If I were the Minister of Finance of India Essay, speech, paragraph
If I were the finance minister of India: Essay, Speech, Topic, Article – The crucial role of finance minister in a developing country like India. If I had the opportunity to tackle such a huge task, I would leave no stone unturned. Below are several options of what I would do if I were head of the Treasury Department.
If I were a Finance Minister of India | Image source: newsx.com
Measures I would take if I were Finance Minister of India
Public bodies for investment cycle management
Public companies are expected to lead the investment cycle. Public sector companies like NTPC, Power Grid, Coal India, Limited should take the lead, implement their projects and drive the investment cycle.
Upgrading of colleges and universities
There are too few outstanding institutions in India. Delhi University, IIM, NIT and IIM are probably the best educational institutions in India. As finance minister, it is necessary to ensure that the education sector moves forward so that it ultimately leads to the industrial growth of the country.
Liberalisation of financial markets and increase in FDI
Foreign capital is also necessary for India to accelerate its industrial growth. This is also necessary for the proper functioning of the exchanges. The increase in foreign direct investment contributes to the country’s foreign exchange reserves and to the stability of the exchange rate of the INR against other currencies.
Innovation in agriculture
Agriculture is a very popular profession in India as more than half of the country’s population depends on it. It is sad to note that the share of this sector in the country’s GDP is less than 15%. Agriculture must therefore be given the attention it deserves.
Economic development must be combined with sustainable development. The environment must be protected and the use of energy and other available resources must be efficient and effective.
Develop alternative sources of finance by increasing private sector funding of R&D
The use of alternative energy sources is on the agenda. Buying oil from the Middle East is too expensive and undermines the country’s wealth. Private sector companies should be provided with financial resources to carry out their R&D activities in the field of renewable energy development.
Aid to tourism sector
India is characterized by unity in diversity. There are so many heritage sites in the country. The tourism industry should be supported financially as it can contribute to the country’s foreign exchange reserves.
Liberalisation of direct taxation
India has the highest tax rates in the Asia-Pacific region. Corporate and personal income taxes are the highest in the region. Efforts should be made to reduce taxation in order to encourage long-term investment, particularly in productive units.
Improving India’s creditworthiness
India’s credit rating is far worse than it deserves. If the rating improves, large sovereign wealth funds and pension funds will start investing in the Indian financial markets. The investments of such a fund are of a long-term nature and can meet the additional capital needs of the country’s economy.
Promotion of investment in electronic equipment and semiconductors
India’s software industry is growing rapidly, but the hardware industry cannot keep pace. Investment in semiconductor equipment and electronic devices should also be encouraged.
Ruling on whether I would become the Finance Minister of India
These are my thoughts on what I would do if I were the Finance Minister of India. Mr Arun Jaitley is working very well under the guidance of Mr Narendra Modi. I am confident that our Finance Minister will perform his duties effectively enough to contribute to the economic development of the country.