Page 63 - EducationWorld March 2023

Primary school children in Karnataka: scant attention

cessfully digitalised is an additional bonus. Moreover even recognised the Indian economy as a ‘bright star’. Our cur-
if imperceptibly, the agriculture sector (over 60 percent of rent year’s economic growth is estimated to be at 7 percent.
the population is engaged in agriculture and allied activi- This despite the massive GDP growth slowdown globally
ties) is also steadily adopting new digital technologies. caused by Covid-19 and the Russia-Ukraine war. The Indian
In Budget 2023-24, on the expenditure side, prime im- economy is therefore on the right track, and despite a time
portance has been accorded to capital spending which will of challenges, heading towards a bright future,” said Union
have a strong multiplier effect within the economy. The Finance Minister Nirmala Sitharaman in her 90-minutes
Centre’s effective capital expenditure outlay for this year speech while presenting Budget 2023-24. The Central gov-
at Rs.13.70 lakh crore is 30 percent higher than in 2022-23 ernment proposes to mobilise Rs.38.50 lakh crore by way
and 153.7 percent higher than in the pre-pandemic fiscal of direct and indirect taxes and other income, and spend
year (2019-20). Rs.35 lakh crore on the revenue account and Rs.13.70 lakh
This is an especially commendable feature of Union crore on the capital account — an aggregate Rs.48.7 lakh
Budget 2023-24. Despite a General Election scheduled crore — commendably restricting the fiscal deficit to Rs.17.8
for summer 2024, the Modi government has resisted the lakh crore (5.89 percent of GDP).
temptation to present a populist budget replete with give- Dr. Sitharaman’s Budget 2023-24 has received wide-
aways and tax concessions. Moreover some justifiable relief spread acclaim from industry and business leaders. Espe-
has been given to the lower middle class by raising the tax cially for substantially increasing capital outlay, while re-
exemption threshold from Rs.5 to 7 lakh per year, and to ducing the fiscal deficit which has dangerous potential of
HNIs (high net worth individuals) with incomes above Rs.5 fanning inflation, as our neighbour nations Pakistan and Sri
crore to prevent capital flight. It might interest lefties who Lanka have discovered to their great discomfiture.
habitually trash India’s few surviving world-class business “FICCI congratulates the Hon’ble Finance Minister
leaders to learn that dozens of countries are inviting them for delivering a balanced and progressive Union Budget
to leave India and migrate to their shores to create employ- which gives primacy to inclusive growth. The announce-
ment and pay taxes there. ments made today capture the pulse of the economy while
“In the 75th year of our independence, the world has retaining credibility both in terms of projections as well

MARCH 2023 EDUCATIONWORLD 65