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Sitharaman rebuts Chidambaram point-by-point, reiterates budget figures realistic
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SME Times News Bureau | 12 Jul, 2019
Giving point-by-point rebuttal
to senior Congress leader P. Chidambaram, Union Finance Minister Nirmala
Sitharaman on Friday said in the Rajya Sabha that all revenue targets
in the budget are realistic and India will become a $5 trillion economy
in the next five years.
In her reply on Budget in the Upper
House, she said that Chidambaram had not made like-to-like comparison
over income tax and custom duty collections and had therefore perhaps
arrived at wrong conclusions.
In a jibe to Chidambaram on his
remarks on making India $5 trillion economy, the Minister said that the
target was not without a plan. She listed out various measures to spur
investment, raise household savings and achieve the mid-term goal of
India becoming a $5 trillion economy.
Chidambaram had on Thursday doubling the size of economy was just a simple arithmetic and that any moneylender can explain that.
"If that is the case, why all of us are sitting here? Economy will anyway double," Sitharaman said.
On
observations that Modi government had not taken any major structural
reforms, the Minister asked what were GST and insolvency and bankruptcy
code (IBC). She then listed out almost half a dozen policy actions
claiming they would bring structural change in the economy.
The
Minister noted that government had taken comprehensive steps to resolve
the issue of non-performing assets (NPAs) and improve the health of
public sector banks.
She said that bank recapitalisation had
happened to the extent of Rs 3,19,497 crore in the last five years and
further steps have been taken to make the banking system robust.
The
Minister said that government would continue on the path of fiscal
consolidation but it does not mean allocation for various social sector
schemes would be reduced.
She named various schemes such as
Mahatma Gandhi National Rural Employment Guarantee (MGNREA), PM Kisan
and Pradhan Mantri Awas Yojana (PMAY) among others for which allocation
has been raised. In case, the allocation has been retained to a previous
year level, it will be raised depending on the need for it.
On central transfer to states, the Minister said it had been on the rise in the last few years.
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