"Ours Is Amrit Kaal, Yours Is Rahu Kaal" - FM Nirmala Sitharaman Replies To The Budget Debate Today

Finance Minister Nirmala Sitharaman replied the debate on the Union Budget 2022-23 in the Rajya Sabha today. Responding to every critics and opposition questions she mentioned some of the key factors about the tabled budget on 1 February.

Sitharaman said that the budget speaks of continuity, stability to the economy, predictability of tax, and it will help to guide for the coming 25 years. The actual motive of this budget is a stable and substainable recovery of the economy that has suffered huge contraction due to pandemic.

Regarding the remark on Public Expenditure on infrastructure building, FM said that 'Revenue Expenditure' or spending money through revenue does not gives a required multiplier. As the economy need to revive, the government has opted for capital expenditure rather than revenue expenditure.

The economy of India bore the loss of Rs. 9.57 Lakh Crores in GDP as compared to Rs. 2.12 lakh crores of loss in global meltdown in 2008-09, she said. During 2008-09 there was 9.1 per cent of inflation, while now it is 6.2 per cent. The GDP size 7-8 years ago was Rs. 1.1 Lakh crores while now it is 2.32 lakh crores.

Responding further to an opposition member's remark, she termed the BJP rule as "Amrit Kaal" and Congress as "Rahu Kaal". Sitharaman says in Rajya Sabha citing estimated 9.2 per cent GDP growth in current fiscal.

The Meeting of Privileges Committee, Rajya Sabha will be held on 3 March. The Rajya Sabha is adjourned till 14 March 2022.