![]() ![]() Investments have also been increased in waste management, reduction of air pollution, and provision of drinking water supply. It is also important to recognise that the Budget announcements are a continuation of a series of structural reforms that have been undertaken over the past few years.Īt the same time, due focus has also been paid to human capital, through the launch of the Pradhan Mantri Atmanirbhar Swasth Bharat Yojana, with an outlay of Rs 64,180 crore over six years to develop capacities in primary, secondary, and tertiary health systems. The move to allow 74% FDI in insurance will further strengthen FDI inflows. The creation of the Asset Monetisation Pipeline and dashboard, a major impetus has now been given to raising non-tax revenues. By announcing the Asset Monetisation Programme (AMP), innovative funding tools have been utilised to raise revenues, without having to tinker with the direct tax rates. By announcing the privatisation of two banks and one insurance company, the government has sent a strong signal that it is willing to make tough decisions in the nation’s larger interest. This commitment has been demonstrated by a 34.5% increase in capital expenditure, with provision for a further Rs 2 lakh crore of capital expenditure for states and autonomous bodies to utilise. The expansion in capital expenditure reiterates the government’s commitment to promoting investment-led growth. The FY22 Budget has reinforced growth as the driver of India’s transformation. Growth can only be unleashed through biting the tough bullet of reforms.
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