The Budget 2008-09 looks a bit archaic when Finance Minster Mr Chidambaram chanted the social sector mantra leaving aside the reform mantra. In the process the budget has overlooked some very important emerging sectors in world economy.
For example the estimated market value of organic food products across the world is $ 27.8 billion US dollar. Today above 31 million hectares of farmland has come under organic farming in the world and the largest organic food demand comes from Europe and North America. China has gone ahead of India by certifying three million hectares of pastoral land for organic farming. India with its vast land mass and huge labour force could be the chief hub of organic food. The way organic food demand is growing across the world the day is not far the developed nations will ban all kinds of non organic food stuff from developing nations. Organic farming is undoubtedly the future of world agriculture.
Similarly, the yoga sector has become one of the most vibrant emerging economic sectors in the world. The demand for yoga studios in USA and European nations is so high that it has become the hot pursuit of the commercial real estate giants. In corporate world, yoga has been recognized as a stress management tool and an elixir for increasing productivity.
According to a market survey made by a yoga journal, yoga is a $ 30 billion business in USA, which includes yoga accessories, DVD, apparel, mats and other equipments. India has tremendous potential to be the International guru of yoga. The budget could have given something to promote yoga sector.
Indian cuisines like dosa, idli, Punjabi thali, rosgola, chana masala, wada, vegetable chops, samosa and chats etc have become so popular in developed nations that we will not be in a position to meet the demand in the next five years. There is huge employment opportunity for Indian desi food makers in USA and Britain. Millions of people in unorganized sector in fact have immense skill to prepare the widest range of cuisines in the world. The Indian desi food chains will undoubtedly earn the much needed revenue for the finance minister.
India is the power house of non conventional energy source. Abundant solar energy, wind power, Biogas and Tidal energy could meet the energy need of a large number of people living in Indian villages. Besides, the market for alternate source of medicine is growing world over. The alternate source of medicines has a $ 40 billion market in US. Indians have the age old knowledge and skill to make medicines from herbs and shrubs which are abundantly available across the country. The budget 2008-09 missed the opportunity of tapping this potential sector.
India is a treasure trove of heritage tourism. Myths, mysteries and interesting history are abundant in this subcontinent. Sometimes back, UNESCO declared Veda chanting and Ramlila as world heritage. In the last year Budget, Chidambaram has allocated Rs 5 crore for its preservation. An estimated 15 to 20 crore people travel to pilgrim places in India and this sector could generate huge revenue. United Nation's World Tourism Organisation (UNWTO) estimates that International tourists arrivals would touch the one billion mark by 2010 and the center of activity will be the Asia-pacific region.
Last year finance minister has given imported food to pet dogs. This year though tiger has got Rs 50 crore it is only a pittance. A single tiger can earn huge revenue if wild tiger watch forms an integral part of wild life tourism. It is the life time ambition of rich Indian and foreign tourists to sight a tiger in the natural habitat.
Finance Minister showed little interest in sport. India's performance is very dismal in Olympic game in comparison to many small and economically underdeveloped nations. Finance minister should have allocated more funds for sports activities.
Indian rivers have given the much needed energy to the industry sector. Finance Minister has not given any heed to the river problems as many have died and a large number of rivers are in dying stage. River pollution has become a menace which affects agriculture and creates drinking water problems for millions of people. In India 14 major rivers transport 50 million cubic meters of untreated sewerage into India's coastal water every year. Nearly 500 million people depend on the River Ganga. Scientists have predicted the river Ganga will become a seasonal stream.
Indians have eaten junk food worth Rs 40,000 crore as per National Sample Survey 2003. Along with the testing lab for soil Finance Minister should have allocated funds for testing food, vegetables and beverages in every district. The Budget 2008-09 should have promoted the emerging economic sectors as well as given resilience to conventional ones.
Sudhansu R Das
courtesy-Central Chronicle
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