MP Rajya Sabha & Chancellor, Dr. Ashok Kumar Mittal of Lovely Professional University (LPU) has provided insightful observations on the recently released government Budget-2024. Dr. Mittal eloquently acknowledges the Finance Minister’s emphasis on the pivotal role of research and innovation in driving growth, employment, and development during the parliamentary session.
In this regard, Dr. Mittal further underscores Prime Minister Narendra Modi’s evolution of the national slogan given by Prime Minister Shastri “Jai Jawan Jai Kisan”; further administered by Prime Minister Vajpayee as “Jai Jawan Jai Kisan Jai Vigyan”; and, expanded to ‘Jai Jawan Jai Kisan Jai Vigyan and Jai Anusandhan’ by Prime Minister Modi. P M Modi’s endorsement of this ethos was exemplified during his address at the Indian Science Congress at Lovely Professional University (LPU) on January 3, 2019.
However, taking a broader perspective, Dr. Mittal believes that the middle class had high expectations from this budget. Unfortunately, the absence of income tax relief for the middle class and the lack of significant announcements for the farm sector has led to a perception of disappointment. Furthermore, although there has been an 11.1 per cent increase in the budget for FY25 capital expenditure allocation, amounting to Rs 11.11 lakh crore; it still falls short of expectations. Comparatively, the previous budget witnessed a substantial 37.4 per cent increase in capital expenditure.
Additionally, the reduction in the allocation for fertiliser subsidy by a staggering 13% to ₹1.64 lakh crore for 2024-25, as opposed to the revised budget estimate of ₹1.89 lakh crore for FY24, raises concerns specifically for the farming community.