look news india
New Delhi, May 13 (HS). Union Finance and Corporate Affairs Minister Nirmala Sitharaman on Monday took on the Congress party over the announcements of its various schemes during the Lok Sabha elections 2024. Sitharaman questioned the Congress asking how the party plans to meet the cost of implementing several social welfare schemes, including giving Rs 1 lakh annually to women from families below the poverty line.
In a statement issued on the 'X' post, the Finance Minister said that a lot has been said in recent times about the fiscal management (especially regarding debt) of our government under the leadership of Prime Minister Narendra Modi. He said that many times the absolute figures have been compared without considering the growth of Gross Domestic Product (GDP), whereas we calculate debt on the basis of GDP.
Sitharaman has further written that unlike Congress, I would like to present a clear picture. Congress hides things behind tall promises, which are not transparent at all and are far away from reality. He asked, “Has Congress considered the cost of the lofty promises made in its manifesto? Have they calculated what the financial cost of 'knocked out' schemes will be? Will they borrow massively for them or will they raise taxes to fund it?
The Finance Minister asked, “Would Rahul Gandhi like to answer these questions and explain how his fiscal spending plans will work without increasing taxes or borrowing heavily and collapsing the economy?” It would be good if he answers these questions for the people of the country. This is a challenge for them.
Sitharaman reminded about the debt during the UPA regime from financial year 2003-04 to 2013-14. He said the central government's debt increased 3.2 times from Rs 18.74 lakh crore in 2004 to Rs 58.59 lakh crore in 2014, while the NDA's debt increased 2.5 times, which is less than that of the UPA. He said that this low growth between financial year 2013-14 and financial year 2023-24 happened despite the impact of the Corona epidemic.
Sitharaman said that it will increase to Rs 172.37 lakh crore (revised estimate) in the financial year 2023-24. This is an increase of 2.9 times, which is less than the increase during the rule of the UPA government. Despite the shortfall in revenue during that period, the Center borrowed to provide relief to the needy people. The Finance Minister said that Congress has made populist promises to influence the voters in the elections.