– Shree. Shishir Sindekar, Ret. Prof. in Economics
I put the overview with the help of the following points.
1.The nominal GDP was projected at Rs.301.75 Lakh crore (BE 2023-24), and then reduced to Rs.296.58 Lakh crore ( AE 2023-24) and in this interim budget expecting Rs.327.71 Lakh crore (BE 2024-25), shows the economy is not achieving higher growth rate as expected.
2.The rise in capex by 11% is good but at the same time it should not crowd out private investment.
3. This interim budget created a path moving away from UPA to NDA to BJP and now to Modi government designed policies with full confidence. The budget speech did not mention Kisan Samman or MNREGA, nor any change in direct or indirect tax. Maintaining fiscal prudence, reducing public debt and hence fiscal deficit does not leave any room to the critics (economists). PM AWAS Yojna, Lakhpati Didi, Solar roof are the cherries without a cake.
4. Following the norms expected in the article 116 of the constitution the FM avoided the expected changes in exemption, rebates, exemption limits or simplification in GST (input tax credit problems).
5. After ten years it is not necessary to reiterate that, “Meri kamiz teri kameez se safed kyu?”
Hope that the next budget will be a Big Bang Budget ,following a great populist announcement before the election.
Shree. Shishir Sindekar, Ret. Prof. in Economics
shishirsindekar@gmail.com
+91 98902 07692
