Mumbai. Ashima Goyal, a part-time member of the Prime Minister’s Economic Advisory Council, described the general budget as hopeless and lack of foresight. Goyal says that it was shocking not to mention the word slowdown in the finance minister’s three-hour budget speech. However, Goyal termed measures to ease the fiscal deficit target and simplify the income tax. He said so at an event on Sunday.
Sitharaman was in a dilemma about the word ‘slowdown’: Goyal
Goyal said- There was no talk on how this time budget will be helpful in dealing with the slowdown. Sitharaman was in a dilemma over the use of the term slowdown during the budget-making process, as it could offend someone. However, the Finance Minister managed to strike a balance.
‘Need to revisit subsidy model’
Goyal also raised the issue of budget targets. He said that the increase in revenue target is very high. At the same time, there was a need to revisit the subsidy model. Emphasizing food subsidy, he said that people’s consumption habits have changed.
GDP growth declines due to domestic, global reasons
GDP growth is estimated to be 5% in the current financial year (2019-20). It will be the lowest in 11 years. Growth is declining due to decrease in domestic consumption and global reasons. GDP growth was just 4.5% in the September quarter.