V. Venkateswara Rao, Head – Finance, ICOMM Tele Ltd.

The forthcoming Union Budget has to focus on the following vital issues:
1) Implementation of GST, for simplifying multiple indirect taxes and for unifying the Indian markets as one market and for consequent boost to trade and industry.
2) Though National Rural Employment Guarantee Scheme has done great service in providing employment and sustenance to rural poor, it could not create long term assets nor upgraded the skills of rural poor. One ITI (Industrial Training Institute) per village should be established, so that required skills can be imparted to the rural poor, which in turn will improve their incomes and also create the badly needed blue collar work force in large numbers, for India to become a low cost manufacturing hub.
3) A vibrant retail bond market to be created, to attract long term funds for financing infrastructure projects. The retail issue of bonds of Rs. 1000 crore by SBI a few months back was oversubscribed by 20 times. Hence there is enough apatite from retail investors for good bond issues. The Issuers, Regulators, Intermediaries and Government have to work together to create a lasting and vibrant retail bond market.
4) Appropriate credit and incentives should be provided for more mechanization in the agriculture sector, to improve productivity and to tackle increasing labour shortage.
5) Path breaking measures in terms of e- governance, non discretionary governance, anti money laundering, anti corruption, stringent punishments for corporate fraud etc should be announced to bridge governance deficit in establishment and corporate sector.
6) FDI should be permitted in more sectors.