Modi Govt reshaped Budget in last decade: Nirmala Sitharaman

By: Admin
May 28, 2024
Categories: Income Tax News|News
4 Min Read

Finance Minister Nirmala Sitharaman on Monday said the Modi government has reshaped the Union budget in the last 10 years from a mere record of expenditures to a strategic blueprint for equitable distribution.

The minister asserted that the government would continue to maximise the value of taxpayers’ money by putting it to the best possible use.

She said the Modi government has prioritised transparency in its budgeting practices and numbers. Countries with transparent budgets are often viewed more favourably by international bodies such as the IMF and World Bank. This can lead to improved global trust.

“This starkly contrasts the @INCIndia-led UPA government’s repetitive practice of hiding the deficits through off-budget borrowings and issuance of ‘Oil Bonds’, which somewhat covertly shifted the fiscal burden to future generations. Under UPA, standard fiscal practices were routinely changed to make Budget numbers look favourable,” Sitharaman said in a series of posts on X.

She said the last decade has witnessed a substantial improvement in the sanctity and credibility of the Union Budget, leaving past constraints and archaic practices behind.

“Our government has reshaped the budget from a mere record of expenditures into a strategic blueprint for equitable development. We make judicious & efficient use of every rupee collected from our taxpayers and give them a transparent picture of public finances,” Sitharaman said.

Further, she said the Union budgets under the Modi government are characterised by fiscal prudence, transparency, and inclusiveness, ensuring investments in social development and infrastructure.

Sitharaman said the Union govt administers 108 Centrally Sponsored Schemes (CSS) through state and UT governments, with a budget of approximately Rs 5.01 lakh crore for FY 2024-25 and Rs. 4.76 lakh crore for FY 2023-24.

“Previously, it was challenging to ascertain the timeliness and amount of funds released to the implementing agencies under a CSS and to determine whether the funds were from the Centre or the State. Under the SNA model, each State has to identify and designate a Single Nodal Agency (SNA) for every Centrally Sponsored Scheme (CSS),” the minister said.

She said effective implementation of the SNA model has brought about greater efficiency in CSS fund utilisation, tracking of funds, and pragmatic and just-in-time release of funds to the states, ultimately contributing to better cash management and savings for the Government.

The unspent balance parked in more than 15 lakh bank accounts of implementing agencies was consolidated into 4,500 bank accounts of SNAs. The SNA System also significantly reduced the possibility of fund diversion by the State or Implementing Agencies earmarked for a particular CSS, she said.

The Modi government, the minister said, is committed to harnessing cutting-edge technology, enhancing transparency, and pursuing ongoing reforms to lay a strong foundation for a Viksit Bharat.

“We will continue to maximise the value and impact of hard-earned taxpayer money, ensuring it is put to the best possible use for the benefit of all,” she said.

Source from: https://www.moneycontrol.com/news/business/budget/modi-govt-reshaped-budget-in-last-decade-nirmala-sitharaman-12733102.htm