Budget 2022-23 has been a land mark in the history of Indian financial and economic pursuit. A forward looking and a long term budget with a lot of promise and a clear road map for INDIA100.
Though there are elections in five states and Govt. could make the most out of Budget but that is not the way Modi Govt. wanted the financial system to run in the country.
Despite measures being taken to make the system more transparent and citizen friendly, opposition leaves no stone unturned to demean and defame the incumbent Govt. Almost all political parties in one voice termed this budget as election budget, with congress leading the lot. There are leaders who have been expounding the blatant statements regarding the budget labelling it as zero budget for the people.
Mamta Benarjee has been wheedling that budget has been made with a callous mindset and that the tax payer and middle class has been ditched. People living under the poverty line and the down trodden have not even been considered in this budget. TMC leader Derek O’Brien has said that there is nothing for the farmers in this budget. And ironically his leader goes a step ahead terming the budget as ” Pegasus spin budget”.
Rahul Gandhi, who understood the budget in one go immediately after Finance minister Nirmala Sitaraman announced the budget in the parliament, labelled it to be a “Zero sum budget” having nothing for the youth and the farmers.
Similar reactions came from the left, and all those regional parties which have decided to oppose just for the sake of opposition.
While opposition ridiculed the Budget, Finance minister asserted that Budget 2022-23 looks at India100. She was critical of the opposition saying it has not understood the substance and the expression that Govt. has tried to articulate in the budget. She made a very simple and unpretentious explanation of the budget saying the budget is aimed at setting a clear cut road map for futuristic policies where we have scope for modern technology and a state of art infrastructure signifying the parameters set for digital India of the 21st.Century.
A vision for the next 25 years, the budget has everything that a developing economy can perceive for the upliftment of farmers, poor, down trodden, youth, salaried class and the common man. It has everything that could be thought of keeping in view the defence, agriculture, economy, education, tourism, Housing for the needy and above all a proper plan for every investment.
The budget is a befitting reply to those who believe in the formula of repeating the used up and worn out phrases viz. rich getting richer and poor getting poorer. In fact, being blind to every progressive step taken by the Modi Govt. seems to be the compulsion of the opposition just to make their presence felt.
Highlighting some important features of the budget 2022-23 ; India’s economic growth has been estimated to be 9.2% for the current year. PM Gatishakti , Inclusive development, Increase in productivity and financial investment, introduction of 400 new Vande Bharat trains, extension of highways by 25K KMs during 2022-23, creation of 100 new cargo terminals in next 3 years, boost to EDTECH, E-Vidya to be extended to 200 TV channels, Portal for National digital health mission, promotion of digital infrastructure, 100% Post offices to come on core banking system, Rs.1500 Crores for development of North East, 75 digital banking units to be set up in 75 districts signifying Amrit Mahotsav of Independence, issuance of E-Passports roll out in 2022-23, upgradation of electric vehicles infrastructure, green push for public transport in urban areas, push to EV Infra and batteries to be considered a service, End to End E- Bill system to be launched for transparency, 5G spectrum auction in 2022, 5G spectrum to get production incentive from Govt., push to technology, optical fibre in all villages by 2025, 68% defence procurement from domestic market, a big boost to Aatmanirbhar Bharat, Rs.19500 Crore in PLIs for high efficiency solar modules, Capex stepped up by 35.4%, Rs.7.50 lakh crore for 2022, Rs.10.68 lakh crore estimated for 2022-23, over 4% of GDP, Digital Rupee by the Govt., to be issued by the RBI, Blockchain technology for digital Rupee, Rs.1 lakh crore Interest free loan for States, Fiscal deficit revised to 6.9% of the GDP, Co-op. surcharge reduced to 7% for income 1 crore-10 crore, Corrected income tax returns can now be filed in 2 years, Tax deduction for state employees increased to 14%, bringing them at par with Central Govt. employees.
After reviewing the highlights of the 2022-23 budget, hardly can one draw the conclusion that the budget has been presented keeping in view the forth coming elections in five states . This is definitely a budget with a vision, a budget envisaging a desirable future of Contemporary India. A budget that has in store the hope, aspiration, dream and expectation for every Indian rich or poor.
Opposition must have been searching for something that could keep their ball rolling, but alas, they have been left dejected and disappointed because if this budget has nothing in store for it is the POLITICS.
Yes, it is an “ALL BUDGET, NO POLITICS” Budget.