The Finance Bill, 2024, was passed by the Lok Sabha on Wednesday, bringing an end to the House’s interim budget process. Finance Minister Nirmala Sitharaman sought to allay opposition parties’ concerns regarding the devolution of taxation to certain states and gave assurances that the government would implement the Finance Commission’s recommendations.
She rejected allegations of Congress members from Karnataka regarding discrimination in allocation of funds by the Centre. “Where is Karnataka being denied money? Where is Karnataka receiving less money?” she asked.
In response to questions about her February 1 presentation of the interim budget 2024–25, Sitharaman stated that the PLI programs implemented by the BJP-led government have been beneficial to 14 sectors and have already generated over 7 lakh direct and indirect job opportunities.
“Fourteen sectors benefit from the PLI Schemes brought by our government. Manufacturing locations are coming up in 24 states and more than 150 districts. The Government has committed nearly Rs 1.97 lakh crores over five years starting 2021-22. Rs 1.07 lakh crore worth of investment has been committed under the PLI Schemes. Exports worth Rs 3.40 lakh crores are happening, Rs 8.7 lakh crore worth production and sales are happening and 176 MSMEs are selected as direct beneficiaries of the PLI Scheme,” she said.
Referring to the IMF report on debt mentioned by some opposition members, she said it talks only of a worst-case scenario and is not a fait accompli.
“The kind of measures we are taking to bring down the debt is reassuring. If you look at India’s Debt to GDP ratio, it’s in the range of 80 to 84 per cent whereas there are many advanced countries which have over 100 and 200 per cent. Many of the developed countries and emerging market economies have over 100 per cent. The members of the House can be rest assured that the Debt to GDP ratio is being attended to,” she said.
The financial agenda for Jammu and Kashmir, a union territory, was also approved by the House. The pertinent appropriations bills were also passed by the House. Jammu and Kashmir, a Union Territory, is requesting a Vote on Account for Rs 59,364 crore, but only for a portion of the year. This includes Rs 19,283 crore in capital expenditures and Rs 40,081 crore in revenue expenditures. The Union Territory will receive assistance from the Center totaling Rs 41,751 crore in 2023–2024 and Rs 37,278 crore in 2024–2025.
