Do you think that the recent budget has ignored the distress caused by the pandemic? Comment (200 Words)
Refer - The Indian Express
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Harshitha G 3 years
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IAS Parliament 3 years
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IAS Parliament 3 years
KEY POINTS
· The finance minister emphasised robust tax collections, an optimistic projection for GDP growth and a futuristic economy driven by technology, clean fuel, and smart cities.
· The share of the top 10 per cent in the total national income stands at 57.1 per cent whereas the share of the bottom 50 per cent in total national income stands at 13.1 per cent.
· Indeed, an additional Rs 51,971 crore have been allocated towards settlement of outstanding guaranteed liabilities of Air India and this amount has been accounted for in the total expenditure.
· Provision of basic public goods must be a key area of focus. Last year, only 44 per cent of the amount allocated to the Department of Water and Sanitation had been spent till December 2021.
· India’s real GDP in FY 2019-20 was Rs 145 lakh crore. This has shrunk by Rs 15-20 lakh crore over the last two years.
· To get back on the growth track and to increase the size of the economy, economic policy needs to alleviate distress and focus on expanding the incomes and consumption of those at the bottom of the pyramid.
· Widening of inequalities due to a two-speed, K-shaped recovery will hurt consumption demand and threaten social stability as well as economic growth.
