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The economic reactivation has not yet been widespread and sustained because only the wealthy class has benefited from it. Therefore, social sector spending is expected to continue in the 2023-24 budget. India Ratings and Research said this on Wednesday. The agency said that in this government’s latest budget, Finance Minister Nirmala Sitharaman will focus on stimulating consumer demand, increasing capital spending on infrastructure and manufacturing, increasing skills development and productivity, integrating finance and climate change.
IT service company announced a dividend of Rs 35, stated the date of record
He said that there could be a marked difference in economic performance in the first and second half of 2023, which would indicate that private final consumption is being carried out only by the upper class. From the information received, it seems that the gap between the rich and the disadvantaged has increased. Various social welfare schemes like PM-Kisan and MNREGA will not only continue but will also be allocated appropriate resources in the next general budget.
India Ratings said the recent announcement to provide free food grains at Rs 81.35 crore from Jan 1, 2023 to Dec 31, 2023 under the National Food Security Act is a step in this direction. He said that due to high inflation and the lack of a real increase in wages in recent years, the purchasing power of people in the low and middle income groups has been significantly reduced. Some income tax relief will help reduce your suffering and this will also increase consumption. The agency said that the capital expenditure should be increased to Rs 8.50 lakh crore in the next budget.