- 2/1/2024
Union Budget 2024 Press Conference LIVE | FM Nirmala Sitharaman Addresses Media Post Budget
#sitharaman #budget2024 #financeminister
#sitharaman #budget2024 #financeminister
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00:00:00 Ministers of State for Finance
00:00:02 Dr. Pankaj Choudhary, Dr. Bhagwat Karad
00:00:04 Finance Secretary and Secretary Expenditures
00:00:06 Dr. T.V. Somanathan
00:00:08 Secretary Economic Affairs
00:00:10 Dr. Ajay Seth
00:00:12 Secretary Dipam
00:00:14 Dr. Situ Hinkanth Pandey
00:00:16 Secretary Revenue
00:00:18 Dr. Sanjay Malhotra
00:00:20 Secretary Financial Services
00:00:22 Dr. Vivek Joshi
00:00:24 Chief Economic Advisor
00:00:26 Dr. V. Anantanageswaran
00:00:28 A warm welcome to all of you
00:00:30 A warm welcome to the Finance Minister
00:00:32 and her team at the National Media Centre
00:00:34 At the beginning of the press conference
00:00:36 Finance Minister will make
00:00:38 her opening remarks
00:00:40 After that we will open the floor
00:00:42 for discussions and questions and answers
00:00:44 Thank you. Over to you
00:00:46 Minister Madam
00:00:48 Thank you for coming here today
00:00:54 Thank you for coming here today
00:00:56 Slightly longish opening remarks
00:01:06 I will try to cut it down
00:01:08 But
00:01:10 Over and above what you heard me say
00:01:12 I just want to give the overall perspective
00:01:16 So I will take a bit longer than I desire
00:01:18 This is an interim budget
00:01:20 Presented just before the election
00:01:22 Obviously
00:01:24 The four large things that I want to draw your attention to
00:01:26 Is
00:01:28 GDP
00:01:30 You get the numbers
00:01:32 You see it and so on
00:01:34 But
00:01:36 The GDP
00:01:38 The GDP is a large number
00:01:40 It is a large number
00:01:42 It is a large number
00:01:44 It is a large number
00:01:46 You get the numbers, you see it and so on
00:01:48 But I want to bring in this dimension
00:01:50 That governance
00:01:52 Development and performance
00:01:54 On all these three
00:01:58 Heads
00:02:00 I would like to say what actually we have
00:02:02 Achieved
00:02:04 Because that forms the backdrop
00:02:06 So on governance
00:02:10 This budget speaks from a position
00:02:12 Where
00:02:14 We have delivered on development
00:02:16 We better manage the economy
00:02:20 With correct intentions
00:02:22 Correct policies
00:02:24 And correct decisions
00:02:26 So it is a governance
00:02:28 With care, conviction and confidence
00:02:30 If that stood for the GDP's G
00:02:34 The D stands for
00:02:36 People living better
00:02:38 Earning better
00:02:40 And having high aspirations for the future
00:02:42 And if I move to the P
00:02:44 The performance
00:02:46 Three consecutive years of 7% growth
00:02:48 Fastest growing economy in G20
00:02:54 All parts of the country
00:02:56 Participating in the growth
00:02:58 Price stability and inflation management
00:03:02 Handling the health and economic fallout of COVID
00:03:10 Build out of physical, digital and social infrastructure
00:03:12 DPI as a factor of production almost
00:03:20 For formalisation and financial inclusion
00:03:22 And growth of the economy
00:03:26 Cleaning up the banking system
00:03:28 GST
00:03:30 One nation, one market and one tax
00:03:32 The IBC
00:03:34 So if you were to look at performance
00:03:36 I have listed some of them
00:03:38 So your GDP
00:03:40 As we look at governance, development and performance
00:03:42 I have something to say on each of these
00:03:46 So this budget
00:03:50 Vote on account
00:03:52 Is getting presented with the GDP
00:03:54 That we want to speak to you about
00:03:56 And in that the fiscal management
00:03:58 Actually
00:04:00 Is something which I would like you to
00:04:02 Spend some time
00:04:04 Even as you go through the budget
00:04:06 But I will flag it here
00:04:08 Bringing down the fiscal deficit
00:04:10 In spite of very challenging times
00:04:12 As per the announced consolidation path
00:04:16 And with transparency
00:04:20 And prudence
00:04:22 So in fact
00:04:24 I was just remarking to my officers this morning
00:04:26 Most of you all had already calculated
00:04:30 The figures
00:04:32 RE revenue, RE expenditure
00:04:34 This is what it is
00:04:36 Because every month you get the reports coming out
00:04:38 So you don't need to wait till the budget statement
00:04:42 Every month you get the accounts
00:04:46 And so budget process has become
00:04:48 Absolutely transparent
00:04:50 And questionable
00:04:52 If there are any you are there to question
00:04:54 We are here to answer
00:04:56 But we set in the process of keeping
00:04:58 Everything brought on budget
00:05:02 And nothing kept aside from it
00:05:04 Or underneath it
00:05:06 So with that
00:05:08 The budget deficit
00:05:10 Fiscal deficit
00:05:12 5.8%
00:05:14 Which is much lower
00:05:16 Than the 5.9%
00:05:18 Which was at the BE
00:05:20 Similarly for the
00:05:22 24-25 budget
00:05:24 We have given 5.1%
00:05:26 As the fiscal deficit
00:05:28 So clearly indicating
00:05:30 That we are on track to meet
00:05:32 The glide path which was
00:05:34 Set in 2021-22
00:05:36 And that we are
00:05:38 Well on track to meet
00:05:40 The 4.5%
00:05:42 Fiscal deficit
00:05:44 On or below
00:05:46 4.5%
00:05:48 Even by FY26
00:05:50 If this is the background with which
00:05:54 I am talking and the presentation of the budget
00:05:56 Happened
00:05:58 I want to very clearly
00:06:00 Put some things
00:06:02 Under
00:06:04 The heading
00:06:06 If you want to call it that
00:06:08 Disha nirdeshak bate
00:06:10 You must have heard the honourable
00:06:12 Prime Minister speak before the
00:06:14 Parliament session
00:06:16 Well before the session commenced
00:06:18 His usual customary remarks
00:06:20 He said the budget
00:06:22 Will be presented tomorrow
00:06:24 And you will have some
00:06:26 Disha nirdeshak bate in it
00:06:28 So what are those
00:06:30 Disha nirdeshak bate
00:06:32 There are about
00:06:36 Five of them I highlight
00:06:38 Social justice
00:06:40 As effective and necessary
00:06:42 Governance model
00:06:44 So it's not just a slogan
00:06:46 For us social justice
00:06:48 We will have to work for
00:06:50 No we have shown
00:06:52 You that it is a governance
00:06:54 Model and a successful one
00:06:56 At that so social justice
00:06:58 As an effective and governance
00:07:00 Necessarily a governance
00:07:02 Model
00:07:04 Then four major caste groups
00:07:06 As we call it
00:07:08 As Prime Minister has emphasised
00:07:10 The poor
00:07:12 The women
00:07:14 The youth and the anadarta
00:07:16 So disha nirdeshak bate
00:07:20 You have the second point
00:07:22 Focus on infrastructure
00:07:24 This year again
00:07:26 Massive increases
00:07:28 Of capex happened in the last
00:07:30 Four years this year too
00:07:32 There is a 11%
00:07:34 Increase resulting
00:07:36 In a very
00:07:38 Recallable number
00:07:40 11 lakhs
00:07:42 11111
00:07:44 lakhs
00:07:46 11 lakh
00:07:48 11111 crores
00:07:50 So
00:07:52 Continuing the trend of the last
00:07:54 Four years where capital
00:07:56 Expenditure has been the root
00:07:58 One for revival earlier from
00:08:00 Covid and now for sustained
00:08:02 Growth towards
00:08:04 Amrit kal towards the
00:08:06 Vikasid Bharat goal
00:08:08 Fourth is the using
00:08:10 Of technology as a huge opportunity
00:08:12 DPI
00:08:14 As almost a new factor
00:08:16 Of production so it is
00:08:18 Actually bringing in the value
00:08:20 Addition to the economy
00:08:22 It is facilitating every sector
00:08:24 To bring in the value addition
00:08:26 Which is so required and improves
00:08:28 On our productivity
00:08:30 And the last
00:08:32 Disha nirdeshak bate
00:08:34 Is high powered committee for
00:08:36 Extensive consideration
00:08:38 Of challenges arising
00:08:40 From population growth and
00:08:42 Demographic challenges
00:08:44 So if these are disha nirdeshak bate
00:08:46 What were the major announcements
00:08:48 I'll recall
00:08:50 Very quickly
00:08:52 12 of them I'm not spending any time
00:08:54 Except for reading out what those
00:08:56 12 are 2 crore
00:08:58 More homes under the PM
00:09:00 Awas Yojana we already
00:09:02 Completed nearly the 3 crore
00:09:04 Housing for middle
00:09:06 Class
00:09:08 Rooftop solar for at least
00:09:10 300 units of power generation
00:09:12 Every month which will be
00:09:14 Mufth bijili for the households
00:09:16 There will be some assistance
00:09:18 And some kind of
00:09:20 Funding which will be
00:09:22 Extended so you are generating
00:09:24 Renewable energy
00:09:26 Providing the renewable energy
00:09:28 Generators
00:09:30 Free that which will they
00:09:32 That which will they
00:09:34 That which they
00:09:36 Would want to use and over and above
00:09:38 That the surplus that they produce
00:09:40 Can be used for
00:09:42 Selling and earning money
00:09:44 Out of it. Enhancement of
00:09:46 Target for Lakpati Didi
00:09:48 From 2 crore women
00:09:50 To 3 crore women
00:09:52 Preparing and empowering the MSMEs
00:09:54 To grow and compete globally
00:09:56 Aligning regulatory
00:09:58 Environment for them
00:10:00 The 6th is
00:10:02 Making sure
00:10:04 That the eastern region
00:10:06 And when I say eastern region I'm not talking
00:10:08 About north east. North east will get
00:10:10 The attention that they have been getting all the while
00:10:12 They will still continue to get it
00:10:14 And they will be on the top of our priority
00:10:16 But when I say the eastern region
00:10:18 I'm talking about Bihar
00:10:20 Jharkhand, Chhattisgarh
00:10:22 And Orissa making sure that
00:10:24 They will become the engines
00:10:26 Of growth for
00:10:28 The new Amritkal
00:10:30 India that we are trying to
00:10:32 Use as a bridge towards
00:10:34 Leading to
00:10:36 Towards
00:10:38 Vikasid Bharat 2047
00:10:40 And eastern India
00:10:42 I've missed out on West Bengal. Please add it
00:10:44 Bihar, Jharkhand
00:10:46 Orissa, Chhattisgarh
00:10:48 And West Bengal
00:10:50 Next generation
00:10:52 Reforms will be carried on
00:10:54 Building consensus with states and
00:10:56 Stakeholders for reform, perform
00:10:58 Transform
00:11:00 Three major corridors
00:11:02 Which are programs for railways
00:11:04 For logistics efficiency
00:11:06 And they have been explained
00:11:08 The important point that I want to highlight there
00:11:10 Is to make sure for
00:11:12 Vikasid Bharat
00:11:14 You just don't need to build for
00:11:16 Better passenger convenience
00:11:18 You need to build for better passenger convenience
00:11:20 You need to give them safety
00:11:22 You need to shorten the travelling time for them
00:11:24 So one of the
00:11:26 Corridor is going to
00:11:28 Give emphasis
00:11:30 For high density routes
00:11:32 Where passengers
00:11:34 Traffic is very high
00:11:36 We need to bring efficiencies and better
00:11:38 Safety in those areas
00:11:40 But for Vikasid Bharat
00:11:42 Passengers need to move
00:11:44 As they wish but equally
00:11:46 Materials, raw materials
00:11:48 Building goods
00:11:50 Cement, rare earths
00:11:52 Minerals, we need them to move
00:11:54 Efficiently as well so the
00:11:56 Corridor will take care of
00:11:58 That as well
00:12:00 So
00:12:02 The synergy between movement
00:12:04 Of people and movement of goods
00:12:06 Is what is being highlighted in the
00:12:08 Three corridors that we are talking about
00:12:10 Ninth is
00:12:16 Ninth announcement that is
00:12:18 Urbanization, looking at Metro
00:12:20 And Nammo Bharat
00:12:22 One of the railway
00:12:24 Related things which I missed out on telling you
00:12:26 40,000 bogies
00:12:28 Are going to be
00:12:30 Improved in the standards
00:12:32 With which they can
00:12:34 Be effective rolling stock
00:12:36 And also give the convenience
00:12:38 In the passenger experience
00:12:40 Inside the bogies as well
00:12:42 So 40,000 coaches are going to be
00:12:44 Brought up to the level of
00:12:46 Vande Bharat standards
00:12:48 Metro and Nammo Bharat
00:12:50 I did mention
00:12:52 So that urban transformation through
00:12:54 Transit oriented development can happen
00:12:56 The tenth announcement which I
00:12:58 Want to draw your attention to
00:13:00 Is one lakh crore corpus
00:13:02 For research and innovation
00:13:04 By private sector
00:13:06 So that's coming in at the tenth
00:13:08 Eleventh is boost to tourism
00:13:10 Including spiritual tourism
00:13:12 Interest free loans will be given
00:13:14 To states so that they can
00:13:16 Build on iconic tourist centres
00:13:18 And the twelfth
00:13:20 One is supporting reforms
00:13:22 In state, they are separate
00:13:24 From the development of
00:13:26 Tourism centres and therefore
00:13:28 I want you all to have the clarity
00:13:30 That help to centres
00:13:32 Are supporting
00:13:34 Reforms in state is slightly
00:13:36 Different from boost to tourism
00:13:38 There will be a white paper
00:13:40 On economic performance of the last
00:13:44 Ten years compared with the
00:13:46 Previous ten years
00:13:48 The twelfth announcement is
00:13:50 So much a statement
00:13:54 That I would like to make
00:13:56 Which is what I made in the budget speech as well
00:13:58 Government has got the trust
00:14:00 And the confidence and the blessings
00:14:02 Of the people
00:14:04 Based on its exemplary track record
00:14:06 Of GDP as I said
00:14:08 Governance, development
00:14:10 And performance
00:14:12 Effective delivery
00:14:14 And also on gen kalyan
00:14:16 So
00:14:18 Highlighted
00:14:20 Points have been realised
00:14:22 As goals
00:14:24 Of vikasidh barat till now
00:14:26 And they are the
00:14:28 Realisable goals also
00:14:30 Continuing to be so
00:14:32 Because what we want to underline
00:14:34 Is we govern with good
00:14:36 Intentions, true dedication
00:14:38 And hard work
00:14:40 In the coming years and that's why
00:14:42 Amrit kal is also
00:14:44 Now called kartabya kal
00:14:46 In short that's the budget
00:14:48 Thank you very much
00:14:50 Finance minister has just now
00:14:52 Encapsulated the key highlights of the budget
00:14:54 We will now open the floor
00:14:56 We can begin with the front row here
00:14:58 Please go ahead
00:15:00 Please hand over the microphone here
00:15:02 Hello ma'am
00:15:04 This is Priya smita from informist media
00:15:06 Ma'am I wanted to know about
00:15:08 The projections in your tax collections
00:15:10 So tax collections are seen currently
00:15:12 Coming out of the
00:15:14 Government's budget
00:15:16 And the projections
00:15:18 So tax collections are seen currently
00:15:20 Growing at about 14.4%
00:15:22 Your April to December
00:15:24 Data shows. However the
00:15:26 Projections in your budget are
00:15:28 Lower than that. So a back
00:15:30 Of the envelope calculation shows that
00:15:32 You are going to get about 55,000
00:15:34 Above your revised estimate
00:15:36 If the collections continues
00:15:38 So your
00:15:40 Estimates are conservative, would you say that?
00:15:42 I'll certainly ask Somanathan
00:15:46 To come in on that. Estimates are always
00:15:48 Realistic with us
00:15:50 Let me
00:15:54 Clarify this
00:15:56 If you look at page 6
00:15:58 Of the budget, you can look at it later
00:16:00 I'll just explain it to you. We are projecting
00:16:02 That gross tax revenue, now this gross
00:16:04 Tax revenue in this sheet is net of
00:16:06 Refunds. So
00:16:08 Net of refunds we are projecting that
00:16:10 In this financial year it will grow
00:16:12 By 12.5% with reference
00:16:14 To last year's actual. So from
00:16:16 30.54 lakh crores
00:16:18 Last year to 34.37 lakh crores
00:16:20 This year
00:16:22 Is what is presented
00:16:24 In our revised estimates
00:16:26 However
00:16:28 The sharing of taxes with the states
00:16:30 Is different
00:16:32 For different taxes
00:16:34 Not all taxes are shareable in the same ratios
00:16:36 What has happened
00:16:38 This year, if you look at the number
00:16:40 And they are given on page 6, union excise duties
00:16:42 Have actually shrunk. They have not
00:16:44 Increased. Most other taxes have grown at
00:16:46 As you say 14% etc
00:16:48 Union excise duties
00:16:50 Have grown -5%
00:16:52 That reduction is almost
00:16:54 Entirely on the account of the centre
00:16:56 Because the same way that
00:16:58 Cesses are not shared, reduction in
00:17:00 Cesses is entirely borne by the centre
00:17:02 So as a result
00:17:04 The state's share has
00:17:06 Increased by 16.5%
00:17:08 In our revised estimates. Between the
00:17:10 State's share in the revised estimates
00:17:12 And the state's share last year
00:17:14 There is an increase of 16.5%
00:17:16 So taxes are growing 12.5%
00:17:18 Net of refunds
00:17:20 State's share is growing 16.5%
00:17:22 And therefore
00:17:24 Net to centre is growing
00:17:26 Only 10.8%
00:17:28 Approximately. So there is no
00:17:30 There is no expected
00:17:32 Further padding or anything
00:17:34 This is our realistic
00:17:36 But slightly conservative estimate
00:17:38 The next question
00:17:40 65
00:17:42 Please go ahead
00:17:44 Hi ma'am. I am Kriti from Informis Media
00:17:46 So you mentioned that
00:17:48 There has been a push towards KPIX
00:17:50 However the KPIX jump for this year
00:17:52 Is 11% right
00:17:54 Which is lowest in last 4 years
00:17:56 So are we moving towards
00:17:58 A place of moderation
00:18:00 In KPIX and secondly
00:18:02 While the budget
00:18:04 This is another unrelated question
00:18:06 Clearly says
00:18:08 That you are committed to your
00:18:10 4.5% target
00:18:12 You have also been recommended to bring
00:18:14 Down your debt to GDP ratio to
00:18:16 40% level which still stands
00:18:18 Above 50%
00:18:20 So how are we looking towards moving
00:18:22 Towards that target
00:18:24 Thank you
00:18:26 First of all
00:18:34 Your second bit was on the debt to GDP
00:18:38 What was your first one on
00:18:40 KPIX
00:18:42 11% growth
00:18:44 In KPIX
00:18:46 You got used to about
00:18:48 30% - 23% from a low base
00:18:50 And today 11% on a high base
00:18:52 Appears low
00:18:54 Informis
00:18:56 11 lakh crores
00:19:00 Going for capital expenditure
00:19:02 And you are seeing also
00:19:04 That the private sector
00:19:06 Is coming in with their investments
00:19:08 So
00:19:10 One has to have
00:19:12 A clear understanding that
00:19:14 When the government wants to spend
00:19:16 Through capital investment
00:19:18 It can be
00:19:20 For one triggering
00:19:22 The economy so that
00:19:24 Private sector also comes in
00:19:26 At a time when private sector didn't come in
00:19:28 We still fully came in
00:19:30 Now we are seeing also
00:19:32 Signs of private sector
00:19:34 Also coming in
00:19:36 So it's only natural
00:19:38 For two reasons
00:19:40 For you to look at
00:19:42 One, on what base are you saying
00:19:44 11% is less
00:19:46 Growth it is
00:19:48 And second
00:19:50 Please do look up if private sector is coming in or not
00:19:52 Does that answer you
00:19:56 The next question
00:19:58 On your 40%
00:20:00 First of all that was a
00:20:02 Figure that was set before COVID
00:20:04 Its relevance today
00:20:06 Is something that has to be looked at completely afresh
00:20:08 And in fact in 2021-22
00:20:10 The finance minister had set out
00:20:12 A particular fiscal consolidation
00:20:14 Glide path which is the post COVID
00:20:16 Glide path
00:20:18 I would only point out that today India's
00:20:20 Debt to GDP ratio is one of the lowest
00:20:22 In the G20 apart from other countries
00:20:24 So we have to look at things in today's context
00:20:26 Not based on a historical
00:20:28 Relic of a report which was prepared
00:20:30 Long ago before COVID happened
00:20:32 And again our external debt also
00:20:36 Is something which you should notice
00:20:38 Has never been high, not high even now
00:20:40 So again, I would request you to
00:20:42 Confine to one question please
00:20:44 Because there are many questions coming up
00:20:46 Thank you very much
00:20:48 [Question being asked]
00:20:58 [Question being asked]
00:21:20 [Question being asked]
00:21:48 [Question being asked]
00:21:56 You are asking a discussion like question
00:21:58 I have been saying this from the beginning
00:22:04 And I believe the Prime Minister also
00:22:06 Used to say this
00:22:08 Yesterday and the day before
00:22:10 Is his statement
00:22:12 Vote on account
00:22:18 What is it?
00:22:20 How is it?
00:22:22 You know
00:22:24 So we have largely kept
00:22:26 Vote on account as vote on account
00:22:28 But also showed
00:22:30 How the economy will be
00:22:32 Moving forward and what is our plan
00:22:34 For it
00:22:36 Who are we going to aim at
00:22:38 When in July when we come back to present a budget
00:22:40 Who are the sections who will be
00:22:42 Addressed, what are the kind of
00:22:44 Investments we will make
00:22:46 However, very clearly showing
00:22:48 That on capital expenditure
00:22:50 We are showing an increasing
00:22:52 Growth, more money is being put in
00:22:54 For that, for innovation
00:22:56 And so on, so announcements
00:22:58 Are also there, it is not that
00:23:00 Vote on account is there, there is nothing else
00:23:02 Announcements are there, direction
00:23:04 And guidance are also there
00:23:06 So vote on account and interim
00:23:08 Budget, how and to what extent
00:23:10 Can be used
00:23:12 And that too
00:23:14 Confident government, to that extent
00:23:16 We have used it
00:23:18 Yeah
00:23:20 Zee Business and after that you hand over the microphone
00:23:22 To your right, yeah
00:23:24 Ma'am you
00:23:34 Announced two big schemes
00:23:36 One for urban area housing scheme
00:23:38 And the other for rooftop solar
00:23:40 Ma'am what is the budget allocation for this
00:23:42 Second question I would like to ask
00:23:44 On divestment
00:23:46 Ma'am last time
00:23:48 The target was Rs 51,000 crore
00:23:50 That target was not met
00:23:52 This time in the budget
00:23:54 We could not get the target for next time
00:23:56 And at such a time
00:23:58 The target is not being fulfilled
00:24:00 When the market, equity market
00:24:02 Is performing very well
00:24:04 Question from audience
00:24:06 First of all
00:24:12 I would like to clarify
00:24:14 In the case of disinvestment
00:24:16 We bring the principle of value locking
00:24:18 I will give you
00:24:20 A small example
00:24:22 Our
00:24:24 61 listed CPSCs
00:24:26 And 16 PSBs
00:24:28 One by one
00:24:30 On 1st January
00:24:32 In 2021
00:24:34 That is 3 years ago
00:24:36 Their combined market cap
00:24:38 Was 15 lakh crore
00:24:40 And today it is 58 lakh crore
00:24:42 So we have
00:24:44 Created a wealth of 42 lakh crore
00:24:46 In the public sector
00:24:48 And that is
00:24:50 Shared with the minority shareholders
00:24:52 With all of them
00:24:54 So you are not seeing the wealth effect
00:24:56 You are only seeing
00:24:58 What we are extracting from the wealth
00:25:00 But the wealth generation
00:25:02 Is equally important
00:25:04 In one year alone
00:25:06 We have
00:25:08 Added 25 lakh crore
00:25:10 So you can understand
00:25:12 That from 2014
00:25:14 When we have
00:25:16 Disinvested 4.2 lakh crore
00:25:18 And we have
00:25:20 Taken a dividend of 4 lakh crore
00:25:22 From CPSCs
00:25:24 8.5 lakh crore
00:25:26 In comparison to that
00:25:28 In one year alone
00:25:30 We are adding 25 lakh crore
00:25:32 So this value unlocking story
00:25:34 Means
00:25:36 If you want to do a disinvestment
00:25:38 You have to improve the wealth
00:25:40 You have to take the value of the share
00:25:42 And then you have to do a disinvestment
00:25:44 In a calibrated way
00:25:46 So the government
00:25:48 Has not set a fixed target
00:25:50 For disinvestment
00:25:52 We have said
00:25:54 In other receipts
00:25:56 Monetization and disinvestment
00:25:58 All of that goes
00:26:00 And the second issue of receipts
00:26:02 Is that if we get an opportunity
00:26:04 We can do more than this
00:26:06 But to give a fixed market signal
00:26:08 That we will sell the share
00:26:10 At this price
00:26:12 Because of that
00:26:14 The return falls in the market
00:26:16 So our
00:26:18 Meaning is
00:26:20 Our revenue and the second
00:26:22 Important strategy
00:26:24 Investment and dividend
00:26:26 Are in opposite directions
00:26:28 When we say combined
00:26:30 We will do 92,000
00:26:32 So combined
00:26:34 Non-tax revenue is the biggest story
00:26:36 75,000 crore
00:26:38 Non-tax revenue is being added
00:26:40 And the highest growth
00:26:42 Is in that
00:26:44 And now 1 lakh crore
00:26:46 If you see from the budget
00:26:48 In the next budget
00:26:50 We are adding 1 lakh crore
00:26:52 And in non-tax revenue
00:26:54 The dividend is a big story
00:26:56 And we are exceeding the dividend
00:26:58 So if you see
00:27:00 This sector in a combined way
00:27:02 We need to
00:27:04 Go in a new direction
00:27:06 Which we have gone
00:27:08 For rooftop solar
00:27:14 There is a provision of 10,000 crore
00:27:16 In the budget
00:27:18 As regards the urban housing scheme
00:27:20 It is being worked out
00:27:22 And there is a token
00:27:24 And it will be funded
00:27:26 When the exact contours are finalised
00:27:28 Prakash Pedashi
00:27:38 From ET Now
00:27:40 The benefit of lower tax rate
00:27:42 Of 15%
00:27:44 Has been extended for
00:27:46 Start-ups and investment by
00:27:48 My question is
00:27:50 Has it also been extended
00:27:52 For manufacturing units?
00:27:54 No, I am asking
00:28:02 Seeking clarity
00:28:04 No, thank you
00:28:06 Bloomberg
00:28:08 Mam
00:28:10 Some of the rating agencies
00:28:12 Have said that they will take a call
00:28:14 On a ratings upgrade for India
00:28:16 Only after the next budget
00:28:18 But given that this budget of yours
00:28:20 You did say that
00:28:22 It has been transparent
00:28:24 You have maintained the path of fiscal prudence as well
00:28:26 What will be your message for rating agencies?
00:28:28 Not only aligning with the
00:28:34 Fiscal consolidation road map
00:28:36 That we gave earlier
00:28:38 But bettering it
00:28:40 Is that one simple straightforward message
00:28:44 Which every rating agency should take on board
00:28:46 Should take on board
00:28:50 Mam
00:28:56 Sapna here
00:28:58 Mam, two questions
00:29:04 One very broad, generic, excellent work
00:29:06 In terms of fiscal consolidation
00:29:08 Just want to understand
00:29:10 Is it slightly ambitious
00:29:12 To have a 5.1 number
00:29:14 Right away in the interim budget
00:29:16 Broadly expectation was July budget
00:29:18 You will start
00:29:20 No, no, no
00:29:22 I don't mean that
00:29:24 But just try to understand
00:29:26 In two years you will be able to do
00:29:28 Below 4.5%
00:29:30 Very broad understanding
00:29:32 Second mam, you are talking about next generation reforms
00:29:34 Within that context
00:29:36 The government has had a massive
00:29:38 Privatisation agenda
00:29:40 There doesn't seem to be
00:29:42 Any mention of that as of now
00:29:44 Sapna, you are asking the same thing
00:29:46 But you went elaborately on it
00:29:48 Will you still be sticking to it
00:29:50 Just broadly wanted to understand
00:29:52 Please go ahead
00:29:58 Timsi Jaipuria from CNBC TV18
00:30:04 Mam, in your budget speech
00:30:06 You have given a very
00:30:08 Ambitious target of
00:30:10 1 lakh crore worth of a fund
00:30:12 For private sector
00:30:14 For research and innovation
00:30:16 Where you promised 50 year
00:30:18 Interest free loan
00:30:20 If you could give the contours of this scheme
00:30:22 Which are the sectors who will benefit
00:30:24 In terms of the private sector
00:30:26 Which are the specific sectors who can
00:30:28 Avail this corpus
00:30:30 And what kind of
00:30:32 Work or research and innovation
00:30:34 Are we focusing on
00:30:36 Sectors and how
00:30:38 This scheme will work
00:30:40 I will tell you the quantitative part
00:30:42 And Secretary EA can expand on the sectors
00:30:44 There is the 1 lakh crore
00:30:48 Is a provision over a period of time
00:30:50 As the need emerges
00:30:52 This will be provided as a 50 year
00:30:54 Interest free loan to a financial institution
00:30:56 Which will be identified
00:30:58 Which will be within the
00:31:00 Government ambit of financial institutions
00:31:02 Who will then finance
00:31:04 Or refinance projects
00:31:06 At long tenors
00:31:08 And at concessional rates of interest
00:31:10 Money has been provided in this budget
00:31:12 In the Department of Economic Affairs
00:31:14 For multiple purposes including this one
00:31:16 So there is a provision for this
00:31:18 In the Department of Economic Affairs
00:31:20 Which covers many other things also
00:31:22 As regards the sectors
00:31:24 I will leave to Secretary EA
00:31:26 As announced in the budget
00:31:28 This scheme
00:31:30 These are the sunrise sectors
00:31:32 And what is the economic logic behind it
00:31:34 These are the innovation and research
00:31:36 Investments are needed today
00:31:38 And the private sector
00:31:40 The returns will come couple of years down the road
00:31:42 And those couple of years can be
00:31:46 4 years, 5 years, 10 years
00:31:48 For some investments it can be even longer
00:31:50 So it will not be commercially viable for private sector
00:31:54 To invest if it were to be a commercial money for them
00:31:56 So this is what the fund will help them
00:32:00 Clear identification of those sunrise sectors
00:32:02 Will be through a stakeholder process
00:32:04 Business line
00:32:06 Namaskar ma'am
00:32:08 Sheshri here
00:32:10 Just two clarity ma'am
00:32:12 One is about the TCS
00:32:14 Some changes have been made in the TCS
00:32:16 On the LRS
00:32:18 So what are those changes
00:32:20 There is not much clarity
00:32:22 Because explanatory memorandum is not there
00:32:24 And the second part is the housing scheme
00:32:26 Will it be just like an interest subvention scheme
00:32:28 Or what will be the contour of that
00:32:32 So you are aware that
00:32:34 Sometime I think
00:32:36 Last year
00:32:38 May be in June or July
00:32:40 There was a press release
00:32:42 In which the TCS rates
00:32:44 Were later on changed
00:32:46 From what were announced in the budget of
00:32:48 2023-2024
00:32:50 So basically it is just to
00:32:52 Align those TCS rates
00:32:54 With what was announced in the press release
00:32:56 There is no further change
00:32:58 From what was announced
00:33:00 In the press release
00:33:02 Your question on housing was
00:33:08 What will be the contours
00:33:10 Interest subvention
00:33:12 Could be one of the features of the scheme
00:33:14 But nothing has been finalized yet
00:33:16 Its under discussion between
00:33:18 Department of Financial Services, Ministry of Housing
00:33:20 And Urban Affairs
00:33:22 Multiple options are being considered
00:33:24 On how to achieve the purpose that has been set out
00:33:26 Hello ma'am
00:33:28 One question was
00:33:30 Relating to the announcement
00:33:32 You made about the withdrawal of
00:33:34 Demand for outstanding tax
00:33:36 What will be the cost to
00:33:38 Exchequer for the tax that will be foregone
00:33:40 And second a small clarification
00:33:42 The 75,000 crore 50 year loan
00:33:44 That is linked to the
00:33:46 Milestone reforms
00:33:48 Is that in addition to the 1.3
00:33:50 Or is it part of it
00:33:56 So
00:33:58 All of you would be aware
00:34:00 That there are a large number
00:34:02 Of small demands that are pending
00:34:04 With respect to income tax
00:34:06 Wealth tax, gift tax
00:34:08 The number in all
00:34:10 About 2.68 crore
00:34:12 Such demands
00:34:14 The total amount of course
00:34:16 Is very high
00:34:18 Which is 35 lakh crore of outstanding demand
00:34:20 Lot of it is in litigation
00:34:22 But many of these demands
00:34:24 About 1 point
00:34:26 About 2.1 crore
00:34:28 In fact
00:34:30 2.1 crore out of 2.68 lakh demands
00:34:32 Are valued
00:34:34 Less than 25,000 rupees
00:34:36 Now
00:34:38 Many of these demands are very very old
00:34:40 Dating from you know
00:34:42 1962 when income tax act
00:34:44 Was
00:34:46 Was enacted
00:34:48 And right
00:34:50 Now till you know very recently
00:34:52 And till you know today
00:34:54 So this has been causing lot of
00:34:56 Hindrance especially for the
00:34:58 Tax payers because these demands
00:35:00 Are very old
00:35:02 Many of them are unreconciled
00:35:04 Because of systemic issues
00:35:06 We shifted you know our
00:35:08 CPC all all the tax
00:35:10 Records centralized them
00:35:12 In 2010
00:35:14 11 year and so that's why
00:35:16 A cut off has been taken at 10
00:35:18 11 because previously the demands
00:35:20 Were decentralized
00:35:22 And so we are unable to you know verify many of them
00:35:24 Causing disruption
00:35:26 And hindrance in payment of refunds
00:35:28 So out of this 2.1
00:35:30 Crore demands which are
00:35:32 Less than 25,000 rupees
00:35:34 About 58 lakh
00:35:38 Demand entries for
00:35:40 For the period
00:35:42 Pertaining to financial year
00:35:44 9-10 and then from
00:35:46 10-11
00:35:48 These are less than 25,000
00:35:50 As already announced by the Honorable Finance Minister
00:35:52 And another 53 lakh
00:35:54 Entries pertaining to
00:35:56 The remaining 5 years from
00:35:58 10-11 to 14-15
00:36:00 So 1.1 crore
00:36:04 Small demands
00:36:06 25,000
00:36:08 And 10,000 for the
00:36:10 5 years these are being
00:36:12 Limited the total amount
00:36:14 Is less than 3500 crore
00:36:16 The 75,000 crore
00:36:18 Is part of the
00:36:20 1,30,000 crore
00:36:22 Go ahead
00:36:24 Yes go ahead
00:36:26 Hi ma'am
00:36:28 You mentioned about that
00:36:30 Nearly 40,000
00:36:32 Real buggies will be converted
00:36:34 To Vande Bharat standard
00:36:36 But if we look at the price of Vande Bharat
00:36:38 Is comparatively higher than the other
00:36:40 Ticket prices
00:36:42 So considering the affordability of the passengers
00:36:44 What will be the pricing
00:36:46 And how will it be decided
00:36:48 If you could
00:36:50 It's up to the railways
00:36:52 But Vande Bharat trains are one thing
00:36:54 The bogies 40,000
00:36:56 Being upgraded to the Vande Bharat standard
00:36:58 Is another thing altogether
00:37:00 Those bogies
00:37:02 Probably cannot even take the speed
00:37:04 With which we want to improve
00:37:06 The high density areas
00:37:08 With better speedy transportation
00:37:10 For the common man
00:37:12 So the quality
00:37:14 The inside bogie experience
00:37:16 Is also not up to the mark
00:37:18 Because they have been so for a very long time
00:37:20 And as time passed by
00:37:22 Their quality has also
00:37:24 Come down a bit
00:37:26 So we are talking about the bogie
00:37:28 Quality
00:37:30 Matching with the Vande Bharat standards
00:37:32 As to which of those
00:37:34 Lines of traffic that they will get
00:37:36 Connected to and as a result
00:37:38 What will be the rationalisation
00:37:40 The ticket price is not something
00:37:42 That we can talk about
00:37:44 That's something which the railways will work out
00:37:46 Gradually
00:37:48 But progressively
00:37:50 That point proves that through the 40,000 bogies
00:37:52 That we are talking about
00:37:54 The quality of the Indian rail bogies
00:37:56 Which are so important for safe travel
00:37:58 And also ease of living
00:38:00 Travel
00:38:02 And comfort
00:38:04 Will need
00:38:06 Upgradation
00:38:08 Yeah
00:38:10 Please
00:38:12 Speak into the microphone
00:38:14 Good evening minister
00:38:16 You had announced an aggressive plan
00:38:18 For privatisation of two government banks
00:38:20 Couple of years back
00:38:22 So is that proposal still on table
00:38:24 And my second question is
00:38:26 Your thoughts on the shrinking
00:38:28 Every successive year
00:38:30 We have been seeing the divestment receipts
00:38:32 Shrinking
00:38:34 So your thoughts on that
00:38:36 I think Rohin has explained the second part
00:38:38 Of your question but never mind
00:38:40 I will ask him to again probably explain it
00:38:42 The disinvestment receipts as you say
00:38:52 Is basically
00:38:54 You part with your wealth
00:38:56 Which is the shares of the property
00:38:58 And convert it and monetise it
00:39:00 Now there is
00:39:02 Wealth effect also there
00:39:04 And we have partners which are the
00:39:06 Listed companies, the minority shareholders
00:39:08 If we
00:39:10 Our point is that we are also
00:39:12 Taking care of GDP as
00:39:14 FMM mentioned in respect of
00:39:16 CPSC's
00:39:18 If you look at the CPSC's performance
00:39:20 Whether it comes to CAPEX of 3.2 lakh crore
00:39:22 Whether it is their growth story
00:39:24 Whether their investment in green energy
00:39:26 Whether their performance
00:39:28 In return on capital employed
00:39:30 Whether you look at return on equity
00:39:32 On all fronts
00:39:34 We are seeing that they are
00:39:36 Big market players, they continue to improve
00:39:38 And therefore they continue
00:39:40 To reward shareholders
00:39:42 Including the government
00:39:44 Government is a majority shareholder
00:39:46 But a large part of our shareholders
00:39:48 Are minority shareholders
00:39:50 So therefore any strategy
00:39:52 Calibrated disinvestment strategy
00:39:54 Which will actually do the sum
00:39:56 Over a period of time is much more than that
00:39:58 And besides
00:40:00 Shares also give you dividend
00:40:02 And we have a consistent dividend policy too
00:40:04 And money is fungible
00:40:06 So we have to have a new paradigm
00:40:08 In terms of thinking about
00:40:10 And not to just keep on
00:40:12 Parting with our wealth at one stroke
00:40:14 We can always do it in a gradual calibrated way
00:40:16 We will take a question from the right side
00:40:20 Please go ahead
00:40:28 I have a question on this committee
00:40:30 On demographic change
00:40:32 Challenges
00:40:34 What would be the mandate
00:40:36 What are the areas it would look at
00:40:38 Will it be urbanization
00:40:40 Will it also include issues around
00:40:42 This whole issue of constituencies
00:40:44 Political constituencies
00:40:46 Given that some of the northern states have
00:40:48 Grown faster
00:40:50 Also two clarifications
00:40:52 One is on the 70,000 crore
00:40:54 For new schemes
00:40:56 What kind of schemes apart from solar, roof top
00:40:58 Are budgeted for
00:41:00 And two on this issue of
00:41:02 Tax
00:41:04 These small disputes
00:41:06 Does the 25,000 include
00:41:08 Only the principal amount
00:41:10 Or is it interest and penalty
00:41:12 For the 25,000
00:41:14 On the provision for Department of Economic Affairs
00:41:20 This has two components
00:41:22 There are certain specific announcements
00:41:24 That have been made and those are provided for
00:41:26 In addition there is a large
00:41:28 Increase in our capital expenditure budget
00:41:30 We have
00:41:32 As was done in the year
00:41:34 2022-23
00:41:36 We have kept this in the Department of Economic Affairs
00:41:38 To be allocated
00:41:40 To whichever department requires it
00:41:42 At the pace that it is able to absorb
00:41:44 So that we have flexibility
00:41:46 To allocate it to whichever department is able
00:41:48 To absorb it fastest
00:41:50 Whether it is railways, highways, telecom
00:41:52 We have all of them
00:41:54 And they are all essentially eligible to take this money
00:41:56 When the requirement arises
00:41:58 So that we have flexibility to optimize its utilization
00:42:00 Let me answer the second part
00:42:06 As to your question
00:42:08 As to whether
00:42:10 The 25,000 rupees amount
00:42:12 Which is being withdrawn
00:42:14 Till the year 2010
00:42:16 And 10,000 being withdrawn
00:42:18 From 2011 to 2014-15
00:42:20 Let me clarify that this is the amount of demand
00:42:22 Which is mentioned in our books
00:42:24 And so when this demand is actually entered
00:42:26 Then it will include
00:42:28 Even the interest
00:42:30 Till the point
00:42:32 When the demand was actually assessed and entered
00:42:34 So it includes the interest till that point of time
00:42:36 And any interest which
00:42:38 Occurs later on is also withdrawn
00:42:40 The front row, left side
00:42:42 Hello ma'am
00:42:44 Madam, I have a question
00:42:46 I have a question
00:42:48 Please
00:42:50 Hello ma'am
00:42:52 When we talk about demography
00:42:58 It is an opportunity
00:43:00 It is a challenge
00:43:02 And the current numbers
00:43:04 How the changes are happening over a period of time
00:43:06 This committee will have
00:43:08 A mandate
00:43:10 To have an extensive consideration
00:43:12 Of those challenges
00:43:14 And the opportunities
00:43:16 For a good set of recommendations
00:43:18 Hello ma'am
00:43:22 I am Monica from the New Indian Express
00:43:24 In your budget speech you mentioned about the
00:43:26 India-Middle East-Europe Economic Corridor
00:43:28 So given the fact that
00:43:30 There are conflicts in the Middle East region
00:43:32 So is the project still on track?
00:43:34 And also when the French President was here
00:43:36 Was there any discussion on the corridor?
00:43:38 Well, it's been announced
00:43:44 And we are taking it forward
00:43:46 Yes, there is
00:43:48 Significant disturbance
00:43:50 In the Red Sea area
00:43:52 And the Middle East
00:43:54 But this is a project which has
00:43:56 Long term implications for the entire region
00:43:58 Region up to Europe
00:44:00 Because it also includes Europe
00:44:02 So yes, we will be
00:44:04 Taking this project forward
00:44:06 We will be consulting and taking it
00:44:08 In all its contours
00:44:12 Second last question
00:44:14 Himanshu Shekhar from
00:44:16 NDTV India
00:44:18 Second last question
00:44:20 You have made an important announcement
00:44:22 About the PM's housing scheme
00:44:24 In the next five years you will be building 2 crore houses
00:44:26 Has it been decided how many houses
00:44:28 Will be built in rural areas and in which cities?
00:44:30 As before
00:44:32 For rural areas
00:44:34 For rural areas 2 crore more
00:44:36 More houses
00:44:38 And your target of 2 crore 95 lakh
00:44:40 Has been achieved
00:44:42 3 crore we are close to achieving
00:44:44 3 crores
00:44:46 And over and above the 3 crores
00:44:48 This is 2 crore
00:44:50 And for this
00:44:52 There has been an estimation
00:44:54 Of how much allocation will be done
00:44:56 Allocation is provided for
00:44:58 It will be supplemented when the costing is worked out
00:45:00 But there is a provision to
00:45:02 Kick it off
00:45:04 Thank you sir
00:45:06 Please go ahead
00:45:08 You mentioned the mandate
00:45:20 Which I think we wanted a bit more clarity on that
00:45:24 Is it going to be something similar to the population control bill that has been
00:45:28 Spoken about in the past
00:45:30 Or is it going to have a different mandate
00:45:36 Say the budget speech says
00:45:38 And I have already
00:45:40 Responded to that
00:45:42 Wait for the terms of reference
00:45:44 To come out
00:45:46 Then we will get to know the exact details
00:45:48 But overall approaches
00:45:50 It is a huge opportunity
00:45:52 But there are challenges
00:45:54 Both have to be taken note of
00:45:56 And appropriate responses
00:45:58 To be taken
00:46:00 So that is really that broad
00:46:02 Idea I can share with you
00:46:04 And the terms of reference will come out
00:46:06 Please go ahead
00:46:10 Good evening ma'am
00:46:12 This is Parth Singh from Outlook Business
00:46:14 Since you spoke about bringing the East India to pace
00:46:16 In terms of development
00:46:18 I wanted to ask you
00:46:20 How does the government plans to address
00:46:22 The industrial gap
00:46:24 To help these states
00:46:26 In a free market economy
00:46:28 And for example
00:46:30 More than 70% of the PLI projects
00:46:32 Are currently concentrated
00:46:34 Into just three states
00:46:36 So I wanted to ask you that
00:46:38 They are not concentrated
00:46:40 In three states because
00:46:42 We want them to be concentrated in three states
00:46:44 If there are investments happening
00:46:46 And if there is going to be
00:46:48 Production in any other
00:46:50 Non three states
00:46:52 That you want to talk about
00:46:54 PLI will be extended to them as well
00:46:56 It doesn't go on the criteria of geography
00:46:58 It grows on the criteria of manufacturing
00:47:00 It grows on the criteria of
00:47:02 How many additional units are produced
00:47:04 I just want to add to that
00:47:08 The public sector investments have gone
00:47:10 Substantially to the eastern region
00:47:12 Whether you look at gas pipelines
00:47:14 New fertilizer plants
00:47:16 Or even new LHB railway
00:47:18 Rolling stock
00:47:20 Which is being manufactured in Bihar
00:47:22 So a considerable amount of the public sector investment
00:47:24 Is focused on the eastern region
00:47:28 If I can add on this particular one
00:47:30 As we are all aware
00:47:32 Aspirational districts program
00:47:34 In those districts
00:47:36 Is making a very significant change
00:47:38 60% of those districts
00:47:40 Happen to be in eastern India
00:47:42 And when the people are better educated
00:47:44 Etc. etc.
00:47:46 Then more economic opportunities
00:47:48 Get generated there
00:47:50 Because still manpower is available in those areas
00:47:52 We will see over a period of time
00:47:54 And that is what the government will also be providing
00:47:56 Appropriate support
00:47:58 Ma'am this is Nivedita Mukherjee
00:48:00 From the Sunday Garden
00:48:02 This is with regard to
00:48:04 The National Volatilization Pipeline
00:48:06 That was launched in
00:48:08 August 9, 2021
00:48:10 And with regard to your focus on
00:48:12 Infra in this budget
00:48:14 Do we see also that going forward
00:48:16 And what has been the progress
00:48:18 Ma'am these are two different things
00:48:22 A very large part of
00:48:24 Infra assets
00:48:26 Are held by
00:48:28 Those Infra agencies or the public sector
00:48:30 Undertaking
00:48:32 As they embark upon their more capital investment
00:48:34 They also monetize some of their assets
00:48:36 And plough it back
00:48:38 Some of the assets are owned by the government
00:48:40 So those monetization proceeds come to the government
00:48:42 So that one is going on
00:48:44 And that periodically those numbers come out
00:48:46 And if I recall next year is also
00:48:48 Very ambitious number for monetization
00:48:50 But everything doesn't come to the government
00:48:52 Ma'am I have a question
00:48:54 Actually could you please
00:48:56 Please identify yourself
00:48:58 Then ask your question
00:49:00 I am Bani Kinkar Patnaik
00:49:02 From the Economic Times
00:49:04 Ma'am could you please elaborate a bit
00:49:06 On the proposed changes
00:49:08 In the calculation of
00:49:10 Agricultural income
00:49:12 Under the new tax regime
00:49:14 And ma'am
00:49:16 On the 75,000 crore loan
00:49:18 See under the new tax regime
00:49:20 See under the new tax regime
00:49:22 Income from agriculture
00:49:24 Yes yes
00:49:26 I mean
00:49:28 Some
00:49:30 Some reports I saw ma'am
00:49:32 I am not here to answer some reports
00:49:34 We will go ahead
00:49:36 Ma'am
00:49:38 On this 75,000 crore
00:49:40 You know
00:49:42 Interest free loans to states
00:49:44 Since it is part of 1.3 lakh crore
00:49:46 Allocation under CAPEC
00:49:48 So will the same
00:49:50 You know
00:49:52 Reforms conditions continue
00:49:54 Or will there be additional
00:49:56 Reforms conditions
00:49:58 The specifics will be worked out
00:50:00 And it will be reform linked
00:50:02 What reforms, how much, for what
00:50:04 Is something that will come when the guidelines are issued
00:50:06 Please go ahead
00:50:08 Hi ma'am
00:50:14 This is Vikas from the Hindu
00:50:16 Last year's finance bill debate
00:50:18 During the debate you had announced the formation of a new committee
00:50:20 To review the national pension system
00:50:22 Benefits to central government employees
00:50:24 And there was an expectation that
00:50:26 You know by six months or so
00:50:28 We might have some outcomes that you could consider
00:50:30 So
00:50:32 Can we expect that anytime soon
00:50:34 Or do you think that might be left for the full budget now
00:50:36 One
00:50:38 And secondly
00:50:40 You have talked about, you have committed your government to
00:50:42 You know taking forward the next generation reforms
00:50:44 I want to get some sense of
00:50:46 What are our priority areas there
00:50:48 And lastly
00:50:50 Sorry to take a stab at it again
00:50:52 But this population
00:50:54 Growth committee that we are looking at
00:50:56 Is it likely to happen
00:50:58 After the census
00:51:00 Because we have not had a census for a while
00:51:02 And as per the National Family Health Survey
00:51:04 2020 numbers that we have
00:51:06 Our total fertility rate is already
00:51:08 Below the replacement rate at round two
00:51:10 So
00:51:12 Is there some way that we are looking at
00:51:14 Keeping our population
00:51:16 Stable at a certain level or to reduce it
00:51:18 Over a broader period
00:51:20 You may want to
00:51:22 Help me by saying question number one
00:51:24 Question number two, I will go on answering
00:51:26 You seem to have asked me about five different questions
00:51:28 Please go ahead, what was your first
00:51:30 NPS
00:51:32 NPS was first
00:51:34 Once we are ready with
00:51:36 The report we will let you know
00:51:38 There is no
00:51:40 I don't think there was a time
00:51:42 Given, we said at the earliest
00:51:44 They will give the report, so that stays there
00:51:46 What's your second
00:51:48 Second was some sense of the priority areas
00:51:50 For next generation reforms
00:51:52 Ajay, you want to add in there
00:51:54 You would have noticed that
00:51:56 A particular section and extensively
00:51:58 Covered that what will be the broad
00:52:00 Strategies
00:52:02 For the next several years
00:52:04 Getting into those, so those are the indications
00:52:06 That that can be the broad area for the
00:52:08 Reforms, the next generation of reforms
00:52:10 But that's not an exhaustive list
00:52:12 But the broad sense you can get it from there
00:52:14 And the third was
00:52:16 The population bit
00:52:18 The third was the population bit
00:52:20 I think that was answered
00:52:22 Please confine to one question
00:52:24 Because lot of
00:52:26 Many questions are still there, please go ahead
00:52:28 Good evening ma'am
00:52:30 Janani from NDTV Profit
00:52:32 Ma'am, I would like to get some
00:52:34 Perspective on some of the
00:52:36 Outlays, one being
00:52:38 The CapEx infusion to
00:52:40 OMCs in FY20
00:52:42 For budget, there was
00:52:44 30,000 for retrofitting
00:52:46 Petroleum retrofitting for OMCs
00:52:48 This in the revised
00:52:50 Estimate, it was said that
00:52:52 15,000 only would be allotted ahead of the budget
00:52:54 But later we have seen that
00:52:56 The same 15,000 amount is there for
00:52:58 FY25, just want to understand if the same
00:53:00 Has been deferred and
00:53:02 Also on the fertilizer subsidy
00:53:04 Comparatively it is lesser
00:53:06 So the reason or reasons
00:53:08 Behind that ma'am
00:53:10 On the Oil Marketing
00:53:14 Company public investment
00:53:16 The requirements were reassessed
00:53:18 And it is also
00:53:20 Been deferred to next financial year
00:53:22 So what and
00:53:24 It has not been provided in the revised
00:53:26 Estimate, so it was not that it was provided
00:53:28 Just coming out with the revised estimate
00:53:30 So it is not going to be in this financial year
00:53:32 It has been provided for in the next financial year
00:53:34 And the second part was
00:53:36 Fertilizer subsidy is estimated
00:53:38 Based on recent trends in global
00:53:40 Ammonia and fertilizer prices which have been
00:53:42 On a downward trend for the last
00:53:44 Six months, so it is our
00:53:46 Current estimate based on the best information
00:53:48 We have right now, which is very different
00:53:50 From the prices which were there during
00:53:52 The early part of this year
00:53:54 You have assumed nominal GDP of
00:54:00 10.5 for the budget
00:54:02 So that would, just wanted to know
00:54:04 The division between
00:54:06 The real GDP growth and the
00:54:08 Deflator, also
00:54:10 The tax collection growth is
00:54:12 Seen at 11.5 if I am not wrong
00:54:14 So there seems to be a more significant
00:54:16 Gap between the two which we have
00:54:18 Seen a trend in the past
00:54:20 One more clarity, I am sorry
00:54:22 For adding, this is
00:54:24 With regard to
00:54:26 A mention that the average
00:54:28 Real income of people have increased
00:54:30 By 50% with
00:54:32 Moderate inflation, mentioned
00:54:34 In the speech, just wanted to clarify
00:54:36 Is this linked to investment rate
00:54:38 Or per capita income, thank you
00:54:40 Answer
00:54:42 Again you have to help me out and you ask two three questions
00:54:48 So again for the budget
00:54:52 Purposes, it is the
00:54:54 Nominal GDP which is
00:54:56 Relevant, that is how the fiscal deficit
00:54:58 And other deficit numbers are done
00:55:00 So that estimate is 10.5%
00:55:02 And I recall last year
00:55:04 Again several of you said that
00:55:06 Are we underestimating, overestimating
00:55:08 Etc, we said we have a realistic
00:55:10 Number, up for this year it has been
00:55:12 8.9, our sense is
00:55:14 That next year 10.5%
00:55:16 Nominal growth rate is
00:55:18 A reasonable number, as far as
00:55:20 Real growth is concerned
00:55:22 The breakup, breakup is
00:55:24 Not a budget issue, you would have seen
00:55:26 The document which economic advisors
00:55:28 Brought out just two days back
00:55:30 And he has extensively covered
00:55:32 His take on what the real
00:55:34 Growth would be and so you
00:55:36 Would have read the document
00:55:38 Already, your second question
00:55:40 50% is a
00:55:44 I said that
00:55:46 That announcement or rather the data
00:55:48 Which has been shared in the budget
00:55:50 Is in real terms, so that
00:55:52 Has nothing to do with inflation, you are combining
00:55:54 The two issues here, there is a
00:55:56 Constant prices, income has gone up
00:56:00 By 50%, there is yet
00:56:02 Another statement which is coming up
00:56:04 There has been a moderate
00:56:06 Inflation, inflation has been kept within
00:56:08 The policy band, except for the
00:56:10 Post pandemic period, if you
00:56:12 Take the 10 year period, it has been
00:56:14 Well within the policy band
00:56:16 I will just clarify
00:56:18 This, I think the
00:56:20 Reference to the growth in real
00:56:22 Per capita income is
00:56:24 56% is the growth
00:56:26 Between FY14 and FY23
00:56:28 That is what ma'am was
00:56:30 Referring to in her speech and
00:56:32 57% growth in real per capita
00:56:34 GDP, okay, that is
00:56:36 What she was referring to, thank you
00:56:38 Please go ahead
00:56:40 I am Meghana Mittal from Money Control
00:56:42 The government is announcing the budget
00:56:44 Lowering the market borrowing for next financial year
00:56:46 The gross market borrowing
00:56:48 So I just wanted to understand what gives the confidence to the government that they will be able to lower the market borrowing amid the global challenges and the capex increase that has been announced
00:57:06 So I think
00:57:08 The confidence comes from the numbers that are presented
00:57:12 So if the revenue numbers are realistic
00:57:14 If the expenditure numbers are realistic
00:57:16 Then the deficit number is realistic
00:57:18 That deficit number is then broken up into sources of financing
00:57:20 And we have taken a 10.5% nominal growth rate
00:57:22 11.5% revenue growth rate
00:57:24 Which is a buoyancy of less than 1.1
00:57:26 This year we have achieved 12+ with a nominal growth of 8.9
00:57:28 So I think a very decent, very conservative buoyancy has been assumed
00:57:30 In addition,
00:57:32 The government has also announced
00:57:34 That they will be
00:57:36 In addition, the expenditure numbers are realistic
00:57:48 We have provided for everything
00:57:50 Therefore, the deficit numbers are achievable
00:57:52 And the borrowing breakdown is given here
00:57:54 In terms of how much is market
00:57:56 How much is small savings
00:57:58 Small savings, we have shown a declining trend
00:58:00 In resources from small savings
00:58:02 We have shown a declining trend in external debt
00:58:04 And that is reflected in these borrowing numbers
00:58:06 So these are very realistic borrowing numbers
00:58:08 On the gross borrowing coming down
00:58:10 Next year, some of the repayments of loans taken
00:58:12 Will not be happening from the consolidated fund
00:58:14 They are repayments of the GST back-to-back loans
00:58:16 So they don't necessarily lead to new gross borrowing
00:58:18 So there is a slight recalibration between the growth of the net
00:58:20 In fact, not the growth
00:58:22 The decline in the net borrowing is reflected in the borrowing numbers
00:58:24 So these are very realistic borrowing numbers
00:58:26 On the gross borrowing coming down
00:58:28 Next year, some of the repayments of loans taken
00:58:30 Will not be happening from the consolidated fund
00:58:32 So the decline in the net borrowing is gentle
00:58:34 The decline in the gross borrowing is steeper
00:58:36 But there is a reason for it
00:58:38 So it is very realistic
00:58:40 Good evening
00:59:08 Good evening ma'am
00:59:10 This is Sanjay Agarwal
00:59:12 I first like to congratulate the entire
00:59:14 I am Sanjay Agarwal
00:59:16 I work for PN News
00:59:18 It is a newspaper
00:59:20 This is a newspaper ma'am
00:59:22 What news?
00:59:24 It is PN News
00:59:26 It is a newspaper, it is a bilingual ma'am
00:59:28 PN News
00:59:30 How do you spell it?
00:59:32 It is P for Press
00:59:34 N for Nation
00:59:36 PN
00:59:38 So first I would like to congratulate you
00:59:40 You have made history by presenting the sixth consecutive budget
00:59:44 My question has already been taken by another friend
00:59:48 I want to know that
00:59:50 You are talking about income tax demands
00:59:52 As explained by Sanjayji
00:59:54 That there have been
00:59:56 The borrowings is 14.13 lakh crores
01:00:00 And your effect is 3.8 CR
01:00:04 So wouldn't it affect
01:00:06 And wouldn't it become like in the future
01:00:08 There are a lot of quotes
01:00:10 People are going to say
01:00:12 Okay, waive off our demands
01:00:14 Is this not going to set a wrong
01:00:16 I don't know what should I call it
01:00:20 See as I mentioned to you
01:00:22 This should not be seen as a waiver
01:00:26 Because as I mentioned in the year 10-11
01:00:32 We shifted our records
01:00:34 Which were previously maintained
01:00:36 At zonal levels or state levels
01:00:40 And which were mostly paper records
01:00:44 Or if they were computerized
01:00:46 Then they were held in computers locally
01:00:48 There was no central record
01:00:50 So in the year 10-11
01:00:52 We shifted this centrally to our central processing centre
01:00:56 Now in Bangalore
01:00:58 Lot of those demands
01:01:00 Which are over there
01:01:02 They have actually been paid for
01:01:04 By the tax payers
01:01:06 Because when we reach out to them
01:01:08 And we tell them this is a demand
01:01:10 This is a small demand of course
01:01:12 But they say well we have already paid it
01:01:14 But the records were not with us
01:01:16 Because they were already centralized
01:01:18 And so mostly
01:01:20 These demands are actually not existing
01:01:24 They are existing on paper
01:01:26 But they are not actual demands
01:01:28 They are mostly fictitious
01:01:30 And they are not going to yield any revenue
01:01:32 Some of them of course are very very small
01:01:34 1 rupee, 2 rupee, less than 10 rupees
01:01:36 So it is not a waiver
01:01:38 That is why Hon F. M. in her speech has not called it a waiver
01:01:42 It is just a withdrawal
01:01:44 It is just a correction of entries
01:01:46 Shall we conclude or you would like to take one or two questions?
01:01:50 Yes
01:01:52 We go to the middle row
01:01:54 Yeah
01:01:56 No supplement please
01:01:58 And now please confine to one question now
01:02:02 All of you, the three of you
01:02:04 Good afternoon ma'am
01:02:06 Congratulations to you and everybody
01:02:08 Karishma Desai from Business Today
01:02:10 Ma'am if you look at the Mandrega allocation
01:02:13 If you see the trend for the last few years
01:02:15 Whatever has been budgeted
01:02:17 Usually the revised allocation goes of course slightly a bit more
01:02:21 And if the trend carries on
01:02:23 It could be seen in FY25 also
01:02:25 That you may have to allocate more in the next budget
01:02:28 I would like to understand from that point of view
01:02:31 Ma'am is the Centre happy with the way the scheme is working?
01:02:35 Especially in cooperation from the States
01:02:39 First of all Mandrega allocation is not done on the basis of a trend
01:02:44 It is based on the demand coming from the ground
01:02:50 That is one answer for your first question
01:02:55 But on your second, much more than me commenting
01:02:58 CAG has commented on the way Mandrega is operating in some states
01:03:04 Where claims are all reaching a stage where they need to be verified
01:03:11 Are they really existing people in the ground?
01:03:14 Are people not really those for whom the payments are going?
01:03:18 And questions critical to the very spirit letter and spirit of that program
01:03:24 So to that extent the CAG reports themselves highlight
01:03:28 Where course corrections will have to happen in those respective states
01:03:33 I am not saying a problem existing in one state is the same across both
01:03:38 Some states may do with some kind of a problem
01:03:41 Some others do with other kind of problems and so on
01:03:44 So that has to be addressed differently from
01:03:47 Are you gradually coming down in terms of allocation
01:03:50 You are putting two and two together which may not be right
01:03:53 Ma'am, hello, this is Surbhi from Business Today magazine
01:03:57 Ma'am, I wanted to understand by when will the white paper that you have announced
01:04:01 come out and will it be done by the Finance Ministry?
01:04:04 And secondly ma'am on CAPEX, do we foresee any slowdown in CAPEX this fiscal
01:04:10 Because we have about two and a half, two months left now
01:04:13 And we will have the model code of conduct coming in
01:04:17 No, no, no, no, but yeah, so just wanted your thoughts on that, thank you
01:04:23 [Unclear]
01:04:46 Sorry, I am quite surprised that questions are already coming
01:04:51 Saying your increase is not sufficient, is it going to be absorbed or not
01:04:56 And varying words used for that
01:04:58 We believe that CAPEX from the government will continue
01:05:02 And we have given a good number this time also
01:05:05 And it is important to continue as well
01:05:07 Just to add to this point, model code of conduct, no new work can be started
01:05:15 Whenever the model code of conduct work comes
01:05:18 Now in the balance two months of the current financial year
01:05:21 Ongoing works will go on with full pace
01:05:24 There is absolutely no bar on continuing with those works
01:05:27 Sumit Chaturvedi, ET Now
01:05:29 Again the question is, you said there will be white paper on pre and post 2014 economy
01:05:35 What is the timeline for that, you said it will be coming soon
01:05:38 I would like to add a similar question
01:05:40 Because what would be the parameters on which both periods' comparison will happen
01:05:46 Because they were both the different periods with different kind of challenges
01:05:50 Comparison is always between two different periods only
01:05:54 I can't compare myself on myself today, this minute, can I
01:05:58 They have to be varying periods to compare
01:06:00 It has to be so
01:06:02 On the timeline, ma'am
01:06:04 Wait when the white paper is laid down
01:06:08 I am Nikunjohri from Reuters
01:06:12 Requesting some clarity on the gross borrowing, lowering of the gross borrowing
01:06:16 Market borrowing for next year
01:06:18 One of the annexure to the budget document says that
01:06:21 Maturing debt will be met through GST compensation fund
01:06:24 So I wanted you to clarify whether this relates only to the back to back loans
01:06:29 That were given to states earlier
01:06:31 Yes, absolutely only to that
01:06:33 So thank you very much
01:06:36 It was an elaborate press conference
01:06:38 Thank you very much for your presence, everybody
01:06:41 Thanks a lot
01:06:43 [Silence]
01:07:04 [Bloopers]
01:07:31 The gods are subject to the law of cause and effect
01:07:35 At the end of the Mahabharata, Lord Krishna is cursed by a human being
01:07:39 By Ma Gandhari and he doesn't say how dare you this blasphemy
01:07:42 He accepts it as you command mother
01:07:44 People with complete clear moral certainty
01:07:47 Just went around massacring tens of millions, hundreds of millions of people
01:07:51 Simply because they worshipped idols
01:07:53 Mughals, why do we call them Mughal at all
01:07:55 Why don't we call them Mongol
01:07:58 Because that's the origin, they were Mongols
01:08:01 And the minute we call them Mongols, the debate ends
01:08:04 I certainly don't call for the elimination of Sanatan
01:08:07 I am a very proud Sanatani
01:08:09 In fact I think perhaps the world needs the philosophies of Sanatan
01:08:14 There is a divine
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