Finance Minister Nirmala Sitharaman has
asserted that the government’s inflation management is robust and the
inflation rate stands at 6.2 percent despite the challenges posed by the
unprecedented Covid-19 pandemic. She countered opposition’s allegations
over the inflation while replying to discussion on the Union Budget
2022-23 in the Rajya Sabha today.
Referring to the global financial crisis in 2008-09, she said, the
Indian economy witnessed a contraction of 2.12 lakh crore rupees during
that time, whereas the country witnessed contraction of 9.57 lakh crore
rupees during the Covid-19 pandemic.
She said, despite the huge contraction in the economy during the
pandemic, the country’s CPI inflation is at 6.2 per cent whereas it was
9.1 percent in 2008-09.
The Minister said, Union Budget 2022-23 talks about the stability and
creating modern infrastructure in the upcoming 25 years. She said, if
the country does not have a vision for the next 25 years, it will suffer
like in the past 70 years.
She said the Budget will bring continuity and stability in the economy.
She stressed that stability will ensure growth of the economy.
Talking about the various initiatives of the government, she said, PM
Gatishakti is guiding the government to create modern infrastructure
across the country.
She said, government is focusing on the adoption of technology in the
various sectors to improve governance. She said, use of digital
technology will ensure transparency in the governance.
She said, use of drones in the farm sector is a very effective tool for
modernizing the country’s agriculture sector. The Minister added that
funds are being made easy for the Start up sector.
Highlighting the multiplier effects of capital expenditure, Nirmala
Sitharaman said, budgetary provision of 7.5 lakh crore rupees has been
made for building infrastructure in the country.
She said, every rupee spent as a capital expenditure gives 2.45 rupees
worth of multiplier effect. She said, this is the reason the government
has not chosen the path of revenue expenditure route and stressed on the
capital expenditure.
On the issue of unemployment in the country, she said, capital
expenditure will create jobs in the country. Clarifying the 60 lakh jobs
figure mentioned in the Budget speech, she said, job creation is not
limited to this number as it is related to production linked incentive
schemes initiated for the 14 sectors.
On the opposition’s allegation over the low budgetary allocation to
various schemes, the Minister alleged, MGNREGA was misused during the
UPA government and it was infested with ghost accounts. She said, this
scheme is a demand-driven programme, which is meant to provide jobs to
rural unemployed in lean season.
Ms. Sitharaman said, 73 thousand crore rupees has been provided and
allocation will be subsequently enhanced as the demand rises. She said,
allocation for health has gone up to 85 thousand 950 crore rupees in
2020-21 from 64 thousand crore in 2019-20.
Countering the opposition allegation that the economy is running on
treadmill, the Finance Minister said, the size of the GDP was 1.1 lakh
crore rupees seven years ago and now it is 2.32 lakh crore rupees.
Citing estimated 9.2 percent GDP growth in the current fiscal, the Minister said, there is no question of slowdown or recession.
On crypto currencies, she said, provision has been made to tax the
digital assets and the question of banning, regulating or legalizing it,
will come subsequently after consultations. She criticized the
opposition for questioning the Amrit Kaal.
Earlier, participating in the discussion, K. Ravindar Kumar of TDP said,
budgetary allocation on health is not encouraging. He demanded to grant
special state status to Andhra Pradesh.
K.C. Ramamurthy of BJP termed this budget as progressive and
forward-looking. He said, this Atmanirbhar Bharat budget is for the
people as provisions have been made for all the sections of the society.
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(With input from news agency language)
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