New Delhi: Finance minister Nirmala Sitharaman is presenting the Narendra Modi government’s tenth budget today, in a presentation that most economists believe will try to set the Indian economy on a firmer footing as it slowly exits the third COVID-19 wave and faces rising inflationary pressure.
As usual, the Budget began with a round-up of the last financial year, celebrating the government’s “achievements”. This Budget, Sitharaman went on to say, will be two-pronged: “Budget 2021-22 provided sharp increase for public investment. Throughout the year…our economic recovery is continuing to benefit from the multiplier effect. This Budget continues to provide impetus to both. One, a blueprint which is futuristic…and number two, big public investment for modern infrastructure ready for India at 100.”
After that, Sitharaman ran through a flurry of announcements, without providing much detail – on logistics hubs, new trains and multi-modal connectivity between different forms of public transportation under the PM Gati Shakti plan; a quick reference to the Indian Railways and 100 new Vande Bharat trains; numerous quick announcements on agriculture like support provided to millet production and marketing; some relief for the hospitality sector because of COVID effects; higher spending on highways. You’ll find more details below.
The first major announcement came under the fourth of six goals Sitharaman had said she was going to announce – that capital expenditure is getting a 35.4% boost.
In Part B, she announced this year’s Budget estimates:
Total expenditure: 39.45 lakh crore
Total receipts: 22.84 lakh crore
Deficit: 6.9% in FY22 (0.1% point higher than BE 22)
Deficit: 6.4% for FY23
Through the day, The Wire will be bringing you updates and analyses on this year’s Budget. Stay tuned!
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