The ninth day of the Budget Session in the Lok Sabha saw Union Finance Minister Nirmala Sitharman responding to the General Discussion on the Budget that has taken place over the last week.
Today, the Rajya Sabha will continue with its discussion on the Budget.
Here are the latest updates:
"Highest inflation this country endured was from 2010-2014"
Comparing inflation figures from the U.S., Germany, and U.K. Ms. Sitharaman informs the House that "inflation management is an important job for finance ministries across the world," adding that WPI inflation is no longer the benchmark metric for measuring inflation. So CPI is what we look at, which RBI also looks at.
Since 2014, PM Modi has ensured that we keep our inflation contained...and it is every time brought back to being within 6%. "Our management is robust," she says.
"Highest inflation this country endured was from 2010-2014 when retail inflation was more than 9% in 22 out of the 28 months"
On MSMEs
Shifting her focus to the MSME sector, Ms. Sitharaman lists out the various monetary schemes and allocations being given to the sector in light of the pandemic .
"It was mentioned that 67% of MSMEs were shut," she says, but they failed to mention that the 67% of MSMEs were temporarily shut. "Obviously if the lockdown is there, won't they be shut," she says adding that they are currently afloat using credit guarantee scheme.
Union Finance Minister responds to statements regarding funds to Health Sector, and subsidies to Fertiliser. "We have ensured that burden doesn't shift to the farmer," she says.
On doubling of farmer's income, she says highlighting the increase of 6.6 times in expenditure of Department of Agriculture from 2013-14.
Shaktisinh Gohil of Congress raises the issue of unparliamentary language being used to the Deputy Chairman
"MGNREGA was infested with ghost accounts"
Responding to discussions on MGNREGA, Ms. Sitharaman says, It was an act because of them, but I would like to say that MGNREGA's misuse was also because of them. This elicits an uproar from the opposition.
"MGNREGA was infested with ghost accounts, its misuse was also to their credit" (pointing to the Opposition)
It is a demand driven program, meant to provide employment during lean season of agriculture, she says. - Vijaita Singh
It is one thing to create a scheme, it is one thing to misuse a scheme, whereas what we are doing now create and use it properly and transparently, she says.
There was a question on increase in allocation of Urban Affairs, claiming that that increase is purely for Central Vista, Ms. Sitharaman says, adding that, the increase in Housing ministry budget is not for Central Vista but for PM Aawas Yojana-Urban- Vijaita Singh
On employment
She addresses the House of unemployment. "One big number that people picked it up...60 lakhs...what got missed out in that is PLI," she says.
PLI which is now being given for 14 sectors, for the PLI driven sector we kept the number at 60 lakh job creation, Ms. Sitharaman says in response to discussion on Union Budget.
Over 7 lakh crores being spent on infrastructure, this will also create jobs, she adds.- Vijaita Singh
Sources of calculation different so you will get different numbers in economic survey and Union Budget
There was a small discussion on the figures being given by Economic Survey being different than those in the Budget speech, she says.
I just want to highlight Economic Survey draws its source from one particular set of data, the government looks at advance estimate which comes just before the budget. The advance estimate which could not have factored in Omicron, have been added, so there is some variance in numbers, Ms. Sitharaman adds.
Sources of calculation different so you will get different numbers in economic survey and Union Budget- Vijaita Singh
"We will end up like 65 years of Congress"
If we don’t have a vision for the next 25 years, we will end up like 65 years of Congress, when everything was built for a particular family, says Ms. Sitharaman- Vijaita Singh
Every other country suffered, but India suffered a lot, she says. Ms. Sitharaman lists the incidents of when the economy of country contracted throughout history. She specifically highlights the period of 2008-09. However, this (pandemic) crisis is a big one, and the loss to the GDP is much higher, she adds.
"Our management of the inflation is that it is only 6.2%," she says adding that "Lesser crises you couldn't handle inflation, you took it to 9.1%"
Finance Minister Nirmala Sitharaman replies to discussion on Union Budget
Union Finance Minister Nirmala Sitharaman responds to the discussion on Union Budget 2022-23
"We went in for a budget that stands for continuity," she says, adding that it is a vision for "India at 100"
Stable and sustainable recovery was one of the motives for this budget, she says. - Vijaita Singh
Ms. Sitharaman highlights the importance of emphasising digital technology in governance in the budget, which she says would aid in transparency in governance beyond easing the process for common man. She cites KISAN drone as an example.
"Startups are being encouraged," she says adding the the budget therefore announces A high level committee for more resources in India to fund startup’s- Vijaita Singh
"Forward looking Budget"
K.C. Ramamurthy (BJP) continues the discussion, calling the Budget "forward looking."
Narendra Modi's vision is to resurrect pro-people economic policy, beyond the Left and Right dichotomy, he says.
He says that by moving up the budget presentation to February 1, Mr. Modi ended the colonial hangover.
He brings up the issue of crypto being unregulated entity. "Hence I compliment Finance Minister for starting to regulate crypto assets," he says asking the government to further regulate "misleading advertisements" on cryptocurrency.
General Discussion on Budget 2022-23 starts
Kanakamedala Ravindra Kumar (TDP) begins the discussion on Union Budget 2022-23. "The future of the people of the State (AP) is gloomy," he says demanding an enquiry into borrowings and mismanagement of finances by the YSRCP government in the State of Andhra Pradesh. He asks for the intervention of the Centre.
Notice disallowed
Deputy Chairman Harivansh says Rajya Sabha Chairman has disallowed a notice for suspension of business moved by Member John Brittas (CPI-M) against U.P CM Yogi Adityanath for his alleged statements against federalism and secularism.- Vijaita Singh
Rajya Sabha proceedings begin
Rajya Sabha proceedings begin
Paper being laid on the table
L. Murugan makes a statement regarding Status of implementation of recommendations contained in the Twenty-seventh Report of the Department-related Parliamentary Standing Committee on Agriculture on Demands for Grants (2021-22)
List of Business in Rajya Sabha (10.00 a.m.)
1. Papers to be laid on the table
2. Statements by Ministers
3. Further Discussion on Union Budget 2022-23
4. Question Hour
List of Business in Lok Sabha (4.00 p.m.)
1. Question Hour
2. Papers to be laid on the table
3. Zero Hour
4. Private Members' Business
5. Discussion on points arising out of the answer given by the Minister of Rural Development on February 8, 2022 regarding 'Beneficiaries under PMAY-G'
Day 9 recap
General discussion on the Union Budget 2022-23 continued in both the Houses. In the Lok Sabha, Union Finance Minister Nirmala Sitharman, gave a reply speech to the statements made by members during the discussion.