Finance Minister Nirmala Sitharaman said on Monday that the government led by Prime Minister Narendra Modi has given a new look to the Union Budget in the last 10 years. The Finance Minister said that the government has transformed the budget from a record of expenditure to a strategic blueprint for equitable distribution. The minister stressed that the government will continue to make the best possible use of taxpayers’ money. According to Bhasha news, she said that the Modi government has given priority to transparency in its budget practices and data.
Sitharaman wrote on social media
According to the news, Sitharaman said that countries with transparent budgets are often viewed more favorably by international bodies such as the International Monetary Fund (IMF) and the World Bank. This can improve global confidence. Sitharaman wrote in a series of posts on the social media platform ‘X’ that this is in stark contrast to the repeated practice of the Indian National Congress-led UPA (United Progressive Alliance) government to hide the deficit through ‘off-budget’ borrowing and issuing ‘oil bonds’, which to some extent transferred the fiscal burden to future generations.
Significantly improved credibility of budget
Under the UPA, standard fiscal practices were regularly changed to make budget figures look favourable. She said the last decade has seen a significant improvement in the credibility of the Union Budget, leaving behind old constraints and practices. Sitharaman said our government has transformed the budget from a mere record of expenditure to a strategic blueprint for equitable growth. We use every rupee collected from our taxpayers judiciously and correctly.
Operation of 108 centrally sponsored schemes
Sitharaman said the central government operates 108 centrally sponsored schemes (CSS) through state and union territory governments, with a budget of about Rs 5.01 lakh crore for the financial year 2024-25. It was Rs 4.76 lakh crore for the financial year 2023-24. The minister said the Modi government is committed to using cutting-edge technology, increasing transparency and pursuing ongoing reforms to lay a strong foundation for a developed India.
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