New Delhi:With the annual Union Budget commencing today, employment generation, agriculture reforms, and reduction in inflation rate are on the top of the list of expectations by the common masses. Noted Indian Economist Akash Jindal spoke exclusively to ETV Bharat about his concrete insights into the issues that may be put under the limelight in the budget session, especially when the assembly elections are just around the corner.
"Due to the economic losses that the ongoing pandemic has incurred upon the country, the pace of economic growth in India has slowed down considerably. Consequently, the output has also started sinking, adversely impacting the middle class, poor strata, small traders, and the population working in the agriculture sector. In the current circumstances, the masses may expect a soft and populous budget," says Jindal.
Jindal further added that the government should prioritise the issues of both unemployment and inflation in the budget in order to avoid creating an imbalance in society. If these issues are not brought under control in time, they have the potential of creating considerable social unrest, he added.
Jindal said that the housing issues have been a major priority of this government. "It's likely that the upcoming budget could also focus on an increment in home loan deduction limit. The other major priority should be given to the agriculture sector. Though the government has repealed the three contentious farm laws, the agriculture sector still faces a bleak future," he said. Further clarifying, he said, "We should expect a 40% escalation in the PM Kisan Samman Nidhi Yojna, which would largely benefit our farmers and perhaps bring them some relief."
Pointing out how the impact of Covid has not only affected the lives of people but has also affected the government, Jindal said that at this crucial moment the government might not be able to afford high investments, since a large amount of capital went into the welfare schemes such as providing free food to the poor strata, free vaccination schemes, etc. "Though all the sections of the society can expect to get something from the budget, there are chances that the size of it would be relatively smaller," he said in this context.