Retail-wholesale trade, agriculture and real-estate are the three top-most sectors contributing to Indian economy with respectively 23, 15.7 and 13.5 percent shares. Union Finance Ministry should concentrate to develop these sectors plugging loopholes of misuse of development.
On-line sale has swallowed retail and wholesale trade creating large unemployment and loss of trade and taxes. Experiment should be made on banning on-line trade or imposing strict restrictions so that consumers may find it advantageous to go to markets rather than on-line purchases.
Data on agriculture is heavily polluted where contribution by agriculture to Indian economy is based on false figures because of large-scale misuse of provision of totally tax-free agricultural-income by ultra-rich persons including also from politics, film-industry and sports. Income-tax cases for last eight years of all those who have declared more than say rupees five or ten lakhs as agricultural-income should be scrutinized to nail the culprits who did so to whiten their black money. Since normal farmers do not earn more than rupees five lakhs from agriculture (otherwise also non-taxable), provision of tax-free agricultural income should be withdrawn.
Real-estate activities can be encouraged by reducing capital-gain to ten-percent and registration-fees to two-percent abolishing GST which will not only encourage investment in real-estate but also tend to eliminate role of black-money in property-deals thus giving even increased revenue.
MADHU AGRAWAL