Budget provides ease of living to a large section of society: BMS
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New Delhi, Feb 4: The Bharatiya Mazdoor Sangh (BMS), the largest trade union of India, has welcomed the Union Budget for 2022-23 presented by Finance Minister Nirmala Sitharaman to the Parliament on February 1.
Listing many positive points in the budget the BMS in a press release said that the budget aims to provide ease of living to a large section of people. It is the first time that the ease of living has been emphasized in the union budget which has been continuously demanded by the BMS, the release said.
The BMS also welcomed many initiatives which would lay the foundation of sustainable economic development for the coming years.
Some of the appreciable points of the budget are:
• The budget has given the emphasis on infrastructure development. It has provided an outlay of 2.9% of the GDP. Focus on PM Gati-Shakti and logistics development will boost our growing economy while providing employment to a large number of workers.
• With this it is focusing on generating jobs by creating innovative space for MSMEs, Startups, and Agriculture. The budget also provides additional financial support to MSMEs which is a timely move.
• The up-gradation of 2 lakh Anganwadi is very appreciable and motivating.
• Linkage of five rivers is beneficial in many angles.
• Promotion of organic farming.
• The PLI in 14 sectors has the capacity to create employment.
• The State share in the NPS has been increased from 10% to 14%.
• It is further emphasizing the well-being and decent living conditions for the working population. Health and nutrition have been given the required focus.
• Financial inclusion and digital payment system have been also covered in the budget.
• Promoting Fintech and the digital economy is another bright point in the budget.
•Bringing 1.5 lakh post offices on the core banking system will be beneficial for the rural areas.
However, the BMS has also pointed to some of the points that were ignored in the budget. They are:
• A major disappointment has been not increasing the pension under the EPS 95.
• Similarly, the government has left the income tax slab unchanged for another year.
• Revised fiscal deficit of 6.9% is a matter of concern.
• It seems that the government is tilting towards privatization.