Where is PM’ special package, asks Bihar economist
Patna,(BiharTimes): Noted economist and member-secretary of Patna-based Asian Development Research Institute, Shaibal Gupta, said the special package announced by Prime Minister Narendra Modi has now completely gone out of the cognitive world of his government.
Coomenting on the Union Budget he said it neither incorporated steps to increase demand at the national level nor provided a push to industries.
According to Dr Gupta there is no concrete strategy to ensure a rise in private sector investments.
“We cannot imagine production going up without it, or an increase in demand. Nothing new has been said about agriculture development either,” he added.
He said the Budget has tried to boost the real estate sector but that alone cannot lead to the country’s development. He called the idea of having a common entrance examination for all universities ‘ridiculous’.
Dr Shaibal Gupta also sid nothing happened in demonetisation. The government’s income rose marginally, while several economic activities shut operations. So the government could not make any announcement on demonetisation. Overall, there is no broad outlook for development in the budget."
Former director of AN Sinha Institute of Social Studies D.M. Diwakar called the Budget populist without any focus on job creation.
He said the Union government claims that it would be an inclusive growth but there were no direct provisions for employment generation, particularly for youth.
Though there are some concessions in the form of opening up of skill centres and in the micro, small and medium enterprises sector, he asked as to who will invest in this time of recession?.
The Budget, he said, ignored farmers and the rural economy with token increase in support prices and no proposals for any new bank branches in rural areas.
Dr Diwakar said though there has been an increase in defence sector in absolute terms, percentage-wise the allocation has reduced from 11 to 10.
The only positive, he said, was increase in tax collection by 34 per cent.
Patna,(BiharTimes): Noted economist and member-secretary of Patna-based Asian Development Research Institute, Shaibal Gupta, said the special package announced by Prime Minister Narendra Modi has now completely gone out of the cognitive world of his government.