Finance Minister Nirmala Sitharaman said in the Lok Sabha on Tuesday that the Union Budget of FY 2025-26 is going to balance national development needs with fiscal priorities. The Finance Minister said that in the last 10 years, the world’s scenario has rotated 180 degrees and making budget is more challenging than ever. According to language news, while responding to the discussion on the Union Budget in the Lok Sabha, Sitharaman said that there are many domestic and global reasons behind the fall in the price of the rupee against the US dollar.
Global factors affected the budget
According to the news, the Finance Minister said that global factors such as the situation in West Asia, Russia-Ukraine War and stability in global GDP have also affected this budget. He said that the government is using 99 percent borrowings for capital expenditure, which is 4.3 percent of GDP. Sitharaman said that the Union Budget has given attention to the challenges facing the domestic economy and targets such as increasing development, inclusive development, increasing investment in private sector and taking care of the sentiments of common families.
Unemployment rate decreased
The Finance Minister said that after the Kovid epidemic, capital expenditure in the country and transfer of resources to the states are increasing. Responding to the concerns of some unemployment opposition members in the country, Sitharaman said that according to the 2023-24 Labor Force Survey, the labor force has increased from 49 percent in 2017-18 to more than 60 percent in 2023-24 in 2017-18. , At the same time, the unemployment rate has come down from 6 percent to 3.4 percent.
Priority is to control food inflation
Sitharaman said that the first priority of this government is to control food inflation and many of its standards are being monitored. He said that the government is also monitoring the causes of meteorological factors or supply chain disruption. He said that inflation was in the double -tens issue during the UPA government and had reached more than 10, but now such a situation is not at all. He said on the claims of the opposition members to fall the value of the rupee against the dollar that it affects many domestic and global factors such as the dollar index activity, crude oil prices and the current account deficit.
Sitharaman said that the currency of big Asian countries like South Korea and Malaysia has also weakened. Former Governor of the Reserve Bank of India Raghuram Rajan, who participated in the Congress’s India Jigo Yatra, said that certainly, the rupee-dollar is always focused on the exchange rate. The reality is that the dollar is getting stronger than many currencies. The euro falls by about six to seven percent.
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