Budget this year to follow spirit of earlier ones: FM Nirmala Sitharaman

Finance Minister Nirmala Sitharamanon Friday indicated that her forthcoming Budget will continue to push growth on the back of public spending as she said it will follow the spirit of earlier BudgetsSitharaman scheduled to present her fifth straight Budget on February 1 for the fiscal starting April had unveiled a massive public spending programme to support the economy emerging out of the COVID19 pandemicIn the Budget the finance minister had raised capital expenditure by 354 per cent for the financial year 202223 to Rs 75 lakh crore to boost demand while the capex last year stood at Rs 55 lakh croreIt is very inspiring and motivating for me especially at a time when we are readying the next budget for the country a budget which will follow the spirit of the earlier Budgets We are going to set the template which was set to earlier but follow it and take it further for Indias next 25 years she said at an eventAlso Read Plea in Supreme Court seeks SIT probe into Bihar hooch tragedyThe GDP growth has slowed in recent months due to global headwinds and rising interest rates globally to control spiralling inflation This has prompted some to seek a further government push to revive the growth rateThe Budget 202324 will be presented in the backdrop of many institutions including the Reserve Bank slashing Indias growth forecast to 68 per cent or so for the current fiscalThe RBI projected the real GDP growth for 202223 at 68 per cent with the third quarter at 44 per cent and the fourth at 42 per centGross Domestic Product GDP growth is projected at 71 per cent for the AprilJune period of 202324 and at 59 per cent for the following quarterThe budget for the next year will have to address critical issues of elevated levels of inflation boosting demand job creation and putting the economy on a sustained 8 per cent plus growth pathIt will be the fifth budget of the Modi 20 government and Sitharaman and the last full budget before the general elections slated in AprilMay 2024This story has been sourced from a third party syndicated feed agencies Midday accepts no responsibility or liability for its dependability trustworthiness reliability and data of the text Midday managementmiddaycom reserves the sole right to alter delete or remove without notice the content in its absolute discretion for any reason whatsoever