New Delhi: The RSS-affiliated Swadeshi Jagran Manch (SJM) on Wednesday said the Union Budget 2022-23 is “growth-oriented” but lacks a push for employment.
A “quantum jump” of 35 per cent in capital expenditure, taking it to over Rs 7.5 lakh crores, can improve the future growth prospects in the country, it said.
“The Swadeshi Jagran Manch believes that the Union Budget 2022-23 is a growth-oriented budget with sufficient push for development of infrastructure of various kinds including digital infrastructure, infrastructure of education, potable water and housing for poor,” the SJM said in a statement.
It, however, noted with concern that “very limited efforts” have been taken towards promotion of small scale industries and creation of employment in the country.
“Union Budget 2022-23–good for growth, but lacks push on employment,” it said, adding, “Swadeshi Jagran Manch expresses its concerns for very limited efforts towards promotion of small scale industry and creation of employment in the country.” The RSS body said there was “an urgent need” to promote self-employment in the country, for which central as well as state governments need to push entrepreneurship development programs, infuse more funds and seed capital for small businesses “which can motivate the youth to start their own enterprises”.
There is also a need for an entrepreneurship development centre in each district of the country, it added.
The SJM welcomed the scheme for enhanced lending to the MSME sector by extending the guarantee cover for such loans.
“However, we feel that government support by way of equity subsidy is something which is urgently required,” it added.
Finance Minister Nirmala Sitharaman presented the Union Budget for the 2022-23 fiscal in Parliament on Tuesday.
The SJM noted that the budget has provided for taxing income from virtual digital assets at the rate of 30 per cent and taxing gift of virtual digital asset at the hands of recipients.
However, it said that “looking at the dangers of national security, the menace of money laundering and other related dangers emanating from the transactions in cryptos, ban on private crypto currencies is the only solution”.
The finance minister’s announcement about the issue of Central Bank Digital Currency (CBDC), however, is a welcome move, it added.
The RSS body said the Union Budget’s push to the Prime Minister Gati Shakti Master Plan can go a long way towards more efficient infrastructure and reduction in logistic cost to make the economy competitive.
“We are also happy to note that continuing its thrust for Aatmanirbhar Bharat, the finance minister has adopted a calibrated approach towards protecting domestic industry, which has been badly hit due to the excessive obsession for globalisation,” SJM co-convenor Ashwani Mahajan said.
“We are sure that the Production Link Incentive (PLI) scheme will go a long way towards self-reliance in these sectors,” he added.
The SJM hoped that the “declared push” towards production of semi-conductors and solar power equipment would also go a long way in making the economy self-reliant in these segments.
“Announcement of minimum tax of 15 per cent for cooperative sector and capping of surcharge on long term capital gains on equities for unlisted companies not only ends the anomaly, it will help attracting more domestic investors,” it said.
Continuation of tax free holiday to start-ups and allowing 15 per cent lower tax for new units in MSME sector up to March 31, 2024 are also welcome steps, it added.
“We are also appreciative of the budget for its push for natural farming, zero budget farming and organic farming,” the SJM said.
It welcomed the government’s proposal to declare 2023 as the National Millet Year.
However, it said the government should promote chemical-free farming in various parts of the country, instead of focusing on its promotion “in a limited area”.
While presenting the budget, the finance minister had said the government will promote chemical-free natural farming throughout the country with a focus on farmers lands in five-kilometre wide corridors along the longer river Ganga in the first stage.
The SJM noted that farmer producer organisations (FPOs) are new rural start ups in the country and said there is an urgent need to simplify the formation of the FPOs and reduce the membership requirement to 50.
“Fiscal support for new FPOs is also urgently needed,” it added.
This report is auto-generated from PTI news service. ThePrint holds no responsibility for its content.
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