CREATION OF WEALTH

The pre-budget Economic Survey of Government of India indicated that the theme of Budget – 2020 was Wealth Creation. Economics of a country depends mainly on the creation of wealth. India’s economy was (and is) in the downward trend. So, suitable measures were taken to improve economic situations at various levels. Businesses largely depend on the annual budget that touches the lives of everyone in India directly or indirectly. So the date of budget presentation by the Finance Minister is important to all. After the budget presentation, a good number of financial experts discuss and analyze the implication of the budget on the economy of the country.

Wealthy persons are powerful and well recognized by common people. So who does not want wealth? Since wealth can give a comfortable life, we are all after this wonderful asset of wealth. So we have to earn wealth by hard work, for which jobs have to be available or created at various levels. Wealth is generally created either legally or illegally. Rich people are wealthy. They have an abundance of wealth in the form of assets like properties, money, material goods, and luxury items. In fact, many professionals depend on wealthy people and vice versa. It is well known that legally created wealth is safe. Such wealth may not be so large as the illegally earned wealth. According to rule optimum wealth is always better. Too much of anything is always too bad, so also wealth.

Big businesses create abundant wealth. They do invest their wealth in future projects and make more wealth. Wealth in the form of gold and gold ornaments is also accumulated in large quantities and locked up in bank lockers. Such wealth is no use to the country. In some cases, currency notes of the high denomination are stacked in gunny bags and stored in undisclosed places for future use. Most of these assets are illegal wealth or black money. The government is searching for such assets and the persons responsible for it. 

 In a country like India, we see people in politics, businesses, film world, corporate, and in many other walks of life make wealth illegally. It is an easy way to create and accumulate wealth. By misusing power, one can earn more money. Favoring someone yields a good amount of money/ there are many ways people can illegally create wealth. Some of them invest their wealth to create more wealth. Such investments may be in real-estates, educational institutions, modern hospitals, new start-ups, businesses, and the like. So illegally created wealth is also useful for society at times.

Governments are also interested in creating wealth and they help the people to create more and more wealth legally, for which they formulate various policies and projects. Those who follow them will get benefits. However, when the pre-budget Economic Survey announced that the main theme of Budget 2020 was wealth creation, in the budget speech I did not come across the theme of wealth creation. Looking into the Budget 2020, it appears that the budget has given enough opportunities for creating wealth. For whom? – is the big question! - NARA