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Budget 2023: Higher spending on education, healthcare; lower fiscal deficit likely

Finance Minister Nirmala Sitharaman will present the Union budget in the parliament today, its widely projected that the Narendra Modi-led government is likely to seek to lower its fiscal deficit while encouraging investment by offering incentives.

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Finance Minister Nirmala Sitharaman

Finance Minister Nirmala Sitharaman will present the Union budget in the parliament today, its widely projected that the Narendra Modi-led government is likely to seek to lower its fiscal deficit while encouraging investment by offering incentives.

The central government is also expected to ramp up state spending to counter the global slowdown.

Officials believe that in spite of upcoming elections in many states and next year’s Lok Sabha polls in the background, major relief for households may not be on the cards due to fiscal cards as the budget is likely to focus on long-term growth.

Sitharaman is expected to continue the Modi government’s policy of increasing capital spending on public infrastructure, introducing lower tax rates and labour reforms and more subsidies to the poor in a bid to win their support.

The finance minister is likely to announce around 10% to 12% increase in budget allocations for health, education and rural projects as many insiders believe that the annual budget will continue the economic reforms started by Prime Minister Narendra Modi since coming into power in 2014.

BJP economic affairs spokesman, Gopal Krishna Agarwal, pointed out that the easing of retail inflation, higher state spending and growing bank credit would help the economic recovery ahead of Lok Sabha elections.

However, critics have claimed that Modi government’s economic policies have majorly benefited large companies while burdening the middle class with more taxes who are facing a dip in growth in real income and jobs.

Read Also: Union Budget 2023: Where and how to watch Finance Minister Nirmala Sitharaman’s speech LIVE?

The Economic Survey released by Sitharaman on Tuesday warned of effects of global slowdown and forecasted that the economy would grow 6% to 6.8% year-on-year next fiscal year, down from 7% projected for the current year.

Chief Economic Adviser (CEA) V Anantha Nageswaran projected that India’s economy was poised to do better and expected to grow at 6.5-7 percent till the end of the decade. Nageswaran said that the inflation is likely to be “well behaved” in the coming fiscal year barring any unforeseen factors.

The International Monetary Fund (IMF) has projected India’s growth to dip slightly from 6.1 percent to 6.8 percent during the current fiscal year ending on March 31. IMF also expects some minor slowdown in the Indian economy in the next fiscal year.

According to the January update of the World Economic Outlook released by global fiscal body on Tuesday, global growth is projected to fall from a projected 3.4 percent in 2022 to 2.9 percent in 2023, then rise to 3.1 percent in 2024.

Union Budget 2023: 5 big expectations from Nirmala Sitharaman

Union Budget 2023: Budget to be presented today at 11 am, know the full schedule here

India News

Jharkhand election: Congress releases manifesto, promises caste survey, 250 units of free electricity

The manifesto focused on seven promises including the 1932 Khatiyan-based domicile policy and implementation of Sarna religious code of the tribals. 

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Jharkhand election: Congress releases manifesto, promises caste survey, 250 units of free electricity

A day before the first phase of assembly election, the Congress released its manifesto for Jharkhand. The manifesto promised caste based survey, 250 units of free electricity every month and filling up of all vacant government posts within a year.

The Congress manifesto was unveiled by the party’s manifesto committee chairman Bandhu Tirkey. The manifesto focused on the seven promises including the 1932 Khatiyan-based domicile policy and implementation of Sarna religious code of the tribals. 

Bandhu Tirkey said that the manifesto promises free electricity up to 250 units to the poor as against 200 units at present. He added that they will fill up all vacant government posts in a year. He further mentioned that the manifesto was formulated keeping in mind the issues being faced by people in the state. He alleged that efforts were made to destabilize the state government.

He continued that there has been no lack of job opportunities, and that the state government has appointed more people than the previous governments. He affirmed that all the job appointments are in the pipeline, and all of these will be completed after the formation of this government again. He asserted that the Manifesto Committee held a Chaupal in every district and interacted with the public. 

Meanwhile, reacting to Congress releasing their manifesto during the silent period, K Ravi Kumar, Chief Election Officer of Jharkhand, said that no-election related matters can be done during the silent period.

He stated that according to the legal provisions, no election-related matters can occur during the silent period, a matter clearly stated in the law, and the Commission has also issued instructions regarding this.

The first phase of assembly election will be held on November 13 for 43 of the total 81 seats of the state. The second phase will be held on November 20. The counting of votes will be held on November 23.

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Jharkhand election: Amit Shah says people who looted money will be hanged upside down

He added that the money the parties have looted from the poor tribals, backward classes and youth of Jharkhand, every penny of it will be recovered from them and deposited in the treasury of Jharkhand.

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Jharkhand election: Amit Shah says people who looted money will be hanged upside down

Union Home Minister Amit Shah on Tuesday issued a stern warning to the JMM-Congress alliance, asserting that those who looted money in Jharkhand will be hanged upside down.

Addressing an election rally in Dhanbad, the Union HOme Minister said that in Jharkhand crores of rupees have been seized from Congress and JMM leaders, and all this money belongs to the youth, mothers and sisters of Jharia and Dhanbad. Asking the voters to form the BJP government, Amit Shah said that they will straighten out the looters of these crores of rupees by hanging them upside down. 

He added that the money the parties have looted from the poor tribals, backward classes and youth of Jharkhand, every penny of it will be recovered from them and deposited in the treasury of Jharkhand. He also accused Congress stalwart Rahul Gandhi of not fulfilling his election promises.

Amit Shah claimed that Rahul Gandhi makes many announcements which are not fulfilled. Mentioning that Rahul Gandhi’s party President Mallikarjun Kharge is also saying that nothing is going to be fulfilled, the Union MInister said that PM Modi’s guarantee is written in stone and will fulfil every guarantee.

Amit Shah said that on the coming 20th, all the people have to vote and that their votes will decide the future of Jharkhand. He added that one vote will decide whether the people of the state want JMM, which makes itself a millionaire-billionaire, or they want Narendra Modi’s government, which makes poor mothers Lakhpati Didi.

Earlier, Home Minister Amit Shah promised that if the BJP wins the Jharkhand assembly election, it will form a panel to identify and drive out infiltrators from the state. Furthermore, he also vowed that foreign infiltrators would not be allowed to usurp land by marrying tribal women.

The Assembly Election in Jharkhand will take place on NOvember 13 and 20, and the results will be declared on November 23.

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PM Modi accuses MVA of corruption, calls them detrimental to Maharashtra’s growth

The Prime Minister asserted that the people of Chandrapur have been demanding rail connectivity for years, but Congress and Aghadi did not let that happen.

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PM Modi accuses MVA of corruption, calls them detrimental to Maharashtra’s growth

Launching a scathing attack on the opposition Maha Vikas Aghadi, Prime Minister Narendra Modi accused them of being the biggest player of corruption and stalling progress in the state. 

PM Modi was addressing an election rally in Chimur, a town in the Chandrapur district. The Prime Minister further said that the MVA, a coalition of Uddhav Thackeray’s Shiv Sena, Sharad Pawar’s Nationalist Party (NCP), and the Congress is detrimental to Maharashtra’s growth.

He added that the people of Chandrapur have been demanding rail connectivity for years, but Congress and Aghadi did not let that happen. He continued that the rapid development in the state is beyond the reach of Aghadi. 

PM Modi further stated that the Opposition have only done a PhD in putting a brake on development works, and Congress is a double PhD in it. He claimed that Aghadi means the biggest players of corruption.

PM Modi also assured the people that the BJP’s poll manifesto will become a Vikas Ki Guarantee (development guarantee) for Maharashtra in the next five years. He said that the NDA government at the Centre along with ruling Mahayuti, means double speed of development.

In the rally, the Prime Minister also slammed the Congress and the Gandhi family, which he claimed has a history of elitism and exclusion. He added that it has always been the mentality of Congress and Gandhi family that it was born to rule the country.

He also alleged that after Independence, Congress had stymied the progress of marginalised communities. He claimed that the grand old party never allowed Dalits, backward classes, and Adivasis to progress.

Referring to an old Congress advertisement from when Rajiv Gandhi was the Prime Minister, PM Modi argued that it reflected the party’s anti-reservation attitude.

Maharashtra will vote in a single-phase election on November 20 for the 288-seat Assembly. The counting of votes will take place on November 23.

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