Ujjain: The Union Budget 2021-22 is as unusual as the circumstances in which it has been passed. Even as the economy is severely affected with pandemic it comes across as a growth oriented budget; in absence of any new tax structures it promises quality of expenditures and in the prevailing fiscal crunch it proposes heavy capital spending.
The budget promotes self reliance not in a closed economy but making India an integral and important part of global supply chains.
It does not play to the gallery with freebies but slash in entitlement schemes and subsidies during these bruised times can further dampen the demand which is the prime mover of the economy wheels.
The multiplier effect of all the infrastructural projects has a gestation gap so the demand push was equally desired. Also solving brewing financial crisis through Asset Reconstruction Company is quite speculative.
These were the words of Oorja Tapan, UGC junior research fellow of Jawaharlal Nehru University and secretary of Tapan Chourey Foundation who was speaking as an invited speaker in the national webinar on Union Budget 2021-22 in the context of self-reliant India organised by the economics department and IQAC of Government Nehru PG College, Agar Malwa.
She said that health expenditure, one person company for start-ups, national apprenticeship training scheme, NEP-2020, boost for MSMEs, operation green scheme in agriculture, customs duty to promote Make in India are steps towards building self reliance.
The second speaker Dr Manish Singh Chouhan, assistant professor of economics, Government College, Pidawa, University of Kota, Rajasthan elaborated the various allocations under different heads which pave the way for a Self Reliant India. He talked about the six pillars in the context of provisions for Health and well being, physical and financial capital infrastructure, inclusive development and reinvigorating Human capital. He said 137 percent increase in health expenditure will carry forward our status of pharmacy of world. The privatisation of banks, financial development institution and increase in deposit insurance cover may improve the health status of banks and the economy.
The principal and the head of economics department Dr Rekha Gupta delivered the welcome address and said that the challenges thrown by Covid-19 crisis led the India towards an India which aspires to be healthy, clean, empowered and self-reliant and the budget is a roadmap for this aspiration. The session was conducted by webinar convener Dr Govind Patidar and vote of Thanks was extended by organising secretary Dr. Hansraj Patidar.