Budget disregard for the vulnerable: some reflections
BUSINESS ECONOMICS|March 1 - 31, 2023
Amid the onslaught of Covid-19 and the Russia-Ukraine war, commoners are reeling under threatening economic conditions.
Dr. Rajiv Khosla & Dr Manjit Sharma
Budget disregard for the vulnerable: some reflections

Much was being expected from the Budget 2023. It was expected that it will try to provide respite from the tough economic conditions. However, this Amritkal budget seems to have served only the privileged sections of the society.

The Ministry of Minority Affairs received 38% lesser allocation in this Budget (₹ 3097 crore) vis-à-vis Budget 2022 (₹ 5020 crore). Considerable reduction has been made in educational empowerment of the minorities which has factually reduced from ₹ 2515 crore (allocated in Budget 2022) to ₹1689 crore this year. If we further dive deep, it becomes evident that pre-matric scholarship for minorities has received only ₹433 crore this year which was budgeted at ̀ 1425 crore last year. Already, this age group is under immense psychological pressure since the break out of Covid-19 and now the dropout rate may go boundless. No doubt, funds for post-matric scholarship have been increased from ₹ 515 to ₹1065 crore, yet in the absence of students promoted from lower classes to senior classes, the need for post-matric scholarship allocation in future may decrease. It is pertinent to mention here that in case of under graduate and post-graduate minority students who undertake scholarship for professional and technical courses, a catastrophic reduction has been made in the allocation - from ₹365 crore in 2022-23 to ₹44 crore in 2023-24. Not only the decrease in allocation has taken place in the context of education for the minorities, rather in Pardhan Mantri Jan Vikas Karyakarm too, that aims at developing socio-economic infrastructure and basic amenities for the identified minority concentration area for improving their quality of life.

This story is from the March 1 - 31, 2023 edition of BUSINESS ECONOMICS.

Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.

This story is from the March 1 - 31, 2023 edition of BUSINESS ECONOMICS.

Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.

MORE STORIES FROM BUSINESS ECONOMICSView All
A new chapter in Singapore's Leadership: continuity and change
BUSINESS ECONOMICS

A new chapter in Singapore's Leadership: continuity and change

The departure of Prime Minister Lee Hsien Loong marks the beginning of a new era in Singapore, as Lawrence Wong ascends to the post of the country’s fourth Prime Minister.

time-read
2 mins  |
May 01 - 31, 2024
Disabled children: Education and rehabilitation
BUSINESS ECONOMICS

Disabled children: Education and rehabilitation

Child disability is, in fact, a serious and challenging problem of the world.

time-read
2 mins  |
May 01 - 31, 2024
India's 2024 Elections: Is it a fight between a macro & micro view of development?
BUSINESS ECONOMICS

India's 2024 Elections: Is it a fight between a macro & micro view of development?

The seven phase massive election process in the largest democracy of the world is on; and the churn throws up hope as well as despair.

time-read
2 mins  |
May 01 - 31, 2024
Empowering India's workforce: launch of comprehensive skill training programme
BUSINESS ECONOMICS

Empowering India's workforce: launch of comprehensive skill training programme

Srihari Global IISD Foundation, in collaboration with Birla Open Minds and SAHAJ Retail Private Limited, has launched a groundbreaking skill training program aimed at enhancing employment opportunities and fostering career growth across India.

time-read
2 mins  |
May 01 - 31, 2024
DVC achieves record power generation in its 75-year journey
BUSINESS ECONOMICS

DVC achieves record power generation in its 75-year journey

The Damodar Valley Corporation (DVC) has accomplished a significant milestone by generating 43.32 billion units of electricity during the fiscal year 2022-23.

time-read
2 mins  |
May 01 - 31, 2024
"Sticky" inflation is still a global worry!
BUSINESS ECONOMICS

"Sticky" inflation is still a global worry!

While major world economies have successfully tackled inflation over the last six months by bringing retail inflation (the monthly consumer price index-based inflation) close to the central bank target rates of 2% with and emerging economies including India’s Reserve Bank of India have achieved some measure of success, all is not well yet.

time-read
4 mins  |
May 01 - 31, 2024
Emerging alarming trends in India's financial sector
BUSINESS ECONOMICS

Emerging alarming trends in India's financial sector

The onset of the new financial year FY25, commencing on April 1, 2024, does not promise any relief from the economic challenges persisting since the previous fiscal year. In recent months, various banks and financial institutions in India, including Bank of Baroda, HDFC Bank, Kotak Mahindra Bank, PayTM, IIFL, JM Financial, and Paisa Lo, have been making headlines for all the wrong reasons.

time-read
2 mins  |
May 01 - 31, 2024
Economic insights from China
BUSINESS ECONOMICS

Economic insights from China

Economic indicators released by Chinese authorities, media outlets, and researchers suggest a recent downturn in China’s economic fundamentals.

time-read
3 mins  |
May 01 - 31, 2024
Rubber planters confront challenges of declining prices, labour shortages, and erratic monsoons
BUSINESS ECONOMICS

Rubber planters confront challenges of declining prices, labour shortages, and erratic monsoons

Natural rubber (NR) stands as a crucial plantation commodity in India.

time-read
2 mins  |
May 01 - 31, 2024
Is the Indian Tea Industry at a crossroads?
BUSINESS ECONOMICS

Is the Indian Tea Industry at a crossroads?

The Indian tea industry marks a significant milestone this year as it celebrates two centuries of journey since its inception.

time-read
2 mins  |
May 01 - 31, 2024