Finance minister Nirmala Sitharaman said that the Budget for 2022-23 brings stability to the economy and predictability of taxation. In her reply on Budget in Rajya Sabha, the FM provided a snapshot of the economy and addressed issues raised including that on healthcare spending and crypto taxation.
Here is a round up of what the FM said in ten points.
1. Banning or not banning cryptocurrencies will come subsequently after consultations: FM replying to Budget debate in Rajya Sabha.
2. No question of slowdown or recession, FM says in Rajya Sabha citing estimated 9.2 per cent GDP growth in current fiscal.
3. Economy was Rs 1.1 lakh crore 7 years ago, now it is Rs 2.32 lakh crore: FM on charge of economy running on treadmill.
4. Breached the 6% tolerance limit for inflation on 6 occasions since 2014; inflation management is robust: FM
5. Fertiliser subsidy rose from budgeted Rs 79,530 cr for FY22 to Rs 1.4 lakh cr in revised estimates; shows govt receptive to needs.
6. Allocation for health has gone up from Rs 64,000 cr in 2019-20 to Rs 85,950 cr in 2021-22, Rs 86,606 cr in 2022-23. MNREGA is demand driven programme, meant to provide jobs to rural unemployed in lean season; whenever demand comes it is funded. MNREGA was infested with ghost accounts, people not born were receiving money.
7. No cause of worry because of different numbers of GDP in Eco Survey, Budget; result of sources of data being different
8. Inflation was 9.1% during lesser financial crisis of 2008-09, while it is at 6.2% during pandemic that has bigger impact on economy.
9. Indian economy suffered Rs 9.57 lakh cr loss due to pandemic, compared to a loss of Rs 2.12 lakh cr in global meltdown in 2008-09.
10. 67% of MSMEs were temporarily shut due to lockdown.
(Inputs taken from PTI)
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