Modi Government’s Budget Has Nothing For The Students
Let us give some figures at this juncture. While the fiscal deficit for the financial year 2016-17 was 3.2% of GDP, in the same year the tax forgone was a massive 3.18 lakh crore that is equal to 2.1% of the GDP. The social sector spending including that on education can be increased by reducing the concessions to the corporates and big businesses. The fact that government hasn’t done so is only a pointer of its priorities.
This year’s union budget has been presented in the backdrop of intensified economic crisis due to the disastrous demonetization, which was nothing but a ploy to increase the liquidity in the banks that were on the brink of collapse due to the massively piled NPAs by the big businesses. The economic survey as well the budget speech was an exercise in self-deception, which was not ready to come to terms with this concrete reality.