India Budget 2023: Unsolicited Reinforcements
The Finance Minister has been generous in lowering taxes in Budget 2023, continuing a trend that began in 2014. The tax demand by the government has declined almost by 30-40 per cent. It should be noted that 20 per cent of government spending goes toward paying off the interest on our debt. There should be no more debt that must be repaid by the next generation.
There has yet to be a mention of CBDC, which if properly planned will not require us to budget our local currency, but instead, we should plan and budget the Foreign Exchange (FX) requirements in a manner where no loans and debts are raised from the international bond markets and T-Bill markets. Here, we would have to negotiate with our NRI, PIO, and OCI populations as well as our close allies in India to provide us with hard currency in exchange for INR deposits, which would also earn more than 10 per cent tax-free interest with the entire deposit amount and the interest being guaranteed by the RBI. The only condition for this money would be that it should be digitally spent and not speculated with. FX reserves should be first used to pay back the debt to IMF, World Bank, etc., and India should start afresh in a new ‘Atmanirbhar’ CBDC revolution. We would request all our trading partners accept and deal in our unique CBDC. FX rates are to be arbitrarily & reasonably decided, and fixed, and they should remain so for the next 25 years.
If fiscal deficits of 5 to 9.2 per cent per fiscal year have been practiced, why can't we increase the deficit further and eliminate taxes once and for all? Tax personnel can be seamlessly transferred to the banking sector to enforce the supply of goods, services, and agricultural products. Furthermore, if there are tax havens for the wealthy all over the world, why can't we provide tax havens for the relatively poorer and middle-class citizens? In this regard, FM has to be thanked for the exemptions that are provided to taxpayers.
The local digital currency demand will match citizens’ different profiles of working and earning towards creating a matching supply situation. This digital disbursement of local INR will be monitored and this supply of goods, services, and agros will be enforced by the banks. This will be a daily fluctuating amount that will be monitored in real-time, provided we have the banking infrastructure and algorithms in place. We request that a focused Digital Banking Device (DBD) replace the bank checkbook and passbook for all banking functions. It is recommended that a DBD be issued instead of checkbooks and passbooks and these account holders should be served in these Local Area Networks (LANS) and Wide Area Networks (WANS) of different banks and their branches.
In the last 7 years (2015-2022), India has seen a more than 100% rise in agricultural credit but 60% of the Indian population is dependent on agriculture and has no market due to inadequate demand vis-a-vis lack of purchasing power, but a willingness to consume the same. It is suggested that a national agriculture company be formed which would give farmers a Minimum Support Price (MSP) if their back is against a wall when people come to collect the debt they have been given. Similarly, a national production and manufacturing company, as well as a national services company, be formed to provide an MSP for goods and services produced.
It is recommended that public sector banking is not privatized but should be partnered with private banks. Joint Banking could become the 2nd largest provider of employment across all sections of employment and located all over the country. To understand privatization, we would be interested in making public, paid expenditures on air travel, especially with Air India by GOI employees, now that they have been privatized. Is GOI paying the airlines for their air travel which they did not, and thus Air India was privatized, because of mounting losses being made on GOI travel accounts.
Where health and pharmaceutical services and medicines are concerned, each should be fully financed by these joint banks as detailed above. After all, in AMRIT KAAL, everyone should be given these services free of cost, and capacities and R&D should be built with no constraints of money. One just has to see and visit the national AYUSH clinics to see such a job well done where everything including consultations and medicines are provided by the GOI. Note, the ayurvedic system of medicine is the only branch of medicine that has a medicine called AMRIT. It is believed that environmental and geopolitical circumstances will release the secrets of AMRIT. The environment should be treated like a God, or like a Goddess, or both.
Chemical fertilizers and coal should be gradually phased out, with private coal miners and thermal power-plant owners compensated adequately for their mines and thermal plants. They should be replaced by nuclear and (in the future) fusion energy generation plants. A major push for organic fertilizer should be made into a natural revolution which has duly been allocated funds by the FM.
The main appeal of the Planned and Organized Deficit Spending (PODS) banking paradigm with no taxes is that all black money will be deposited in banks and burned so that it cannot be deposited again, and tax-free interest will be earned against these balances, but as previously stated, they would have to be transacted digitally and not for speculative purposes. This would directly remove 5-6 brokers/ commission agents as well as distributors, wholesalers, and retailers (due to e-commerce) between manufacturers/producers and consumers which would lower prices for consumers and increase realization of prices for producers. It is estimated that this parallel black economy is at least $3-3.5 trillion in size & when added to the white economy will jump-start the Indian economy to a $6-8 trillion size economy.
Every person will create his/her own CBDC goods, services, and agros for himself/ herself via their own/fellow citizens efforts over and above the natural needs supervised allowances that they will receive, but not for Non-Natural Needs desires, which would have to be earned in CBDC. However, CBDC should never be a constraint for willing workers in something constructive. Lastly, the GOI should not go to the international market to raise money: should avoid FDI and instead issue CBDC Lines of credit for its requirements of money and investment, to domestic and foreign entities willing to do business in India and transact in local CBDC.
If implemented, the annual budget should increase supply each year by starting with the previous year's supply, adding to it in the following year, and so on, until we reach saturation for at least the group of goods, services, and agros that correspond to natural needs.
