Has he done a good job? The answer depends on the following three considerations.
One, is whether the budget would speed up the state’s economic growth or the state’s Gross Domestic Product(GDP).
Two, whether the budget would promote social welfare in the state?
Three, whether the budget encourages fiscal discipline in the state?
Macroeconomic theory tells us that government expenditure is a critical determinant in stepping up economic growth in a state or country. At the very outset of his budget speech, Devda explicitly stated that the government intends to double the size of the budget( which means doubling the state government spending) in the next 5 years. The FM has provided for a huge Rs 326,382 crores as total government expenditure for 2024-25; 16 percent more than the 2023-24 budget estimates. A long-term view would also make the contrast clear. In 2004-05, the total state government expenditure was just Rs 24,361 crores implying a more than 13-fold increase in government spending in the last 20 years.
Diese Geschichte stammt aus der July 07, 2024-Ausgabe von The Business Guardian.
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