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‘Went in for a Budget that would stand for continuity’: FM Sitharaman

‘Went in for a Budget that would stand for continuity’: FM Sitharaman

FM also spoke about the different GDP estimates in the Economic Survey and the Budget and said it was not a cause of concern.

Finance Minister Nirmala Sitharaman addressed the Rajya Sabha today in reply to the debate on the Budget 2022. The FM said that the government went in for a Budget that would stand for continuity and bring in stability. She also spoke about the different GDP estimates in the Economic Survey and the Budget and said it was not a cause of concern.

“We went in for a Budget that would stand for continuity, and will bring in stability to the economy and predictability in taxation and also a vision for India at 100,” she said.

The minister said that inflation was at 9.1 per cent during the financial crisis of 2008-09, which saw a lesser impact on the economy but at 6.1 per cent during the pandemic, which saw a much bigger impact. She also said that the Indian economy suffered a loss of Rs 9.57 lakh crore, as compared to Rs 2.12 lakh crore in the global meltdown of 2008-09. 

FM Sitharaman said that capital spending gives much more multiplier than revenue route which is why it was chosen to boost the economy. 

Talking about the different GDP projections in the Economic Survey and the Budget, the minister said that there is no cause of worry because the sources of data were different. 

The minister also said that the guidance that comes from PM GatiShakti was essential as India needed to bring in greater synergy, greater complementarity between various infrastructure spending that it is undertaking. 

She also spoke about the government’s push for the drone economy. “By bringing in drones, we are able to bring in efficiencies in the use of fertilisers, pesticides and also make a good technology-driven assessment of the crop density and also possibly predicting the size of the output,” she said in the Rajya Sabha. She said drones will be an effective tool to improve and modernise India’s agriculture. 

Additionally, the minister said that the coming 25 years will be important for India. “No wonder we're calling it Amrit Kaal. If we don't have a vision for India at 100, we'll suffer similarly as the first 70 yrs, when 65 years were with Congress, with no vision except supporting, building and benefitting one family,” she said. 

Also read: Economic Survey forecasts 8-8.5% GDP growth for FY23; here's what experts say