Nirmala Sitharaman stated that stable and sustainable recovery was the driver of this year’s budget.
New Delhi: Finance Minister Nirmala Sitharaman said on Friday that the Union budget 2022-23 would stand for continuity, which will ensure stability in the economy teetering under the Covid-19 pandemic. In her reply on Budget in Rajya Sabha, Ms. Sitharaman stated that stable and sustainable recovery was the motive of this budget as the Indian economy had the biggest contraction due to the pandemic.
India registered a de-growth of 7.3 percent for the 2020-21 fiscal year. The economy is estimated to grow at 9.2 percent in the current fiscal year 2021-2022.
She lashed out at the opposition, saying: “Inflation was 9.1 percent during the smaller financial crisis of 2008-09, while it was 6.2 percent during the pandemic that has a bigger impact on the economy.”
She also said: “Capital spending is much more multiplier than revenue. We are opting for public investment to stimulate the economy.”
The finance minister has increased the capital expenditure (Capex) by 35.4 percent for the fiscal year 2022-23 to Rs 7.5 lakh crore.
“Rs 7.5 lakh crore expenditure will create jobs, and job creation is not limited to 60 lakh jobs from a productivity-linked stimulus plan for 14 sectors,” Ms Sitharaman added.
“The next 25 years are going to be important for India. No wonder we mention it Amrit Kaalicshe continued.
