The Budget, according to Sitharaman, skillfully strikes a compromise between the need for development imperatives and the bounds of fiscal responsibility. The Budget has maintained the fiscal discipline that was previously stated in the fiscal glide path. The budget is extremely, very finely balanced. It focuses on the middle class, job creation, MSME, the agricultural sector, rural residents, health, and green growth, she added.
NK Premachandran, a member of the Revolutionary Socialist Party (RSP), claimed that the new tax system would not benefit someone earning Rs 9 lakh per year who invests Rs4.5 lakh in tax-savings instruments. Sitharaman responded by saying that it would be difficult for someone earning this amount to save the Rs4.5 lakh per year. It’s not always realistic for someone making Rs9 lakh to save Rs4.5 lakh and still have money left over for their family, she said.
According to the finance minister, the administration decided to boost the economy through capital spending since it has a bigger multiplier effect. The nominal growth rate for 2023u20132024 has been pegged at 10.5% in the budget. Sitharaman denied claims made by the opposition that funding for green energy was allocated with the Adani Group in mind. She said that while it may be Congress culture to favour jijas, or in-law brothers, and bhatijas, or nephews, this was not the case under the Narendra Modi administration.
Video Courtesy: India Today
In the government of Prime Minister Modi, allocations are made with everyone in mind rather than with any one person in particular. The nation is considered by the government. Such comments are completely incorrect, she said, declining to name any organisations or people.
Adhir Ranjan Chowdhury, a Congress member for the Lok Sabha, had before questioned Sitharaman about how investors can remain confident when one of the world’s richest people’s market value has decreased by 47% due to claims of accounting fraud and stock price manipulation. The budget, according to AIUDF MP Badruddin Ajmal, has nothing for minorities.
Sitharaman said in Rajya Sabha that her administration washed the sins of the previous UPA administration by paying back the fuel subsidies they had postponed and bolstering the frail bank balance sheets left over from the dial-a-loan programme.
In response to a discussion on the budget in the Rajya Sabha, she stated that the UPA administration gave oil firms bonds in exchange for the losses they suffered from not raising fuel prices. Future governments were expected to pay for these bonds’ subsidies. Oil bonds totaled Rs. 1.71 lakh crore in issue price, of which Rs. 2.34 lakh crore, including interest, has already been paid. Of the remaining Rs. 1.07 lakh crore, the final payment is due in 2025u20132026.
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