Home » Modi government has managed economy meticulously despite global pandemic

Modi government has managed economy meticulously despite global pandemic

by Admin

Finance Minister Nirmala Sitharaman has said the Narendra Modi Government has managed the economy meticulously, despite the unprecedented challenges posed by the global pandemic. She replied this evening to the marathon discussion spanning 13-hours, 50 minutes on the Union Budget 2022-23. Ms Sitharaman said, during the 2008-09 global financial crisis, Indian economy suffered a contraction in the GDP growth leading to a loss of 2.21 lakh crore rupees, but the Consumer Price Index (CPI) has been 9.1 percent.

In contrast, she said during 2020-21, the Indian economy met with a negative growth of minus 6.6 percent, leading to a loss of 9.57 lakh crore rupees. However, she highlighted that the CPI has been maintained at only 6.2 percent during the period. The Minister said, the inflation during the UPA-1 and UPA-2 were in double digits, terming the period as the Andh Kaal, or the dark times. She aded, the next 25-years would be the Amrit Kaal.  Ms Nirmala Sitharaman said the Foreign Exchange reserves with India during 2008-09 was 252 billion US dollars, whereas it was 579 billion dollars in 2020-21. On Foreign Direct Investment, she said the country met with 8.3 billion dollars inflow in 2008-09 which has been 80.1 billion dollars in 2020-21.

Referring to the projection in economic growth of India as against the world, Ms Sitharaman said India will be the fastest growing economy. She said in 2022, the projected growth is 9 per cent and in 2023, it will be 7.1 per cent. On the Mahatma Gandhi National rural Employment Guarantee Scheme, the Finance Minister said it is a demand-driven programme, adding, whenever there is more demand, there would be more allocation of funds.

Ms Sitharaman clarified that the sharing of revenues with the states is on the increase. About the increase in the customs duty on umbrellas, she said the move is only to help the domestic manufacturers, under the spirit of the Atma Nirbhar Bharat. The minister said the allocation for agriculture has been increased by 6.6 times in this year’s budget as compared to the figure in 2013-14. Now the allocation is 1.24 lakh crore rupees, as against 19,000 crore rupees in 2013-14.

Terming the MSME as the backbone of the country’s manufacturing sector, Ms Sitharaman said 20,000 crore rupees has been allocated for it in this year’s budget. She said, under the Emergency Credit Liquidity Guarantee Scheme, 3.10 lakh crore rupees of loans have been sanctioned to the MSME’s, out of which, 2.36 lakh crore rupees have already been disbursed.

Refuting the allegations that the allocation for health has been slashed, the Finance Minister said a provision of 86,609 crore rupees have been made for the sector. She said, over the years, there has been a steady increase in the health sector allocation. For the Covid-related health preparedness package, she said 15,731 crore rupees have been sanctioned. Coming down heavily on the criticism that she is not an elected member of the Parliament, Ms Nirmala Sitharaman said she indeed is an elected member of the Rajya Sabha. She also said all the members of both the Houses of Parliament hold equally responsible position.

You may also like