The budgeting process is planned as per changes forecast last year
The achievement of the economy will fall short of credibility if we do not address the endemic hunger, lack of education and low standard of public healthcare. Our per capita spending on education is $26 (annually), as against $8,900 in the US! Our health expenditure (per capita) is $24, while the US spends $6,096 per person per year! The rural housing programmes have not been successful either. The insurance cover is far lower than that in the West.
Despite its limitations, most rich nations follow Incremental Budgeting, whereas developing countries follow Repetitive Budgeting. India, with one-sixth of the world’s population, needs to urgently and massively increase its allocation in the social sector in order to rid itself of poverty, disease and illiteracy. Should not then this system of budgeting be taken into account?
The achievement of the economy will fall short of credibility if we do not address the endemic hunger, lack of education and low standard of public healthcare. Our per capita spending on education is $26 (annually), as against $8,900 in the US! Our health expenditure (per capita) is $24, while the US spends $6,096 per person per year! The rural housing programmes have not been successful either. The insurance cover is far lower than that in the West.
Despite its limitations, most rich nations follow Incremental Budgeting, whereas developing countries follow Repetitive Budgeting. India, with one-sixth of the world’s population, needs to urgently and massively increase its allocation in the social sector in order to rid itself of poverty, disease and illiteracy. Should not then this system of budgeting be taken into account?
Source : IIPM Editorial, 2012.
An Initiative of IIPM, Malay Chaudhuri
and Arindam Chaudhuri (Renowned Management Guru and Economist).
and Arindam Chaudhuri (Renowned Management Guru and Economist).
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