Nirmala Sitharaman also said that the capital expenditure was not delayed during the pandemic.
“We have spent, we have spent and we have spent.” This is what Finance Minister Nirmala Sitharaman today told reporters, while explaining a budget aimed at shoring up the economy after a historic slump in the aftermath of the pandemic.
Ms Sitharaman, in her shortest ever Budget speech, read out from a tablet to announce a jump in capital expenditure, more spending on infrastructure and the doubling of the spending on health.
“Our fiscal deficit which started at 3.5 percent during February 2020 has increased to 9.5 percent of the GDP – so we have spent, we have spent and we have spent. At the same time, we have given a clear glide path for deficit management,” Ms Sitharaman said.
“We have taken progressive steps for the finance sector. Consumers won’t have to pay more on any product due to agriculture cess,” she added.
Nirmala Sitharaman also said that the capital expenditure was not delayed during the pandemic.
Proposing an outlay of ₹ 50,000 crore, spread over five years, for the National Research Foundation, Ms Sitharaman said: “It will ensure that the overall research ecosystem of the country is strengthened with a focus on identified national-priority thrust areas.”
She said her government had spent a lot on employment generation and the creation of infrastructure. “We have changed the definition of MSMEs (Micro, Small & Medium Enterprises) and reduced burden of compliance on small businesses.”
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