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Government Should Come Out With Policies For Resurrection Of Dead Industries

Government should take over such units and invest in empowering them, because failure of investments made in these sectors has only been a source of unnecessary wastage of resources such as capital.
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Budget 2018-19 is very important in context of disaster management. The present government under the leadership of PM Narendra Modi has focused on disaster management and lot of discussions and conferences have taken place on disaster resilience. In order to carry on with PM Modi's 10 point agenda declared during inaugural session of Post-Sendai AMCDRR held in November 2016, there is a need to concentrate on preparedness to mitigate the impact of any disaster.

 Adequate funds needs to be made available specifically for preparedness including separate funds for rescue, relief and rehabilitation programs as well as to set up, maintain, review and upgrade the mechanism for early warning and dissemination of proper information related to natural disasters to the general public which is also a mandatory provision of National Disaster Management Act 2005, but, sadly, we are lacking on this front.

Taking India's leading role in establishing Tsunami Warning System (INCOIS)at Hyderabad, the early warning system for many other natural and man-made vents can certainly minimize the loss of lives as well as infrastructure and, as a result, help in reducing the negative impact on National GDP and economic growth. 

In the light of above, the equipment related to early warning should be exempted from import duty and GST to the tune of lifesaving drugs/medicines and government should come forward to support under the flagship of "Make in India" by ensuring a viable market to the manufacturer of such equipment.

The budget provisions should be made for the installation-of earthquake early-warning-system in all the threat prone UT's /states keeping in view of recent warnings given by Ministry of Earth Sciences, NDMA and various scientists for mega earthquakes in Himalayan region, which may cause tremendous loss to human lives and infrastructure.

The government should come out with policies for the resurrection of the dead industries and units affecting the revenue, employment and economic growth of the country. In fact, the Government is suggested to take over such units and invest in empowering them, because the failure of investments made in these sectors has only been a source of unnecessary wastage of resources such as capital, labor, land and entrepreneurship. Think of what can become of our nation if the right resources are put in use in all the rightful places with right amount.

Under the guidance of government, these sectors would be strictly regulated and at the same time would receive the long due stand in the economy. The procedure of tax collection should be made easier so that the people could freely reveal their income as their duty and not as a compulsion. Government should concentrate on expanding the network of tax contributors and the only possible way is by lowering tax slabs.

(Bijender Goel is Managing Director, Terra Techcom Private Limited)

Disclaimer: The opinions expressed within this article are the personal opinions of the author. The facts and opinions appearing in the article do not reflect the views of NDTV and NDTV does not assume any responsibility or liability for the same.

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