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‘It’s a budget with highest fiscal deficit’

Disinvestment in public sector has become necessary to balance deficit, says tax consultant

February 06, 2022 03:22 am | Updated 03:22 am IST - HUBBALLI

Tax consultant and honorary working president of SJMV Society Arvind Kubasad has termed the Union Budget for 2022-23 as the one with highest fiscal deficit.

Presiding over an ‘Interaction on Union Budget 2022-23’ at SJMVS Arts and Commerce College for Women in Hubballi on Saturday, Mr. Kubasad that as the budget had the highest fiscal deficit, disinvestment in the public sector had become necessary to balance deficit, which made it a failed budget.

Mr. Kubasad said that in the MSME sector alone around 60 lakh jobs had been lost. “However, there are no remedial measures in the Budget. And moreover ‘Gati Shakti’, ‘Atmanirbhar’ and other programmes had not achieved much success in implementation,” he said.

Participating as a resource person, head of the Department of Economics of Karnatak University B.H. Nagoor elaborated on the Budget and how it was prepared. Briefing about various budgetary terms, receipts, expenditure, inflation, capital expenditure, and fiscal deficit, he also elaborated on Budget allocation in various sectors. He termed it a pro-development Budget.

Another resource person and trade union leader B.N. Poojari said the Budget had not focussed on providing jobs, food and shelter to the working class. As no attempt had been made in the Budget to provide relief to people burdened by the adverse effects of the pandemic, it was a disappointing one, he said.

The former president of the Karnatak Chamber of Commerce and Industry Vasant Ladwa said that at a time when the country was facing job losses in every sector, no budgetary provision had been made to mitigate the sufferings of the unemployed.“There is a proposal for employment generation, development of farm sector. Instead, funds towards MGNREGA and food subsidy have been cut, making it anti-development,” he said.

Professor Ratna Kadapatti of Sri SK Arts and HSK Science Institute and professor C.H. Patil of CSI Commerce College shared their views on the Budget. Students Nandita Inamati and Kavya Nalawadi also shared their thoughts on the budgetary provisions.

Welcoming the dignitaries, principal Lingaraj Angadi made the introductory remarks. assistant professor of Economics Thayanna and Shivakumar Prabhayyanavarmath coordinated the interaction.

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