: Union Budget 2023-24: Analysing The Internal Dynamics With Prof Arun Kumar #WorldNEWSAll Has the Union budget for 2023-24 taken care of internal and external challenges? PROFESSOR ARUN KUMAR is a researcher,

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Union Budget 2023-24: Analysing The Internal Dynamics With Prof Arun Kumar #WorldNEWSAll
Has the Union budget for 2023-24 taken care of internal and external challenges?
PROFESSOR ARUN KUMAR is a researcher, author and former professor of economics at the Centre for Economic Studies and Planning, Jawaharlal Nehru University.   He has authored books like: The Black Economy in India (2002) and Understanding Black Economy and Black Money (2017). “`Indian Economy’s Greatest Crisis: Impact of the Coronavirus and the Road Ahead’. 2020, “Ground Scorching Tax’, ‘Demonetization and Black Economy’. Mohd Naushad Khan asked his views on Union Budget 2023-24. Here are excerpts from an interview:
What’s your take on the budget and is it on expected lines?
This budget continues the strategy the government has been adopting of `supply side’ policies. It does not mean increasing supply but granting concessions to businesses. This budget also continues this pro-business attitude. How to understand it when the government is saying that it is giving to every section of society be it farmers, MSME, women, children, elderly and so on?
Part A of the budget speech lists what is being given to every section. So, the facade is that every section is getting something and this makes the budget look reasonable and caring. But we have to go behind this façade and understand the reality.
We have to see the priority given to each sector and that is indicated by how much allocation is made for each item. Even after allocation is given we have to see whether or not that money is spent during the year. The revised estimate tells us whether that money was spent or not. To make the budget look impressive, announcement is made of increased allocation by 10, 20 or even more but it may not be spent and that is why in the revised estimates the money spent on some key items comes down and that tells us what the government’s priority is.
More importantly, if the fiscal deficit rises to keep it in control, what are the items that are curtailed and that again tells us the priority. In the budget we can see that money spent for those items and heads which are of interest to big business have been increased, while those items which are of interest to the marginalised sections have been cut.
So, we don’t need only to look at the allotments we also need to look at the revised estimates. On education and health, rural development, MNREGA there have been cuts and those are the items that are required for employment generation which is the biggest problem today. Because of inadequate employment generation, the income of the poor is not rising and that is why demand is short and therefore the rate growth of the economy is low.

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