Revival of economic growth is top priority of Union Budget 2022-23: FM Sitharaman to industry
While speaking to various industry stakeholders as part of the post-Budget interaction in Mumbai, the Union Finance Minister Nirmala Sitharaman reiterated that the revival of economic growth was the foremost priority of the Union Budget FY23.
She said that the high capital expenditure proposed in the Union Budget 2022-23 will have a multiplier effect on the economy and will help in sustained recovery. Atma Nirbhar Bharat is another step that has helped protect and generate employment during the pandemic and the outcome of the economic survey proves that the Finance Minister said.
She added, “The recovery is the one most important thing we must have to focus our attention on. And, a sustained recovery, a strong recovery is something which all of us would want. Therefore, this Budget probably gives more space, attention and focus on keeping that growth revival as the priority and it also has clear messages for sustainability, predictable tax regimen…transparency in the process of Budget making.”
She further said, “The Budget FY23 has raised capital expenditure by 35.4 percent Rs.7.5 lakh crore in a bid to continue the public infrastructure plan which in turn will create fresh jobs in the economy besides crowd-in private participation through investments. Spending on infrastructure was chosen as a more favourable route because it ensures greater multiplier effect, and with the greater multiplier effect we hope assets can be created which can last us for several decades.”
Pointing out how the country adapted to technological advancements during the pandemic, especially in the space of online payments, she said, “We could reach people in their homes and could give money into their accounts all because of the technology which has been spread and adopted by our own people.”
She assured that the Centre would not let digital advantage go which the country has had since the Centre is focused on technology for the education sector, farming, among others besides payment service.
[With Inputs from IANS]
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