economics of politics
It was a useless debate on CNBC on the Budget ‘07 impact with participants including Mukherjee from CPI(M), Praful Patel, the aviation minister, Mr. Munjal of Hero Honda, Mr Kishore Biyani and couple of others.
The discussions put me thinking again if we can have a model where fiscal policy can be made "almost" independent of government just as monetary policy is. Can’t we have a body in the form of CAG that can take the responsibility of the nation’s finances and spare the government of taking leverage of such a crucial matter as finances gathered from our taxes. Atleast then we can have the assurance of a firm policy stance which does not change with every change in the government. And moreover the policies are not at the mercy of election results.
Let the government put up before such a body its requirement of funds every year and be accountable to the body for the usage of the funds. The other major fund seekers like defense should also seek funds directly from such a body with government solely focussing on the implementation and design of the social programs. Another major advantage could be the reduction of possibility of unscrupulous politicians making merry at our expense. Though there could be many disadvantages but i am sure the advantages will out weigh them.
And yes, I could manage to get the third song, Kabhi Aana Na and this completes my trilogy of songs from Delhii Heights!
