is government must make a law wherein "Appeasement politics" is banned permanently. This is the most important and foremost step that has to be taken with the utmost priority in the interest of the nation. The latest dangerous trend the country is witnessing is appeasement politics in order to stick around power. It is high time the citizen of the country awake from slumber and realizes that nothing comes free. If the government is providing something for free, it would be compensated from somewhere else which finally the citizens only end up paying. So, we citizens must realize that the "appeasement measures" of any government must be realized as the particular political party's weakness. Only an inefficient government believes in freebies to their citizens in a country where the country has the liability of a huge debt trap to remit. 

Sudesh DJV 

Indore MP India 

1st December 2019 

9:20 am

Sudesh DJV writes on contemporary subjects in the form of Articles and poems which are in the interest of the Nation in particular and for Mankind in general.