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By:

Amey Chitale

28 October 2024 at 5:29:02 am

Growth Without Fireworks

The Budget leans on tourism, technology, trade calibration and fiscal discipline to anchor growth amid global uncertainty Mumbai: The new budget positions tourism as a key driver of jobs, forex earnings, and local growth. Incentives will back indigenous seaplane manufacturing through a Seaplane VGF Scheme, while a new National Institute of Hospitality will strengthen academia-industry-government linkages. A pilot programme will upskill 10,000 guides at 20 iconic sites with IIM collaboration,...

Growth Without Fireworks

The Budget leans on tourism, technology, trade calibration and fiscal discipline to anchor growth amid global uncertainty Mumbai: The new budget positions tourism as a key driver of jobs, forex earnings, and local growth. Incentives will back indigenous seaplane manufacturing through a Seaplane VGF Scheme, while a new National Institute of Hospitality will strengthen academia-industry-government linkages. A pilot programme will upskill 10,000 guides at 20 iconic sites with IIM collaboration, and a National Destination Digital Knowledge Grid will document cultural and heritage sites. Heritage tourism will be enhanced with experiential upgrades at 15 archaeological sites, and new projects will expand the Buddhist circuit in the northeast. Seven High-Speed Rail corridors will serve as sustainable ‘growth connectors,’ boosting mobility and linking emerging hubs. Software services, IT-enabled services, KPO, and contract R&D are consolidated under ‘Information Technology Services’ with a uniform safe harbour margin of 15.5 percent. The safe harbour threshold rises from Rs. 300 crore to Rs. 2,000 crore, easing compliance for mid-sized firms. To spur investment in critical infrastructure, a tax holiday until 2047 is offered to foreign companies delivering global cloud services via Indian data centres, provided domestic customers are served through Indian resellers. This landmark measure positions modern data centres as central pillars of India’s digital economy and future growth. Key Reforms Income tax rates remain steady but introduces key compliance reforms. TCS on foreign travel and education is reduced to 2 percent, and TDS rules for manpower services have been simplified. Taxpayers can now file Form 15G/15H directly through depositories, easing coordination. Penalty provisions are de-criminalised, with many shifted to late fees. While broader capital gains rationalisation was anticipated, relief comes through treating buyback proceeds as capital gains, lowering the tax burden for recipients. Trade-friendly customs duty reforms find place instead changes rather than sweeping reforms. The duty-free import limit for seafood export inputs rises from 1 percent to 3 percent of turnover, with similar relief extended to shoe uppers. Exporters of leather, textiles, and footwear gain flexibility as the export period is extended to one year. To encourage domestic value addition in consumer electronics, specified parts for microwave oven manufacturing are now exempted. The recommendations of 16th Finance Commission have been accepted by the centre which recommended 41 percent devolution. Budget 2026 reaffirms the government’s commitment to fiscal consolidation while safeguarding social priorities. The debt-to-GDP ratio is projected to decline from 56.1 percent in 2025–26 to 55.6 percent in 2026–27, freeing resources for priority spending by lowering interest outgo. The fiscal deficit target has been met at 4.4 percent of GDP in 2025–26 and is estimated to further ease to 4.3 percent in 2026–27, in line with the path toward a 50±1 percent debt-to-GDP ratio by 2030–31. Revised estimates for 2025–26 place non-debt receipts at Rs. 34 trillion and expenditure at Rs. 49.6 trillion, including Rs. 11 trillion in capital outlay. For 2026–27, receipts are projected at Rs. 36.5 trillion and expenditure at Rs. 53.5 trillion, with net tax receipts of Rs. 28.7 trillion. The government is banking on higher RBI dividends and higher disinvestment receipts. Fiscal deficit financing will hinge on Rs. 11.7 trillion in net market borrowings, supplemented by small savings and other sources, with gross borrowings at Rs. 17 trillion. Successful execution will decide if the budget’s ambitions become reality. This year’s strategy favours actions over numbers, consolidating and reinforcing the ecosystem instead of chasing headline reforms. Amid geopolitical tensions and market volatility, it prioritises stability and durable growth over quick wins - less a Sehwag-style first-ball six, more a Rahul Dravid innings: deliberate, resilient, and built for the long haul.

Annasaheb Patil: A Lifelong Advocate for Workers’ Rights

Updated: Oct 21, 2024

Annasaheb Patil

Annasaheb Pandurang Patil, a member of the Maharashtra Legislative Council, made significant contributions to the uplifting of scattered workers in Mumbai. For this reason, he is regarded as the architect of the progress of the Maratha and Mathadi workers in Maharashtra. Annasaheb Patil proposed a simple yet broad definition of a `Maratha,’ stating that every person residing in Maharashtra and standing for its defence is a Maratha. With this ideology, he established the Mathadi Workers Union and the All India Maratha Federation.

When Annasaheb Patil arrived in Mumbai from his native village, Mandrulkole in Patan Taluka, he began his career as a worker. At that time, workers in Mumbai were facing dire conditions, and a majority of them were Marathas. Annasaheb Patil believed that workers needed to experience both economic and social progress. He deeply studied their issues and began organising them, forming the Mathadi Workers Union, formally known as the Maharashtra State Mathadi Transport and General Workers Union. This became one of the largest labour unions in the state.

At the time, most labour unions were led by communists, but Annasaheb Patil rejected their ideologies, instead building a union based on Indigenous principles. He organised protests and movements, putting forward workers’ demands for better wages, healthcare, and basic rights for workers before the government. His relentless work eventually bore fruit, and he became the guiding force for workers.

Annasaheb Patil’s efforts resonated with the government. The then-Chief Minister, Yashwantrao Chavan, addressed the demands put forth by Patil, and on June 5, 1969, the Mathadi Workers Act was enacted in Maharashtra. This legislation brought joy and relief to the workers, improving their quality of life. Due to this act, facilities such as hospitals, consumer societies, housing through CIDCO, and educational and medical services were made available to Mathadi workers. Patil’s contribution to their welfare was pivotal.

Today, the issue of Maratha reservation is a significant topic in Maharashtra. Annasaheb Patil, the father of the Maratha reservation movement, made sure that his demands were reasonable and did not disturb social unity. His image is revered across Maharashtra for this reason.

Annasaheb Patil worked tirelessly for the welfare of Mathadi workers, most of whom were Marathas. He united the 12 Balutedars and 18 Pagadi communities, forming various organisations under the All India Maratha Federation. His leadership earned him widespread respect, and on July 8, 1980, he became a member of the Legislative Council.

During this time, the demand for Maratha reservations based on economic criteria was gaining traction. Annasaheb Patil toured Maharashtra while advocating for this cause. He resolved to lead a protest march to the Legislative Assembly. As an MLA in the Congress government, Patil, along with Advocate Shashikant Pawar, led a massive procession from Azad Maidan, Mumbai, on March 22, 1982. The sight of the marchers carrying Shivaji Maharaj’s saffron flag caught the attention of the citizens of Mumbai.

Annasaheb Patil submitted a list of nine demands to the then Chief Minister, Babasaheb Bhosale. Realising that the demand for reservation would not be considered, he declared that if justice were not served to the Maratha community, he would not live to see the next sunrise. True to his word, he ended his life on March 23, 1982, leaving an indelible mark on the state.

Annasaheb Patil devoted his life to the progress of Mathadi workers, raising their issues before the government and improving their living conditions. His efforts for the Maratha reservation and social justice brought attention to the problems faced by the community. His life was a testament to the struggle for the welfare of society. Rightfully, he is remembered as the father of the Maratha reservation movement and the architect of Maratha upliftment.

On his birth anniversary, we humbly pay tribute to the sacred memory of Annasaheb Patil.

(The writer is a BJP member of Maharashtra Legislative Council. Views personal.)

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