The Union Budget will have far-reaching positive results, believe Economists in UP

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Ambuj Tripathi

Lucknow, 1 February: Economists in Uttar Pradesh have described the Union Budget as having positive far-reaching consequences. They believe that this budget will increase the growth rate and there is a possibility of revolutionary change and improvement in the field of agriculture and human resources.

MK Agarwal, Professor, Department of Economics, University of Lucknow said that the Union Government’s budget presented in the Lok Sabha on Saturday for the financial year 2020-21 looks better in terms of economic development. The growth rate of the country is likely to be five to six percent.

“However, Agarwal believed that there are some financial challenges in achieving this.

He said “This as an increasing size of the fiscal deficit and revenue deficit. This deficit can be borne by the economy, provided the size and nature of the expenditure proposed by the central government is in line with the set targets.”

He considered this budget to be focused on agricultural development, rural development, health and infrastructure facilities.

Arvind Mohan, Professor of Commerce Department of Lucknow University, described this budget of the Central Government progressive.

“This budget is reformist.This budget will give far-reaching positive results in the field of agriculture and rural development in future.The Modi government at the center has focused on the areas in this budget which were not seen by the governments for the last several decades,” added Mohan.  

He further told that every year two lakh crores of food grains are rotting in the country, but for the first time the government has made such a provision in its budget that these rotting grains will be saved in the coming days.

Economist RK Mishra, who is associated with a college of Lucknow University expressed his satisfaction and informed that this budget has more focus on rural development and infrastructure, which is a good effort to speed up the pace of development.

However, Mishra has said that the government should focus on the initiative to remove the frustration in the industrial sector. He said that development of industries will give the right momentum to development.

Knowledgeable in economic matters, Manish Khemka, Co-Chairman of UP PHD Chamber of Commerce and Industry and Chairman of Global Taxpayers Trust thanked the Finance Minister for unexpected relief in income tax despite revenue related challenges. In connection with this relief .

Regarding the budget, Khemka told that the budget talks about the development of the entire country along with the villages.

“Apart from the establishment, the budgetary arrangements made for agriculture, education, health and drinking water and irrigation will increase the demand in the market and consequently the industry will also benefit,” stated Khemka.

 He described the Union Budget as far-sighted.

Rakesh Tiwari, Professor of Economics Department of Mahatma Gandhi Kashi Vidyapeeth, also considered the relief in income tax a positive initiative.

“The common people will get big benefit of this step of the central government. “The special arrangements made in the budget for the Ministry of Tourism and Culture related to employment  will increase employment opportunities in the tourism sector very fast,” added Tiwari.

Tiwari believed that the possibility of positive improvement in the banking system with this budget of the government.

Prof. Manmohan Krishna of Allahabad Central University is naming the Central Government’s budget as a ledger and calling it a political economical ledger.

He said that in this budget of Modi government, political philosophy is visible like the previous governments.

Manmohan said that the Finance Minister in his budget has focused on three main things – aspirations of the people, development and care of all. But there is no clear policy on employment of educated unemployed in this budget. He also said that PPP model has been promoted in this budget.

Vivek Nigam, Professor, Department of Economics, Ewing Christian College, Allahabad Central University, considered it a budget with far-reaching positive results.

He said that for the first time the budget has been prepared keeping in mind all the dimensions of civilian life. In this, the aspirations of all citizens, care for all and economic development of the country have been categorized separately. Also, special focus has been given on important areas like agriculture, rural development, education and health.