oppn parties A Pragmatic And Growth-Oriented Budget

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News Snippets

  • The Indian envoy in Bangladesh was summoned by the country's government over the breach in the Bangladesh mission in Agartala
  • Bank account to soon have 4 nominees each
  • TMC and SP stayed away from the INDIA bloc protest over the Adani issue in the Lok Sabha
  • Delhi HC stops the police from arresting Nadeem Khan over a viral video which the police claimed promoted 'enmity'. Court says 'India's harmony not so fragile'
  • Trafiksol asked to refund IPO money by Sebi on account of alleged fraud
  • Re goes down to 84.76 against the USD but ends flat after RBI intervenes
  • Sin goods like tobacco, cigarettes and soft drinks likely to face 35% GST in the post-compensation cess era
  • Bank credit growth slows to 11% (20.6% last year) with retail oans also showing a slowdown
  • Stock markets continue their winning streak on Tuesday: Sensex jumps 597 points to 80845 and Nifty gains 181 points to 24457
  • Asian junior hockey: Defending champions India enter the finals by beating Malaysia 3-1, to play Pakistan for the title
  • Chess World title match: Ding Liren salvages a sraw in the 7th game which he almost lost
  • Experts speculate whether Ding Liren wants the world title match against D Gukesh to go into tie-break after he let off Gukesh easily in the 5th game
  • Tata Memorial Hospital and AIIMS have severely criticized former cricketer and Congress leader Navjot Singh Sidhu for claiming that his wife fought back cancer with home remedies like haldi, garlic and neem. The hospitals warned the public for not going for such unproven remedies and not delaying treatment as it could prove fatal
  • 3 persons died and scores of policemen wer injured when a survey of a mosque in Sambhal near Bareilly in UP turned violent
  • Bangladesh to review power pacts with Indian companies, including those of the Adani group
D Gukesh is the new chess world champion at 18, the first teen to wear the crown. Capitalizes on an error by Ding Liren to snatch the crown by winning the final game g
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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