 "'Let go some of your power and enjoy the lightness': Economic Survey 2023-24 advises government")
The Economic Survey presented by Finance Minister Nirmala Sitharaman in Lok Sabha on Monday had a message for the government - power is a prized possession of governments but they can let go of at least some of it and enjoy the lightness it creates in both the governed and the governing.
This comes ahead of the Union Budget 2024 presentation on July 23, as part of the Parliament’s Monsoon Session.
“The Indian state can free up its capacity and enhance its capability to focus on areas where it has to by letting go of its grip in areas where it does not have to. The Licensing, Inspection and Compliance requirements that all levels of the government continue to impose on businesses is an onerous burden,” it said.
It said that relative to history, the burden has lightened but relative to where it ought to be, it is still a lot heavier.
“The burden is felt more acutely by those least equipped to bear it – small and medium enterprises,” added the survey.
The survey suggested that the burden that governments impose on businesses, especially small and medium enterprises, holds them back, leashes their aspirations, and in the process holds the country back.
“On the face of it, it does not seem to matter because the economic growth rates are good, and there are visible signs of progress. But, we will never know the counterfactual: “what it might have been,” the survey added.
The survey cited Ishopanishad calling fo all of to let go of (renounce) our possessions, be free and enjoy that freedom:
ईशा वास्यमिदं सर्वं यत्किञ्च जगत्यां जगत्।
तेन त्यक्तेन भुञ्जीथा मा गृधः कस्यस्विद्धनम्॥
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