oppn parties Union Budget: A Simple Vote-On-Account In An Election Year

Story Of The Day

Assessee Not Responsible For Ensuring TDS Is Paid To The Government: Delhi HC
OPINIONS : Strongly Expressed

December 21, 2024

People Are Talking About

Rohit Warns Sarfaraz, Police Use It To Warn Two-Wheeler Riders

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
Union Budget: A Simple Vote-On-Account In An Election Year

By Our Editorial Team
First publised on 2024-02-02 02:53:39

About the Author

Sunil Garodia The India Commentary view

Finance Minister Nirmala Sitharaman presented the interim budget in Parliament yesterday. With focus on infrastructure, the budget chose to tick all the right boxes and the finance minister did not resort to any populist measures or tinkering. All direct and indirect tax rates remained the same. Also, neither were new welfare schemes announced nor old handouts increased. That reflects the government's confidence in an election year that its existing welfare schemes are working well for the labharthis and there was no need to strain the finances by going overboard.

This confidence has allowed the government to be financially prudent. It has been able to contain fiscal deficit to 5.8% and the revised estimate is below the budget target. The finance minister also pledged to bring it down further to 5.1% in FY25. This is welcome. This also means that the government will borrow less which in turn means that more funds will be available for the private sector which has been a laggard when it comes to investment. Since the core sector growth has slowed down, the increased allotment for infrastructure is welcome as it will help in turning the wheels of the economy and have a positive effect on private investment, job creation and downstream units.

The increase in capital expenditure and the hold on subsidies and handouts also shows that the government is more interested in development which always brings long term gains in terms of job opportunities and increased incomes. This is also welcome.

In an election year, the chances of a government resorting to populist measures in a bid to attract voters are always there. That this budget avoids that and goes for fiscal consolidation and development shows that the government is confident of returning to power in the general elections and hence is more interested in long terms gains for the economy. 

Other Stories You Make Like

Editorials

Turmoil In Mollywood

Turmoil In Mollywood

NDA 3.0: Coalition Dharma

NDA 3.0: Coalition Dharma

In Depth

Supreme Court Gets Strict On Child Pornography

Supreme Court Gets Strict On Child Pornography

Editor's Pick

Budapest Chess Olympiad: India Are World Team Champions

Budapest Chess Olympiad: India Are World Team Champions
© 2014 India Commentary. All rights reserved.