Finance Minister Nirmala Sitharaman said on Friday that the 2022-23 federal budget represents continuity and brings stability to an economy that is teetering under the Covid-19 pandemic. In her reply to the Rajya Sabha Budget, Sitharaman said a stable and sustainable recovery was the motivation for this year’s Budget as the Indian economy suffered the biggest contraction due to the pandemic.
India saw a 7.3% decline in 2020-21. In the current fiscal year 2021-22, the economy is expected to grow by 9.2%.
She lashed out at the opposition, “During the smaller financial crisis of 2008-09, inflation was 9.1%, and during the pandemic, which had a bigger impact on the economy, it was 6.2%.”
She also said, “The multiplier from capex is much greater than the revenue path. We choose public capex to boost the economy.”
The finance minister has raised capital expenditure (Capex) for 2022-23 by 35.4% to Rs 750 crore.
Ms Sitharaman added: “The Rs 7.5 crore expenditure will create jobs beyond the 6 million jobs in the productivity-linked incentive scheme across 14 industries.”
Complete News Source : NDTV
