Finance Minister Buggana Rajendranath Reddy has said that it is quite disappointing that the promises made in the A.P. Reorganisation Act, 2014, on Special Category Status (SCS), Polavaram national project and infrastructure projects, industries and Central institutions have not been considered in the Union Budget 2022-23.
In a press release on Tuesday, he said that the resilience of the Indian economy had been built with the participation of the States.In the mission of nation building, the focus of the Central government on infrastructure was well conceived. However, the States were better placed to identify specific gaps in infrastructure and the devolution of funds to the States would further strengthen the process of nation building, he observed.
‘Encouraging sign’
Mr. Rajendranath Reddy said it was encouraging to witness an improvement in the GDP from ₹197.46 lakh crore in 2020-21 (actuals) to ₹232.18 lakh crore in 2021-22 (revised estimate), and the fiscal deficit to GDP ratio coming down from 9.21% in 2020-21 (actuals) to 6.85% in 2021-22 (RE). Similarly, it was good that therevenue deficit to GDP ratio fell from7.34% in 2020-21 to 4.69%in 2021-22.
Increased allocations to the Defence sector and the Railways were welcome, but the increase in interest payments from ₹8.14 lakh crore in 2021-22 to ₹9.41 lakh crore in 2022-23 was something to be worried about.
The emphasis laid on roads, railways, airports, ports, mass transport systems, waterways, logistics and infrastructure and the National Master Plan for World Class Modern Infrastructure augur well for the economy, Mr. Reddy added.
