Tarun Chugh
Annual-Budget is a statement of Income and expenditure of the Union-Government for a fiscal year i.e 2022-23. It underlines the sources of income and areas of expenditure of the Central Government. It also underlines the focus-area of Government’s spending both in terms of specific areas as well as the class of citizens. We have to see the prevailing background while proposing this budget which includes ever changing Covid-19 uncertainty, changing dynamics of global-economy and fast changing world situations. Despite having these constraints, this budget is a bold step towards People’s budget, progressive and growth-oriented budget. I am sure if you read the Budget-document, you will find some new words which were never ever found in the traditional budgets like Drones, Green-Job, Virtual and Skill Labs and so on.
The aim, goal and vision of Budget 2022-23 is to make the economy robust, develop core sectors and put the high-growth trajectory with an overall aim of addressing all sections of the society specifically the weaker sections, poor and farmers. In this sense, it is one of the most progressive budgets India has seen in the last two decades. It has touched positively all the areas of Indian economy and population.
As per the vision of the PM, the emphasis of this budget is on agriculture sector. This budget aims at doubling the income of the farmers. This pro-farmers and pro-peasants approach can be seen from the fact that an allotment of over Rs 2.25 lakh crores has been made for MSP to be directly transferred in the accounts of farmers. It covers 163 lakhs farmers and 1208 lakhs metric tonnes of wheat and paddy crops. To develop agrarian-infrastructure, a river-link of Ken-Betwa has been aimed with a whooping cost of Rs 44.5 thousand crores which will change the destiny of the area and people particularly farmers along these rivers. An emphasis on Natural farming which will benefit the farmers on the banks of river Ganga in Uttarakhand, Uttar Pradesh, Jharkhand, Bihar, West Bengal is sought to be promoted besides cleaning the river Ganga. Also, use of Drones for various agricultural activities like spreading pesticides, land mapping and others shows that this budget aims at linking technology and digitalisation with agriculture-practices.
For any economy to grow in the short, medium and long run, a sizeable investment is to be channelized in infrastructure. This is also known as core sector which includes roads, housing and transportation and which has a potential to expand and grow economy. If this budget can be defined in one sentence, it is Infrastructure-budget. As per the PM more infrastructures and more investments will lead to more growth and this more growth will lead to more jobs. The benefits of the growth will trickle down to the economy. PMAY (housing) has been allotted a stupendous budget of 48,000 crores besides aiming of completion of 80 lakhs houses by 2023. Rs 60,000 crores have been kept for safe drinking water for 3.8 crores houses. Multi-model National Parks, 400 new generations’ trains, expansion of 25,000 kms of national highway network, Vibrant Village Programmes etc, are going to take Indian economy to a higher trajectory. Further, exploiting the renewable energy sectors like increasing solar capacity, using bio mass in thermal power plants ( 5.7% pallets), are another steps in this directions..
In terms of Human resources, health of citizen is very significant. For this National Digital Health Eco system and a tele-mental health programmes has been proposed. Through various schemes, special emphasis is laid on the health of women and children with increased budgetary outlays. For education, E-content with a special stress on quality E-content has been underlined. For increasing creativity and skill development 750 Virtual Labs and 75 skilling labs have been aimed at by 2023. For digitalisation, digital banking units, helping start up for Drone Shakti and various other steps have been taken.
Enunciating a new paradigm in the traditional budgets, it has introduced a concept of Green-Budget like introducing Sovereign Green Bonds, Green-Job etc, which aims at sustainable development whereby economic-resources are developed in such a way as to benefit natural resources.
It is a people’s friendly budget as it has addresses to all the sections, all the regions, all classes with its special emphasis on the sectors and people who need special attention. It boosts spending towards growth-oriented policies that create jobs, boost manufacturing, help the agri-economy and aimed at core infrastructure creation. It has been receipted well by all the sectors and people of the country which is evident from various economic-parameters and sentiments of the Industry.
(The writer is BJP National General Secretary)
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