A populist than a productive Budget, says Ramadass
The Hindu
Budgeting for capex is required for real economic growth, employment, and unleashing a cycle of prosperity, says former MP
The Union Territory’s Budget for 2023-2024 is more a populist, rather than a professional and productive exercise, former MP M. Ramadass has said.
In a statement, Mr. Ramadass said while certain measures deserve kudos such as the introduction of Gender, Youth and Green Budgeting (an outlay of ₹2,391 crore), the LPG subsidy, a 10-year perspective tourism plan and a vehicle scrapping policy, there is the usual neglect of capital expenditure.
Pointing out that Budgeting for capex is required for real economic growth, employment, and unleashing a cycle of prosperity, Mr. Ramadass said the Budget earmarks only ₹1,623.64 (14 per cent) for capital expenditure which may not give enough space to implement many ambitious schemes announced in the Budget, reducing the plans to paper.
The lack of a strong and skilled administrative machinery coupled with unenthusiastic official procedures would only stall the speedy execution of the projects on time. Last year’s experience shows that out of 50 plans announced, not even a few of them have been implemented and many of those schemes are repeated in this Budget too, he said.
“Therefore, this Budget is only a package of very colourful and attractive projects with high degree of doubtful possibilities of implementation. The real impact, therefore, of the Budget, at the best, will only be meagre,” he said.
According to Mr. Ramadass, though the Budget proposes an outlay of ₹11,600 crore which is higher by ₹904 crore than the last year expenditure of ₹10,696 crore in real terms, at constant prices, this year’s outlay will approximate to about ₹10,744, a paltry increase of ₹48 crore.
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