Opinion: An exercise in futility
Sitharaman ignores the harsh realities of the economy and the sufferings of the common man due to inflation, unemployment.
By B VINOD KUMAR
Hyderabad: The Budget 2023-24 lacks vision for India and is very patchy. The Finance Minister forgot that this is her government’s last Budget before the 2024 elections and has ignored the harsh realities of the economy and the sufferings of the common man due to inflation, low growth and unemployment.
Instead, the Budget seems to adopt the following seven priorities, ignoring the dismal performance of today’s economy.
• Inclusive Development
• Reaching Last Mile
• Infrastructure and Investment
• Unleashing Potential
• Green Growth
• Youth Power
• Financial Sector
I would like to offer my comments on the above misplaced priorities.
Priority One: Inclusive Development
The philosophy of ‘Sabka Saath, Sabka Vikas’ is only confined to slogans in public meetings. There are 28 States and 8 union Territories in the country most of which were formed over a period of three decades after 15th August 1947. Each State is in a different development mode and requires a different approach to its development. ‘One-size-fits-all’ philosophy doesn’t work in our diverse country. The government of India and the Finance Minister did not consult the Finance Ministers of the States while formulating Budget 2023-24 whereas they consulted industrialists and other stakeholders. In Amrit Kaal, the Finance Ministers of the States and union Territories must be involved in pre-Budget discussions for achieving inclusive development as the real action and outcomes happen in the States and UTs.
The government announced some initiatives for allied agriculture activities and fisheries. But the Finance Minister forgot to acknowledge that Telangana has already implemented many initiatives in allied agriculture activities and fisheries, doubling the productivity in those sectors.
Under cooperation, the Budget proposes computerisation of Primary Agricultural Credit Society (PACS). In this context, it is to be noted that Telangana had already computerised all its PACS long ago. Moreover, cooperation is a State subject and one fails to understand why the government of India should include this initiative under ‘Cooperation’ in its Budget. This should have been out of the Budget purview.
The Budget proposes setting up nursing colleges in co-location with medical colleges established since 2014. Since Telangana did not get any medical college from the Centre, it will now be denied nursing colleges. This is highly exclusive and discriminatory.
Priority Two: Reaching Last Mile
Under this, the Budget proposes recruiting teachers for Eklavya Model Residential Schools for tribal students. Since the Government of India had not set up Eklavya Schools in Telangana, which accounts for 12% of the tribal population, the State will be denied the benefits of this initiative. The Centre is requested to include Telangana while implementing this initiative.
Priority Three: Infrastructure & Investment
This priority is about the increased outlay for infrastructure and urban modernisation. While we welcome these initiatives, we request the Finance Minister to allocate sufficient funds to Telangana and also consider the reimbursement of capital expenditure incurred by our State in the implementation of Kaleshwaram and Mission Bhagiratha projects from the increased outlays now proposed.
Priority Four: Unleashing Potential
Under this priority, many long-term initiatives have been announced for providing a transparent and accountable administration which works for the betterment and welfare of the common citizen. While we welcome these long-term initiatives, we request the government of India to set up one of the three proposed Centre of Excellence in Artificial Intelligence in Hyderabad, as the State capital has emerged as the most attractive destination for Big Tech companies.
Priority Five: Green Growth
The initiatives under this priority lay down the road map on multiple fronts to meet the ecological challenges of global warming. Telangana as a responsible State welcomes these steps. In this context, it is to be noted that Telangana, under the Haritha Haram project, planted 240 crore saplings in the State during the last seven years and increased the forest coverage ratio from 28% to 33%.
Priority Six: Youth Power
The initiatives under this priority relate to the development of tourism for employment, skill upgradation of youth and payment of stipend for apprenticeship. We welcome these initiatives focused on youth employment.
Priority Seven: Financial Sector
Many initiatives under this priority are very long-term which would take more than five years. We welcome these long-term initiatives. In part B of the Budget, there are many proposals for rationalisation and simplification of indirect and direct taxes which will positively benefit the middle class during the current phase of high inflation and high interest rates.
Summing up
The Budget presented by the Finance Minister is too futuristic, beyond the next election, and has not addressed the current crisis in the economy. It is not really inclusive as it has not taken cognizance of the concerns of States and UTs . In a diverse country like India, the development needs of each State and UT vary. In a nutshell, the Budget 2023-24 is an escapist exercise and neglects the harsh economic realities facing the common man. It is an exercise in futility.
