According to the guidelines set by the Prime Minister of India, Narendra Modi, the central government is making sure that public expenditure keeps increasing to have the desired multiplier effect on all sectors, said the Union Finance Minister, Nirmala Sitharaman, at the Post Budget Session of PHD Chamber of Commerce and Industry (PHDCCI).
"Public capital expenditure has received constant attention over the past three to four years; examples include last year's budget, and this year's budget saw an increase in capital expenditure of 30%. The capital expenditure has reached a double-digit figure for the first time in many years, making it the budget's main focus,” according to the Union Finance Minister.
“Capital spending has the ability to benefit a number of essential industries, making it an efficient strategy to make sure that money is allocated to the proper places and produce multiplier effects,” according to the Union Finance Minister.
“But we must also make sure to help those who are most in need. As a result, we will maintain the free food programme throughout this year to make sure that no family goes without food. Our primary focus should be on Micro, Small and Medium Enterprises (MSMEs), which are crucial job creators and the foundation of the Indian economy in addition to inclusion. MSMEs are dispersed around the nation, producing local employment wherever they are found, in contrast to larger units that are frequently located in certain areas to leverage scale,” she added.
She added that the states and Tier III administrations, such as Panchayats or ward-level administrations, are working together with the central government to keep MSME issues at the top of the agenda.
Considering that a substantial number of the self-help groups (SHGs) in the villages are actually women's groups, she also spoke about the significance of women's empowerment. In reality, the nation has more than 81 lakh women's SHGs. We are expanding the variety of activities these groups can participate in to include branding and market research in order to guarantee that they have better access to resources, expert advice, and connections to the market. With these programmes, we seek to promote real female empowerment by enabling them to expand their businesses and lead a qualified, successful, and government-supported women's group.
In his remarks at the session, Saket Dalmia, President of PHD Chamber, praised the government's attention to both the economy's immediate demands and its long-term goal of making India a developed nation by 2047. According to him, the increase in farm incomes, the well-established connection between the agriculture and industrial sectors, and creative solutions for this industry would be a step in the right direction towards realising our vision of inclusive growth.
The closing remarks were delivered by Hemant Jain, Vice President of PHD Chamber. He was grateful to the government for raising tax collections and containment of fiscal deficit.
