NITI Aayog member Arvind Virmani said, Budget 2023 will help in reducing the cost of capital for companies
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New Delhi : Praising Finance Minister Nirmala Sitharaman for continuing the fiscal consolidation in the Budget for the financial year 2023-24, NITI Aayog member Arvind Virmani said on Tuesday that this will help in reducing the cost of capital for Indian companies. He said that capital expenditure for infrastructure development has been increased to Rs 10 lakh crore with a huge increase of 33 per cent. This step will accelerate the economic growth of the country. While presenting the budget, the Finance Minister had said that she would continue to take steps for fiscal consolidation.
Interest rates of companies will be affected
Niti Aayog member Arvind Virmani said while talking to the news agency that therefore in a situation where there is a lot of uncertainty at the global level, it is very important, because it will affect the interest rates available to Indian companies. In her fifth budget, Sitharaman has increased capital expenditure for infrastructure development by 33 per cent to Rs 10 lakh crore in 2023-24. He has retained the fiscal deficit estimate of 6.4 per cent for the current financial year. The fiscal deficit estimate for the next financial year has been reduced to 5.9 per cent of the gross domestic product (GDP). The Finance Minister has expressed his intention to bring the fiscal deficit to the level of 4.5 per cent by 2025-26.
Inclusive aspects of development in the budget
Virmani said that there are inclusive aspects of growth in the budget 2023-24. This was the last full budget of the Narendra Modi government before the general elections due next year. In such a situation, to woo the middle class, women and pensioners, the Finance Minister has announced tax concessions and savings schemes. Apart from this, he has also proposed huge expenditure on housing and infrastructure sector.
new pension scheme a big reform
On the question of re-implementing the old pension scheme (OPS) by some states, Virmani said that the new pension scheme is a major reform. He said that I do not agree with whoever opposes it. Under OPS, the entire pension amount was given by the government. It was closed in 2003 by the National Democratic Alliance (NDA) government from April 1, 2004.
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