oppn parties A Pragmatic And Growth-Oriented Budget

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  • Kolkata court sentences Sanjoy Roy, the sole accused in the R G Kar rape-murder case, to life term. West Bengal government and CBI to appeal in HC for the death penalty
  • Supreme Court stays criminal defamation case against Rahul Gandhi for his remarks against home minister Amit Shah in Jharkhand during the AICC plenary session
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  • Women's U-19 T20 WC - In a stunning game, debutants Nigeria beat New Zealand by 2 runs
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  • Virat Kohli to play in Delhi's last group Ranji trophy match against Saurashtra. This will be his first Ranji match in 12 years
  • The toll in the Rajouri mystery illness case rose to 17 even as the Centre sent a team to study the situation
Calling the case not 'rarest of rare', a court in Kolkata sentenced Sanjay Roy, the only accused in the R G Kar rape-murder case to life in prison until death
oppn parties
A Pragmatic And Growth-Oriented Budget

By Our Editorial Team
First publised on 2022-02-02 06:34:04

About the Author

Sunil Garodia The India Commentary view

The 2022 Budget presented by Finance Minister Nirmala Sitharaman should be hailed for many reasons, not the least being the conscious attempt to steer clear of populism and focus on growth. With elections due in five states, including the most crucial one in UP, there were chances that the government would use Budget sops to lure the electorate giving a go by to economic sense. In not doing so, the Budget has showed that the economy is more important than narrow electoral considerations.

There are two ways to put money in the hands of the people. The first way is to give it to them directly by way of bank transfer. The other way is to give the economy a huge boost through increased government spending on infrastructure projects that brings business for big and small companies and increases job opportunities and salaries, thereby putting money in the hands of the people. The Budget this year has rightly adopted the second route as it is the route which builds the economy and does not make people dependent on doles.

The 35% increase in capex and the promise to invest in infrastructure - highways, roads, low-cost housing, among others - will provide orders for core industries like steel, cement and building materials. The chain effect will kick start the economy and increase job opportunities. The extension of the loan guarantee scheme for MSMEs for one more year and further infusion of Rs 50000cr for the hospitality sector are good measures as this sector was the worst affected due to Covid. This measure will also contribute to creation of jobs as there were huge job losses in the MSME sector and it is the one that creates the most jobs.

If there are no further Covid shocks, this Budget is designed to take the economy to greater heights. Although allocations towards food subsidy and MGNREGA have been lowered substantially, the option to intervene in case of any distress through out-of-Budget spending is always available to the government. The push for digitization is also good as the rollout of 5G in the next FY will create a foundation for next-gen technologies and India cannot afford to be left behind.

Image courtesy: sansad tv

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