The national wealth belongs to every Indian, not to the government. This wealth must be returned to them, so that they can create prosperity...
As noted previously here (India’s Ownership Problem Part 1, Part 2, Part 3 and Part 4), the lack of ownership of income, property and national wealth has kept us from achieving our true potential. It has constrained our entrepreneurial abilities and made us Indians amongst the poorest in the world. This can be altered. It’s a problem that we have to solve for ourselves. The good news is that each of these three problems has a solution.
Let us first consider the problem of lack of ownership of our income. The solution to this is lower taxes – on personal income, on corporate income, and on goods and services. Nayi Disha’s recommendation is that all these taxes should be capped at 10%. This will leave more money in the control of people and companies. When people and corporations spend the money they earn instead of the government spending that money, they stimulate the economy and create jobs. Further, by reducing taxes, the government will be forced to reduce wasteful expenditure. Lowering of taxes is the first step towards putting Indians on the path to prosperity.
Next comes the lack of ownership of property. This problem needs to be addressed in three ways.
First, the right to property must be restored as a fundamental right in the Indian Constitution; second, all property must have a clear title within 3 years; and third, all restrictions on the sale of agricultural land must be removed.
Finally,the matter of the people’s lack of ownership of the national wealth. As has been outlined in the Nayi Disha manifesto, Rs 1 lakh must be returned to every family each year as their share of the national wealth. This wealth can be generated from ending the disuse, misuse and abuse of land assets across the country, and bringing idle land into productive use. This national wealth belongs to every Indian, not to the government. This wealth must be returned to them, so they can be free to use it to create prosperity for themselves.
Transferring ownership of wealth from the government to the people is the first step for making Indians prosperous.