Big hit to the economy due to Kovid, GDP declined by Rs 9.57 lakh crore: Finance Minister

According to the Finance Minister, against the multiplier effect of Rs 0.45 on Re 1 of revenue expenditure, the multiplier effect of every rupee of capital expenditure would be Rs 2.45.

Big hit to the economy due to Kovid

Image Credit source: PTI

The Indian economy has been deeply hurt due to Kovid. GDP in the year 2020-21 due to the pandemic (GDP9.57 lakh crore) has been seen. this information today Finance Minister ,Finance Minister) Nirmala Sitharaman budget in Lok Sabha (Budget) given during the reply to the discussion. Along with this, on the questions raised by the opposition on inflation, the Finance Minister while counting the figures said that inflation is controlled as compared to the previous government and it is being managed well. At the same time, in his reply, the Finance Minister said that at present every house in the country is getting electricity. Along with this, youth are being encouraged to move forward on their ideas. For this reason, the number of unicorns is increasing in the country, which are providing new employment opportunities.

Government’s emphasis on increasing capital expenditure

On the government’s decision to emphasize on capital expenditure over revenue expenditure in the recently presented budget, the Finance Minister said that every rupee spent on revenue expenditure has a multiplier effect of 45 paise i.e. profit is less than one rupee. On the other hand, if this one rupee is capital expenditure, then the qualitative effect will be Rs 2.45. At the same time, it is estimated that every rupee of capital expenditure next year will have a multiplier effect of Rs 3.14. He said that the government is taking loans for capital expenditure. However, it is also being ensured that there is adequate revenue expenditure during the year.

1.2 crore new jobs

Sitharaman said that the Narendra Modi government has taken many steps to move towards ‘Amritkal’. He said, “Today due to Jan Dhan Yojana, all Indians are connected to all financial systems and Rs 1.57 lakh crore is deposited in these accounts. Of these, 55.6 per cent accounts are of women. ”He said that 44 unicorns (units with a valuation of more than one billion dollars) were formed in the country in 2020-21, which is a sign of the ‘elixir of time’. Along with this, the Finance Minister said that the employment situation in the country is now showing signs of improvement. Unemployment in cities has now come down to pre-Covid levels. He said that under the Pradhan Mantri Mudra Yojana launched in the year 2015, 1.2 crore additional employment opportunities have been created so far. While attacking the Congress government, he said that at present the inflation rate is at 6.2 percent, while during the year 2008-09, the inflation rate was at 9.1 percent. At the same time, he said that now electricity has reached every house, whereas there was darkness in the era of previous governments.

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