Bangalore: Our FM, Pranab Mukherjee is all set to present the Budget for 2012-2013. But the big question is that weather he will really make it worthwhile this time, as this budget is surrounded with many challenges like India’s fiscal insufficiency, careening subsidies, massive corruption, demands for more special spending, and waste of government resources. Mukherjee is filled with many problems, now only time will tell, how and what he can solve. To work out all these, only a correct direction and proper execution of sensible policies is needed. Here are 10 serious reforms which we need to see in this budget and none of them require a huge political consensus at the outset..

New spending proposals are sure to executed in this budget, but we need is these proposals should have its own means of financing. If there is to be any new bill or draft passed, then a proper measurement should be implemented on it so that we know, who and how they are paying for it. In this way there won’t be any massive budget deficit to cope up with the social spending and additionally the ministries who are spending, will have an option of funding a fragment of social spends through voluntary contributions too. The government’s job is to enable sensible social spending, not do all of it itself.

Secondly, the various subsidies and financial backing should directly come from the budget whether for oil, fertilizer or food, which will be a transparent and hassle free as well. In short term this strategy will surely inflate the budget deficit by a little margin. This will implement realistic budgeting and make people more conscious about costs and benefits. As when ONGC subsidizes diesel and kerosene, it is presumed that this is free of charge. This tendency needs to be changed.