New Delhi, Feb 1 (PTI) BJP spokesperson Gopal Krishna Agarwal Wednesday lauded the Union Budget, saying it has presented a larger picture of growth and progress in the economy while making various provisions for different sectors.
In a video interview with PTI, he said the government’s continued focus on capital expenditure, which has seen a 33 per cent rise to Rs 10 lakh crore for the financial year 2023-24, will ensure all-round growth and spur private investment.
Citing an RBI study, Agarwal said capital expenditure induces a multiplier effect as Re 1 spent can produce a demand of Rs 3.5 while Re 1 given in cash results in a demand of merely 95 paise.
Agarwal, who specialises in economic issues, also rejected the criticism from some opposition members that it was a “chunavi” (poll-oriented) budget, asserting that the Prime Minister Narendra Modi-led government has shunned “revdi” (freebies) and made announcements for different sectors to strengthen the economy further.
The budget has offered tax deductions while also offering increasing support to the MSME sector, the middle class and public welfare measures besides making different provisions for women, youth and farmers. The sectors like cooperative, health and education have received a fillip, he said.
The government has managed to do it while keeping inflation and fiscal deficit under control and boosting growth, Agarwal said.
Over 39,000 provisions for businesses have been simplified to boost the ease of doing, with demand picking up and foreign direct investment coming in copiously, he said, adding all these measures will lead to a lot of private investment.
While earlier governments engaged in off-budget borrowing so that it is not reflected in the fiscal deficit, the Modi dispensation has cleaned the accounts and made the economy healthier and more robust, the BJP leader said. PTI KR NSD NSD
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