Sitharaman’s Vision: Union Budget Evolution From Expenditure To Strategy

On Monday, Union Finance Minister Nirmala Sitharaman underscored the transformative evolution of the Union budget under the Narendra Modi government. She emphasized its transition from a mere expenditure record to a strategic roadmap for equitable distribution.

Sitharaman articulated the government’s commitment to transparency, efficiency, and effectiveness in governance, marking a departure from past practices of fiscal opacity.

Sitharaman’s Vision For India’s Budgetary Process

Taking to X, Sitharaman stated, “We make judicious & efficient use of every rupee collected from our taxpayers and give them a transparent picture of public finances.”

Sitharaman criticized the Congress-led UPA government’s tendency to obscure deficits through off-budget borrowings and issuance of Oil Bonds. She argued that this shifted the fiscal burden onto future generations.

She condemned the UPA’s manipulation of fiscal practices to present artificially favorable budget numbers.

Sitharaman reaffirmed the government’s commitment to responsible fiscal management. “We will continue to maximize the value and impact of hard-earned taxpayer money,” she asserted.

Sitharaman lauded the Modi government’s overhaul of the budgetary process. She emphasized the completion of the entire budget exercise, including legislative processes, well before the start of the financial year.

She noted that this has boosted administrative efficiency and improved scheme delivery by giving Ministries full budgetary allocations at the start of the fiscal year.

Sitharaman highlighted the empowerment of state governments through increased transparency in the Centre’s fiscal planning. This enables states to better align their budgets with the Centre’s financial framework.

Underlining the government’s commitment to social development and infrastructure, Sitharaman outlined the administration of 108 Centrally Sponsored Schemes (CSS) through state and UT governments. Substantial budgets have been allocated for fiscal years 2023-24 and 2024-25.

Sitharaman addressed structural reforms in the budget presentation. This included the integration of the Railway Budget with the Union Budget since FY 2017-18. It is aimed at providing a comprehensive view of the government’s financial position.

Furthermore, Sitharaman emphasized the removal of the Plan and Non-Plan classification in budgetary allocations since FY 2017-18. She highlighted the shift towards a more holistic approach in financial allocation.

Also Read: xAI Raises $6 Billion To Accelerate AI Research & Development