Budget 2021 was paperless. It was presented from a tablet. Before the budget announcement, there were widespread speculations about an upswing in healthcare, fiscal harmony, education, vaccination, and joblessness. Economists had a hybrid sentiment concerning fiscal levelheadedness and the ration of resources. While some economists surmised in fiscal tactfulness, others foretold unpacking of spending spans. Some other economists thought that GDP transition, fiscal vocation and spending can linger; joblessness and health have to be dealt with. Monday’s Budget was an endeavour to stay balanced and cover all perspectives. It was triumphant to a tangible breadth. Yet, it circumvented many fundamental matters like Education, Employment and Tax.
The introductory and leading highlight was the outlay for the healthcare vicinity. From a minuscule allocation of 96,000 Crores, this sector is going to win a mega carton of cash as gigantic as Rs 2.23 lakh crores. This is a whopping upgrade of 137%. Hopefully, now common man will be in a position to avail of better healthcare services. We, however, will have to gaze and gawk how the policies are carried out in verity. Besides, this allocation is going to be bolstered in the future years as affirmed by the Finance Minister. Succeeding acuity of Monday’s Budget was Rs 35,000 Crore crate for corona vaccination. On a flip side, nonetheless, we have rationales to surmise that it may be beguiled. That is because, several sub-sectors—that are not directly healthcare sectors—have been accommodated. These are areas like Aayush, etc. This has to be scrutinized in the coming days when there is unmistakable translucence.
Our incomes are axed by taxes. We needed a robust and comprehensive financial policy. We need clear-cut employment, education, livelihood policy. The policymakers at the helm of the affairs should devise practical strategies.
There were a few exemptions concerning Income Tax Return (ITR). Those senior citizens who are over 75—and are earning only pension and bank interest—are exempted from filing of returns. This does not mean that there is any concession in tax for such people. It is just a respite regarding who has to file a return. Likewise, ITRs for the salaried class would be prefilled with the earnings from salary and bank interest. This would make the filing of return slightly easier. These are not concrete windfalls or exemptions.
One of the heftiest punchlines of Sitharaman’s budget speech was that of Fiscal Deficit. She announced that the Fiscal Deficit is pegged at 9.5%. She also added that this gap would be narrowed down to 4.5% in the years to come. An economic analysis, however, makes it clear that this would not be a cakewalk for the NDA government. She said that the government would resort to borrowings and would approach the market to fulfil the announced appraisals. This, however, seems unlikely. All governments so far have been unable to maintain a narrow fiscal gap. Hand in hand with fiscal discipline and balance, the government has shifted its gear towards spending. This is in line with what was predicted.
There were some statements in the Fin Min’s speech which neutralised each other. For example, she induced an agricultural cess over petrol and diesel. This additional cess was, on the other hand, neutralised by a reduction in import duty. This would leave the overall effect over the prices of petrol and diesel unchanged for consumers. On the same lines, an additional duty was announced over imported apples, etc. This is also unlikely to affect the prices of domestic produce. The overall impact of these changes is negligible.
A ’Bad Bank’ has been introduced. According to Sitharaman’s speech, it would be a new bank that takes care of the bad debts of other banks. It would be like shaking the balance sheet of other banks, accumulate all bad loans and put into the Bad Bank. For now, the idea seems promising. It would focus on the recovery and management of Non-performing Assets (NPAs). The other banks may carry out normal business without bothering about their bad debts. How constructive the plan may prove would depend upon the capital infusion, policy framework, execution and other details of the newly proposed bank.
Moving toward the disinvestment and privatisation front, it has been a lamentable budget. To the amazement of any sane economist, the government announced that an Insurance Company and two Public Sector Undertaking (PSU) banks would be privatised. In common parlance, it means it is going to auction its assets. Their reasons are not reasonable. If some banks are not in a strong position, it doesn’t mean you would sell them. You need to make a targeted and planned intervention and cure their rotten balance sheets. Deal cannot resue. Who sells assets, after all? In multiplication to this, disinvestment will be made in the Life Insurance Corporation (LIC). Where are we heading to? It is just like selling an aeroplane and buying a kite. It would fly for some time. But it would soon come tumbling down. Tough times are truly ahead. On the other hand, a layout of Rs 20,000/- Crores as a capital infusion to Public sector banks has been made. This is aimed at making them able to comply with the regulatory norms.
On the social impact side, some budget outputs would affect common masses. There is a vehicle scrapping policy. Now, old vehicles that are more than 20 years old—and 15 years in case of a commercial vehicle—will have to pass a check before they are allowed to ply on roads. If they fail—which is quite a possibility—you will have to sell it and buy a new car. Another option is to station it in a corner of your courtyard and keep it fresh for memory and display! Coming onto what a common man asks after every budget: What is dearer and what is cheaper? Well, gold and invaluable metals are now cheaper. TV sets, Washing Machines, LED lamps, Air Conditioners, etc will be expensive. A common man and a middle-class man needs food, shelter, clothes, some affordable gadgets. These are dearer now. However, fair news comes for those whose wedding is in the offing. Buy gold now or wait for some more days. The yellow metal is going to get cheaper.
Postscript:
A government is for the people. It must listen to the people. The public has been reeling under joblessness. The education of our children is in the doldrums. Their future appears uncertain and dark. Our incomes are axed by taxes. We needed a robust and comprehensive financial policy. We need clear-cut employment, education, livelihood policy. The policymakers at the helm of the affairs should devise practical strategies. They must not beat around the bush. Hope good sense thrives in the days to arrive.
The author is an MBA, NET, IBPS qualified. He works as Manager Scale-II in the Middle Management of a reputed PSU Bank. The views are personal
Srinagar, Aug 21: Sher-e-Kashmir University of Agricultural Sciences and Technology of Kashmir is hosting a mega first-of-its-kind science summit ‘Kashmir Science Vision-2024’ on August 23-24 at Shalimar campus. The event is expected to bring together leading scientists, researchers, policymakers, entrepreneurs and scholars to discuss and develop science and technology policy for the sustainable future of Jammu and Kashmir with a focus on helping the UT to emerge as a model for Viksit Bharat@2047.
The Kashmir Science Vision Summit will feature a dynamic range of keynote lectures, panel discussions and brainstorming sessions.
These discussions will focus on key areas of regional development like Scientific Innovations & Entrepreneurial Opportunities for exploring how technology can be harnessed to drive socio-economic growth and create new business opportunities, Biomedical & New-Age Sciences for advancing healthcare through innovative medical sciences and improving health outcomes for the region’s residents. Food Security & Sustainability for promoting sustainable agricultural practices to ensure long-term food security and environmental health, Biodiversity Conservation & Disaster Management for developing strategies to protect the region’s unique ecosystems and mitigate the impact of natural disasters will also feature in the two-day summit.
The summit aims to foster collaboration among diverse stakeholders to ensure that scientific advancements translate into meaningful benefits for Jammu and Kashmir.
Vice Chancellor SKUAST-K Prof Nazir Ahmad Ganai said the summit will serve as a catalyst for the region’s sustainable development and strategic growth. “It will be remembered as the spark that ignited science and technology-led future-ready Jammu & Kashmir,” he added.
Pertinent to mention, SKUAST-K is a premier institution dedicated to advancing agricultural sciences and technology. With a commitment to innovation and excellence, the university plays a pivotal role in fostering sustainable development and technological progress in the region.
Srinagar:Lenskart, India’s leading eyewear brand, has forayed into the Kashmir valley with the opening of its first outlet at Regal Chowk in Srinagar city. This expansion marks a significant milestone for Lenskart as it continues its mission to provide vision correction solutions to every individual across the country and beyond.
With seven successful stores already established in J&K UT’s Jammu city and plans underway for another outlet in Sanat Nagar, Srinagar, Lenskart aims to extend its presence to every nook and corner of Srinagar city.
“We have plans to expand our reach into other districts of Kashmir soon, ensuring accessibility to quality eyewear products and services for all residents,” said Dr Mohammad Mutaher Zerger, who heads Lenskart’s Portfolio and Franchisee Business Divisions.
Dr Mutaher is a seasoned professional with extensive experience in franchise management. Having previously served at McDonald’s, the new head of franchise at Lenskart brings valuable expertise in expansion strategies and operational excellence. “We are dedicated to providing state-of-the-art sophistication in eyewear technology, coupled with unparalleled customer service,” he added.
Lenskart’s commitment to accessibility and affordability is reflected in its offerings, including the innovative Buy One Get One (BOGO) facility available at all Lenskart outlets and online. Additionally, the brand provides complimentary eye testing facilities, ensuring that customers receive comprehensive care tailored to their needs.
Lenskart Founder, Shark Piyush Bansal’s Vision is to give correction-less vision to the entire India.
In line with its dedication to innovation and excellence, Lenskart recently inaugurated a cutting-edge robotic factory in Bhiwandi, where lens production and fittings are carried out with precision and efficiency. This advanced facility underscores Lenskart’s commitment to leveraging technology to deliver superior-quality products to its customers.
With a network of 1800 stores across India and a growing presence in international markets such as Singapore, Saudi Arabia, Thailand, and the UAE, Lenskart is poised for further expansion into other countries in the Middle East and Asia-Pacific regions.
Lenskart’s entry into Kashmir signifies not only its commitment to providing vision correction solutions but also its dedication to empowering individuals with the gift of clear vision, enabling them to lead more fulfilling lives.
Sand mining is the process of extracting sand from in and around the rivers, streams, lakes etc. Sand is also mined from beaches and inland dunes and dredges from ocean beds and river beds. In modern times sand is considered to be an essential raw material for construction purposes. As such, individual and private companies are increasingly demanding sand for construction purposes and this has placed immense pressure on sand resources. As a practice it is becoming an environmental issue as the demand for sand has been persistently witnessing an increase in industry and construction sectors of the economy especially in the developing pockets of the world. In developing nations, including India the annual demand for sand has been witnessing a perpetual rise of 07%. This has led to both an increase in the demand and price of sand in the open market. At the same time, people have been witnessing a profitable venture out of mining sand both legally and illegally leading to a number of issues and concerns.
Mining has been identified as the spine of the construction and infrastructure-centric economic growth and development process of the developing world, India being no exception to the same. Given the geographic extent of the country, the sand resources in the country have been plenty. However, like any other natural resource, the quantum of sand in India is limited. The usage however has been in practice right from the pre-historic times, the demand and usage being all time high in the contemporary times. The first recorded history of mining in India dates back to 1774 when the English company was granted permission by the East India Company for mining coal in the Raniganj coal fields.
After the colonial independence of the country, the growth of mining under the aegis of successive five-year planning processes has been quite speedy. Mining is among the significant economic activities of the country. The Gross Domestic Product (GDP) contribution of mining in India ranges between 2.2% and 2.5%. Given the historicity associated with mining in the country, its extraction and utilization processes have undergone a major shift towards modernization. The economic reforms of the 1991 and 1993 National Mining Policy further especially contributed towards the growth of the mining sector. The Indian mining industry in contemporary times provides job opportunities to around 7 lakh individuals. Given the diversity of the mining activities across the country, each state specializes in a related activity that it possesses a comparative advantage in especially in light of the reserves.
Given the geographic nature and extent of the region of Jammu and Kashmir, sand deposits in the region have been a common sight. At the same time, given the cold climate of the region, the need for secure housing has always been prioritized by the populace and governance of Jammu and Kashmir. With the evolution of construction processes and techniques, the shift from traditional wooden houses towards modern concrete houses has been widely witnessed. One of the main raw materials used for the construction of such houses has been identified as sand.
There are approximately 261 mineral blocks across the districts of Kashmir amongst whom the majority are situated along the bank of the river Jhelum. The mineral blocks in Kashmir contain sand deposits and various other minerals. One of the mining hotspots of the Kashmir division is the town of Bijbehara, locally known as Vejibror. While Bijbihara is also known as the town of Chinars, it has historically been a significant contributor towards the local economy. The town is located on National Highway 44 along the extended banks of the Jhelum River. It is also known as “Town of Chinars”. It is situated about 45 km from the capital of the Union Territory of Jammu and Kashmir, Srinagar. Within the Bijbehara town, the area of Gadhanji-Pora is particularly the committed hotspot of mining activities. It is situated approximately half a kilometre away from the Sub-District headquarters of Bijbehara.
According to the stakeholders, the most prolific user of sand is the construction industry. Individuals are increasingly demanding sand for domestic and commercial construction purposes. While there has been an increase in both the demand and prices of the resource, it has placed immense pressure on the local sand resources and deposits. Locally sand is being used in almost every construction-related activity from cement and concrete to plastering, roofing, grouting, painting etc. It is also commonly used in constructions like mortar, concrete, and cement strength, mass and stability.
Because of its smooth texture, better bonding qualities, and low impurity concentration, river sand is the most often utilised in Kashmir due to its quality, quantity and availability. Sand is the key component of concertation. Sand mining is rampant at many places along the Jhelum River, especially in the Bijbehara.
Given the extensive mining in the region, at certain points, the miners have breached the banks of rivers. The miners often drive their heavy vehicles straight into the water causing huge damages to the bunds along the river. These miners have lately also been using other heavy machinery like machine excavators and bulldozers in attempts to extract more sand in less time. By removing more sand than the rivers can naturally replace with the sediments it carries downstream, sand mining activities carve a deeper and narrower bed. It further goes on to lower the water levels in the river below the usual, speeds up the flow and erodes the banks. The biodiversity within and along the river is damaged. The fishes and other aquatic species that closely rely on the local bio-diversity are increasingly coming under threat.
Abdul Rehman, a local resident and fisherman, who has been fishing for the past 40 years describes his deteriorating experience, “Earlier if I covered an area of 3 km in the river, I would catch 6-8 kilograms of fish. Now, covering the same distance, I barely manage to catch 250 grams”. People from the Pazalpora area of Bijbehara, where the banks have been breached at multiple places, lament that they have been left all the more vulnerable to reoccurring floods because of unthoughtful activities like these.
The sand miners in and around the Bijbehara area of Anantnag district have been vandalizing the Jhelum River illegally. The damage is being increased manifold by the increasing use of heavy machinery for speedy mining of sand. After the devastating floods of 2014, the state government has been spending a significant amount of state money on the restoration, repair and upgrading of the banks of the river Jhelum. The so called and rightly called, ‘sand mafia’ across the valley in general and Bijbehara area in particular is breaching the sensitive river banks for the monetary interest of a few greedy people.
As such, as a collective voice basing our understanding on the facts mentioned above, it falls upon both people and the authorities to look deeper into the issue. As a matter of sustainability, now is the high time that the matter is dealt with an iron fist.
The authors are affiliated with the Department of Economics, Islamic University of Science and Technology and can be reached at dhaarmehak@gmail.com