"This is a callous Budgetthat has betrayed the hopes of the vast majority of the people," former Finance Minister P Chidambaram said.
Lok Janshakti Party (Ram Vilas) MP Chirag Paswan on Wednesday welcomed the Budget presented by Finance Minister Nirmala Sitharaman, and said it has taken care of every section of the society. In an exclusive video interview to PTI, the Lok Sabha MP said the government has ensured that the "economic structure" of the country remains "strong and stable", while giving relaxation to those who need it. "I welcome the budget. Given the conditions that not only our country but the world has faced during COVID-19, I really welcome the Budget that the central government has presented," Paswan said.
Hitting out at the government, the Congress on Wednesday said the actual expenditure was substantially lower thanbudgetedlast year, and alleged that this was Prime Minister Narendra Modi's strategy of headline management -- "over promise, under deliver".
Finance Minister Nirmala Sitharaman presented the last fullBudgetof the second term of the BJP-led NDA government on Wednesday.
Congress general secretary in-charge communications Jairam Ramesh said last year'sbudgetdrew applause for allocation towards agriculture, health, education, MGNREGA and welfare of SCs, but "today the reality is evident".
BSP leader Malook Nagar on Wednesday said the relief granted to the common people in the UnionBudgethas made it a hit like the Shah Rukh Khan-starrer Pathaan.
"The relief given to the common people in theBudgethas made it a hit as the movie Pathaan," Nagar, a Lok Sabha member from Bijnor in Uttar Pradesh, told PTI in a video interview.
He said the Income Tax relief granted in theBudgetwill ensure that more people will file Income Tax returns.
The policies announced in the UnionBudgetwill strengthen the economy and ensure that Prime Minister Narendra Modi's dream of a $5 trillion economy turns true.
The Aam Aadmi Party on Wednesday questioned Union Finance Minister Nirmala Sitharaman’s claim about doubling of per capita income since 2014, saying it is ‘Amrit Kaal’ for Prime Minister Narendra Modi, not for the common people of the country.
Highlighting the achievements of the Modi dispensation so far, the finance minister in herbudgetspeech said the government’s efforts since 2014 have ensured for all citizens a better quality of living and a life of dignity.
The per capita income has more than doubled to Rs 1.97 lakh, she added.
“Neither did the MSP of crops increase nor did the youth get employment. But this is Amrit Kaal for Modi ji. Nirmala ji is saying per capita income has doubled,” AAP’s Rajya Sabha MP Sanjay Singh, who is also the party’s national spokesperson, said in a series of tweets in Hindi, wondering “whose income” doubled.
"Given that financial services is one of the key pillars of growth during Amrit Kaal, focusing on financial stability with technology-driven innovation will characterise the financial services ecosystem in the future. 10 lakh crore capital investment will create GDP growth and generate wealth creation opportunities for the citizens of India across the income spectrum, thereby increasing the chances for asset management funds in India."
"Capex outlay increased by 33% to Rs 10 lakh crore for FY24. At this level, public capex will be 3.3% of GDP. Equity indices are in the green so far. But bond markets are getting jittery as expenditure looks elevated so far. 10-year bond yield has climbed 2 basis points to 7.38% since the FM announced the hike in capex outlay. A lower fiscal deficit will cool bond markets."
“A National Data Governance Policy is proposed to enable access to anonymized data, and the KYC process is proposed to be simplified. Digilocker and Aadhaar will consolidate data available with multiple government agencies and PAN will be a single reference point for easier compliance. While these are definitely steps in the right direction, the final text of the privacy bill will also be closely watched and relevant for providing not only the necessary comfort to the stakeholders but also to encourage the digital India implementation.”
“Further carrying Government's agenda for ease of doing business. This is a routine announcement in every year's budget. The Government's efforts on ease of doing business have significantly improved India's global ranking in the last several years. Further steps announced will only enhance India's competitiveness. Easing of legal provisions is a need of the hour and therefore good announcements in the Budget."
"In keeping with its focus on inclusive growth, the Union Budget has hiked outlays on Infrastructure and Agriculture which in our view would have a force multiplier impact on the economy."
"The overall Capital Expenditure Outlay on Infrastructure Development was increased by 33 per cent, which will be 3.3% of our GDP at Rs10 Lakh Crore. This is a welcome move as this will help our country to take a tremendous leap to achieve the milestone of India becoming a 5 Trillion Dollar economy and a global powerhouse. Rebate of Income Tax exemption increased from Rs. 5 lakhs to Rs. 7 lakhs, this will have high disposable income in the hands of the individuals."
The government has been focusing on doubling farmers income and aims to set up 10,000 FPOs to facilitate and accelerate this initiative. While financial support will help, skilling and managing these FPOs professionally and supporting initiatives to digitise farm-level data and market linkages will help exponentially grow the impact of these FPOs.
At the same time, Agro-based MSMEs working in this space are under pressure due to increased cost of funds, risk of disintermediation by fintech / large corporates, and generally adverse market conditions. An extension of the Emergency Credit Line Guarantee Scheme (ECLGS) will help sustainability in the short term.
The government should also simplify data sharing mechanisms for MSMEs w.r.t. licenses, financials, bank statements, tax returns, GSTIN etc., to enable alternate credit rating and lending.
Union Finance Minister Nirmala Sitharaman is going to present the last full budget of the second term of the Narendra Modi government in Parliament on February 1. Here's what experts, industry insiders are expecting from this year's Budget. Stay tuned to DH for the latest updates!
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Despite having limited resources and lesser opportunities, women entrepreneurs from rural areas have shown immense potential to add value to the Indian economy by entering the MSME sector.
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