Kurukshetra, Nov. 02- To create work culture, there is a need of a ban on paid overtime in the Government offices. There can be incentives for those who are punctual with provision of punishment for the defaulters, said Dr. Madan Mohan Goel, Professor of Economics & Former Dean, Faculty of Social Sciences & Former Chairman, Dept. of Economics, Kurukshetra University, Kurukshetra. He was speaking at the Panchnad Sodh Sansathan here today on the topic “Issues and Rationale of Good Governance in Indian Economy”.
Let the new govt. change the looks, actions and words (LAW) to make it the real law of the land which leads to development, he added.It is difficult to evaluate the impact of the parallel (shadow) economy on the official economy. Research shows that smaller shadow economies appear in countries with higher tax revenues that are achieved by lower tax rates due to greater compliance, fewer laws and regulations combined with consistent enforcement, and less bribery facing companies told Professor Goel.
There is a need of accountability, transparency and morality (ATM) for proving more than ATM of any bank, opined Professor Goel.The control of inflation can certainly lead to inclusive growth which needs to be shared and contributed by consumers, producers, distributors and traders in all times to come in India told Professor Goel.
The promise of reduced prices can become a reality only if the methodology of calculating rate of inflation based on point- to-point methodology is replaced. We calculate annual rate of inflation monthly which cannot be called monthly rate of inflation (headline & core) based on whole sale price index (WPI) and consumer price index (CPI) on retail prices respectively, believes Professor Goel.