Historical budget of Amrit Kaal
There’s too much stuff for the common man. A provision of Rs 48,000 crore has been made under the ‘Har Ghar-Swachh Jal Yojana’, so that 9 crore families will get clean water from the tap inside their homes. A resolution has been expressed to provide houses to 80 lakh poor families by making a provision of Rs 48 lakh crore under the ‘Pradhan Mantri Awas Yojana’. The ‘Pradhan Mantri Awas Yojana’ is an ambitious scheme of the Modi government, whose goal is to provide a pucca roof to every underprivileged family.
Budget 2022-23presented by BJP led central government is truly a balanced and all inclusive budget. On one side, the last person standing in the queue has been taken care of according to the dreams of Pandit Deendayal Upadhyay.On the other, along with strengthening the country’s infrastructure, many important steps have been taken to make the country move forward on the path of rapid growth and development. Mohan Das Pai says – “There is no doubt that this budget (2022-23) is the budget to accelerate development in the real sense.” However, he also reiterates that if some more provisions were made for the middle class in it, it would have been better.
There’s too much stuff for the common man. A provision of Rs 48,000 crore has been made under the ‘Har Ghar-Swachh Jal Yojana’, so that 9 crore families will get clean water from the tap inside their homes. A resolution has been expressed to provide houses to 80 lakh poor families by making a provision of Rs 48 lakh crore under the ‘Pradhan Mantri Awas Yojana’. The ‘Pradhan Mantri Awas Yojana’ is an ambitious scheme of the Modi government, whose goal is to provide a pucca roof to every underprivileged family. In the words of Mr. Siddharth Jarabi, Managing Editor, Business Today TV – “Provision of clean water and home for the general public is a ‘quality expenditure’. This will have a wide and far-reaching impact on the standard of living of the general public.”
The budget for the farmers is also very encouraging. There has been talk about record purchases on MSP. Special provision for farmers which has been made to complete projects of agricultural interest like ‘Ken-Betwa Project’, which will change the landscape of Bundelkhand. Both the irrigation and drinking water problems of this area will be solved. In this budget, it has been said to promote ‘Drone Technology’ in farming. The Modi Government has talked about encouraging “Natural Farming” within the budget. It is envisaged to develop a 2500 km long and 10 km wide Natural Farming Corridor to encourage natural farming. Along with natural farming, a provision of Rs 68 thousand crore has been made in the budget under ‘Kisan Samman Nidhi’, which will benefit 11 crore farmers. There has been a huge increase in the amount of subsidy in the food and fertilizer sector for farmers, it has been increased from 79 thousand crores to 1 lakh 50 thousand crores.
In this budget, special emphasis has been laid on the use of technology in agriculture. According to Prime Minister Shri Narendra Modi, – “In the last budget we had ensured the facility of Kisan Rail and Kisan Udan, in the present budget we are making provision to make ‘drone technology’ a companion of the farmer.” The use of drone technology will reduce the cost of farming. This will make it easier to use pesticides, monitor crops, keep land records and get real-time data of the agricultural produce.
The workers and employees have also been taken care of in the budget. They have been provided with sops under NPS.In NPS, the employer’s contribution has been increased from 10% to 14%. It may be noted that the Central Government employees were already getting the benefit of tax deduction limit of 14%. This important step has been taken by the Center with the aim of bringing equality between the Central and State Government employees in the matter of NPS deduction. This will increase the social security of the employees. However, the employer deduction rate in the private sector will still remain at 10%.
Smart classroom to strengthen school education along with the establishment of a digital university in the budget. There has been talk of increasing the number of TV channels from 12 to 200 for providing supplementary education in regional languages from 1 to 12. Now the central government will also give incentives to the states to revise the curriculum of their agricultural universities so that the modern needs of farming can be met with zero budget and natural farming.
The biggest feature of this budget is that even though it is a statement of one year’s income and expenditure, the eyes of the government are fixed on establishing India as a developed grand nation in the future.This budget is a step in this direction. That is why the Finance Minister has called it the budget of ‘Amrit kaal’ ( the auspicious time) and called it the Futuristic budget. Amrit Kaal, the elixir of independence this year, will start from 2022 and will last for the next 25 years. The biggest proof of this is the massive increase in capital expenditure.
In the ‘Capital Expenditure’ anhistoric increase of 35.4 percent has been made. Capital expenditure is that which is spent on infrastructure facilities in the country. The historical increase in capital expenditure will give impetus to the future growth and pace of the country. According to Dr. Ashwani Mahajan, National Co-convener of Swadeshi Jagran Manch and Professor in Economics Department at Delhi University, – “In the current budget, a provision of Rs 7 lakh 50 thousand crore has been made for capital expenditure, which is 19 percent of the current budget.” He further reiterates, “This is the largest provision for capital expenditure in the last 30 years.” Siddharth Zarabi, Managing Editor, Business Today TV, also considers this a major achievement of the current budget. They believe that it will have a long term positive impact on the Indian economy.
In this technological era, special emphasis has been laid on the development of technology. Focusing on new forms of currency, India has now moved towards giving its own digital currency. Soon we will also auction 5G. This is also mentioned in this budget.
Many people were expecting that assembly elections are being held in many states, so according to tradition, the government will give election budget this year. Unfortunately, the election budget is meant to be a populist budget giving quick returns for the government in India. It is understood that instead of taking any far-sighted steps or thinking of long-term gains, the focus should be only on reaping the votes. But instead of such cheap decisions, the central government has given a comprehensive budget, showing foresight. A budget that has understood the needs of the people and the country in totality instead of dividing them in pieces and has taken concrete and comprehensive steps in the direction of solving many problems that remain untouched by the country.
The country has gone through two terrible phases of the corona epidemic and is currently going through the third wave of corona infection, but hardly it surprises us while looking at the indices of the economy, that the economy of the country is in falling behind in development in comparison to other countries. India’s GDP as per IMF is 9%which is the highest in the world. According to the IMF, India is the Fastest Growing Economy in the world. Before the Modi government, India’s foreign exchange reserves were $ 270 billion, which has grown by 233% to $ 635 billion at present. There has been a historic increase in exports. Foreign direct investment is also at its highest level which shows that foreign investors are also putting their stamp on the growth prospects of the Indian economy.
On the domestic front, the GST collection last December was 133 thousand crores and in January it used to be 140 thousand crores. generally100thousands of crores of GST collection is considered satisfactory. These huge GST receipts show that business and industry in the Indian economy is on the verge of a rapid upswing. In Income Tax collection there has been 60% increase has been recorded which shows that there has been an increase in the income of individuals and business organisations.
It is the result of the visionary economic policies of the Modi government that despite the circumstantial challenges, so many positive signs are visible in the Indian economy. In short, it can be said that this budget is the historical budget of ‘Amrit Kaal.’
By By Arvind Singh
(The author is the managing editor of the Manthan magazine. Contact: Facebook/Twitter: @arvindvnsingh)