THIS year's budget proposals were a wonder a minute. This time Finance Minister Nirmala Sitharaman spoke for just 90 minutes and did not come out with any figures that can satisfy all and sundry. If one may sum it up in a single phrase, this was a two-faced budget. It cannot be denied that there has been a massive a push towards long-term growth, primarily through a humongous 35% extra capex allocation, but at the same time, the minister seems to have forgotten that the MSMEs are gasping for air and those displaced in the pandemic have yet to find their feet.
The budget wants to prepare us for the long haul, probably looking ahead to the 2024 general elections. The minister said the country is expected to grow at 9.27% in the coming year. But the question is, if the bottom of the pyramid remains shaky, can the top 10% carry the day for the nation? In other words, can one run a marathon, with a shattered patella? It was imperative to address the immediate needs of the common man. It was necessary to put money directly in their hands, so the general consumption grows.
For example, is there any point in extending the Emergency Credit Line Guarantee Scheme (ECLGS) for MSMEs till 2023 when they need oxygen right now? These are companies that do not have the capacity to take in any more credit. They need orders, and timely payments, and a supply line that gives them breathing space. Hand-holding was necessary, not pictures of a distant, rosy future.
At the same time, though, one can find sense in the government pegging the fiscal deficit for 2022-23 at 6.4% of GDP. It is expected to boil down to a more decent level, as an expert believes, but this has been a bold move.
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This story is from the February 14, 2022 edition of India Legal.
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