What is the point of the $ 5 billion economy if the majority is poor?

NEW DELHI: Achieving a $ 5 trillion economy will have little meaning if the majority of people in the country are poor, Congress leader Kapil Sibal he said in Rajya Sabha on Thursday.

Participating in the debate on Union budget , the former minister of the Union said: In terms of per capita, we are ranked 122 in the world. Tell us how the income of the poor will improve.

Sibal said that, given the circumstances, the issue was not to become a $ 5 trillion economy, but to increase per capita income.

In Mumbai, 60% of the population is poor and only 1% is rich, but their GDP is impressive, he said.

If 80 million rupees of the masses in the country earn less than 10,000 rupees per month, then what is the point of a $ 5 billion economy, he said and asked what measures the government was taking to increase revenues to 20,000 rupees or 40,000 Rupees per quarter. month.

He said that the budget discourse lacked thematic coherence and vision, and it was like watching a trailer, not a movie.

There are four growth drivers: private investment, public investment, external consumption and domestic consumption.

Three of these economy cylinders have collapsed and the fourth is about to collapse, he claimed.

He said that investment in the public and private sectors has been reduced, impacting manufacturing, employment and the economy.

He said that unemployment rates are the highest and there are no new projects in the manufacturing industry that contribute 15 to 16 percent of GDP.

Sibal also stressed that the pattern of scientific cultivation should be promoted in the country, since exports such as rice and sugar require consumption of billions of cubic meters of water.

Water from India ends everywhere, except in India. Rice, sugar cane, cotton, which use the highest water, are among our exports. We will not have drinking water in the country if this continues since agriculture consumes 68 percent of the drinking water he said.

He said that 78 percent of the piped water came from groundwater and that 5,194 blocks of groundwater had been dried.

He said that farmers are not happy, the sectors of cars and consumer goods have experienced declines and there was a general slowdown in the economy.

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He also accused the government of hiding the seriousness of the ILFS scam. He warned that if the government was determined to bring sovereign funds, it will not be able to pay the debt in case the value of the rupee falls.

Vishambahar Prasad Nishad (SP) alleged that the government's flawed policies forced farmers to commit suicide.

Prabhat Jha (BJP) said that Ayushman Bharat has benefited the poor immensely.

Manas Ranjan Bhunia (TMC) alleged that the government was deleting the figures related to expenses and revenues.

He also said that India had never witnessed such a low rate of economic growth in the past and asked the government to do more than just give Rs 6000 per year to farmers.

Ashwini Vaishnaw (BJP) said: The comment of a member that the economy would double regardless of what the government did, is not correct. Why did not that happen in the 1990s when we were struggling to increase the growth rate?

He suggested that the government should increase the annual investment in infrastructure projects from Rs 3.02 lakh crore to Rs 11 lakh crore, since this would help achieve a nominal economic growth (GDP) of 13 percent to achieve an economic objective of $ 5 billion .

He said there is enough fiscal space to do so, since Japan's total debt is 240 percent of its GDP, while this proportion is 90 percent for the United States.

R S Bharathi (DMK) asked the government to reconsider the proposal of a 10 percent increase in customs duties on newspaper and 5 percent of taxes on books, saying it was like imposing taxes on learning.

The leader of the PNC, Praful Patel, said: It is very important to give a boost to the economy, which is showing signs of slowing down. The government must address problems such as agriculture and provide jobs for young people.

Biswajit Daimary (BPF), T Subbarami Reddy (Congress), KR Arjunan (AIADMK), Birendra Prasad Baishya (AGP), Anil Baluni (BJP), MV Rajeev Gowda (Congress), Vijaysai Reddy (YSRCP), Prabhakar Reddy (YSRCP) and K Ravindra Kumar (TDP) also participated in the debate.

Binoy Viswam of the CPI said that the government has not taken any steps towards agricultural reforms.

He has also ignored the health sector, he said.

Veer Singh of BSP said that the budget does not have special plans for SC/ST and women.

The government says it would double farmers' income, but says nothing, but how it would be implemented.

The government should focus more on farmers, since they are not even able to recover their cost price, he said.

Sushil Kumar Gupta, of AAP, asked the government to increase spending on education, which decreases every year and represents 3.40 percent of the total budget.

He also asked the government to increase its share of central taxes from Rs 325 crore to Rs 6,000 crore, which the government of Delhi has requested.

Give us our proper participation without any discrimination, Gupta said, adding that now NCT's budget is around Rs. 60 billion and the subsidy is only 0.45 percent of that.

Ripun Bora of the Congress said that the positions are vacant in colleges and universities. He also asked the government to bring the bill for women's reservations to the house.

Abdul Wahab of IUML, Shwait Malik of BJP and Kamakhya Prasad Rate of BJP also participated in the debate.

BJP leader and former Union minister, K J. Alphons, said macroeconomic data such as inflation, fiscal deficit, current account deficit are the best in the country and alleged that the former House of Representatives was deceived by the former finance minister, P Chidambaram, who spoke earlier.

Gopal Narayan Singh of the BJP said the government will provide all possible support to farmers and to raise the poor.

Kumar Ketkar, of the Congress, said that apart from being the first woman full-time finance minister, Nirmala Sitharaman has another credential, that of belonging to the Jawaharlal Nehru University, widely condemned and abused.

She (Sitharaman) does not come from the Tukde Tukde gang, but comes from the Jawaharlal Nehru University. Another member of the ministry is Mr. Jaishankar (minister of external affairs), which is why JNU is contributing greatly to the ministries led by Narendra Modi Said Ketkar.

Ketkar said that the recently released 'Article 15' film clearly shows the plight of the workers of Swacchata Bharat (Cleanl India Drive) and their low wages and living conditions.

In her inaugural address at Rajya Sabha, Vijay Pal Singh Tomar of the BJP said that the Budget has given priority to women and the rural economy. He stated that the condition of farmers deteriorated due to the apathy of previous governments.

In his inaugural address, Naranbhai J Rathwa, of Congress, demanded that the Rail Budget be presented separately from next year.

Mohammed Ali Khan alleged that the government has not done justice with minorities in the Union budget and claimed there has been a reduction in scholarships offered to them.

He said that the Center must fulfill the promises made for its development and welfare.