With elections coming up in five states, it was expected that the Union Budget for the financial year 2022-23 would focus on addressing the crisis of unemployment. One of the things that Finance Minister Nirmala Sitharaman needed to do in this regard was to increase government spending, and she appears to have done so, increasing the capital expenditure outlay by 35.4%, But will this be enough to draw in adequate amounts of private investment and ensure job creation on a massive scale?
Also, how do we understand the logic behind the cuts in subsidies, with fertilizer, food and petroleum subsidies all witnessing a marked decline? While job creation remains a primary concern, the allocation for MGNREGA – which saw a surge in demand during the pandemic – has not been increased. How do we assess the Budget on the welfare front – in the domains of health, education and farmer welfare? In this podcast, we look to unpack the numbers of the Union Budget and get to the core of what it means for the common man.
Guest: Arun Kumar, economist and Malcolm S. Adiseshiah Chair Professor at the Institute of Social Sciences, New Delhi
Host: G. Sampath, Social Affairs Editor, The Hindu
Edited by Ranjani Srinivasan
