The government should be looking at outcome-based spending and not just outlays. It should in no way interfere with the price discovery process of any commodity and create price caps that impede supply, create shortages and price rises. It's time the government moves away from a cash system of accounting to an accrual system of accounting.
The fiscal deficit, urban planning and facilitating better environment for businesses that create more jobs should be the priority of the government.
Taxation should be for everybody, however minor, as it brings in a sense of accountability and contribution. Yes, there is a definite case to increase income tax rates on the rich, especially the ones with inherited wealth. The cut-off in income for the rich can be anything above Rs 20 lakh.
Our level of expectation for budgets has come so low that anything that government comes up with, we rate it 7 on 10.
Rahul Bhasin is managing partner of Baring Private Equity Partners India