Union Finance Minister Nirmala Sitharaman while presenting the Union Budget on Tuesday said that India is set to clock growth rate of 9.2 per cent, which could be the highest in the world in the current fiscal.
"India's economic growth in current year is estimated to be 9.2 per cent, highest among all large economies," Sitharaman said while presenting the Budget in the Lok Sabha on Tuesday.
She said that the government has all empathy to Covid victims and during the pandemic, the country has developed robust health infrastructure. The government is set to empower the poor and will extend a helping hand to prudent private investment.
She expressed empathy with those who had to bear adverse health and economic affects of the Covid pandemic.
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Sitharaman said that overall sharp rebound and recovery of the economy is reflective of India's strong resilience.
She said that during Amrit Kaal, our government aims to achieve the vision for India at 100 years of Independence set out by the Prime Minister in his Independence Day Address.
"We aim to achieve this through macroeconomic growth focus plus microeconomic welfare focus, promoting digital economy, FinTech, Tech enabled development, Energy Transition, Climate Action Virtual cycle starting with public investment, crowding in private investment."
But privatisation (and asset monetisation) are key emblems of the reform agenda, and are likely to advance rapidly over the next 6-9 months, including the completion of LIC's large IPO, privatization of BPCL (oil refiner/retailer), and real progress toward privatising several public sector banks as a crucial step toward a transformation of the financial system.
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The fiscal deficit in Apr-Nov 2021 (the first 8 months of FY21/22) was just 46 per cent of the full-year target (compared with a deficit equal to 86 per cent of the full-year outcome 2 years ago, Apr-Nov 2019). Revenue receipts reached 76 per cent of the full-year target in the first 8 months, while spending only reached 60 per cent of the target. Corporate and income tax revenue were 23 per cent and 29 per cent higher than pre-Covid levels, GST 11 per cent higher, customs revenue 66 per cent and excise duty revenues 82 per cent above pre-Covid levels.
