It refers to additional rupees 2.65 lakh crore relief-package by Union Finance Minister Nirmala Sitaraman on 12.11.2020 towards mission of self-dependent India. But all such relief-packages will require fund-mobilisation by central government either through tax-dose or deficit-financing both of which will result in price-rise adversely affecting common people.
Central government should instead revive public-sector Modern Bakeries (on lines of Mother Dairy) to set up big food-processing and bakery units in each district of the country for producing packaged food to be served in trains and for mid-day meal-scheme programme feeding 12 crore children in schools. Even airlines can be approached to acquire packaged food to be served in flights apart from sale in open market to make private players reduce prices and provide better quality food-products out of competition. Regular complaints of unhygienic food in trains and mid-day meal-programme will be eliminated
Heavy funds required for setting such big public-sector units in large numbers can be acquired through long-term low-interest bonds with interest being exempted from income-tax. Instead of crossing maximum 30-percent tax-limit as was earlier as per recommendations of Raja Chelliah Committee, those having incomes exceeding more than rupees 30 lakhs required to compulsorily investing 20-percent of income exceeding rupees 30 lakhs per annum in these bonds. Even idea of having a permanent Voluntary Disclosure Scheme with maximum tax-rate and same percentage of disclosed unaccounted income to be invested in such bonds.
Such setting of big units in large number in public-sector will give profit-earning for public-exchequer apart from generating huge employment that too near native places of people rather than rushing to big cities in search of employment.
MADHU AGRAWAL