Swadeshi Jagran Manch (SJM) welcomes Union Budget

The Manch has stated that despite a Fiscal Deficit of 6.8 per cent projected for next year, the nation will be able to not only have high growth of GDP (Gross domestic product), but also bring back employment opportunities, hampered during the pandemic last year and 'killed' in the last two decades due to 'onslaught' of Chinese imports.

"Allocation of more funds for infrastructure, the announcement of new infrastructure projects, the efforts for the revival of industries closed due to Chinese imports, an unprecedented increase of 137 per cent The Swadeshi Jagran Manch (SJM) has congratulated the Union Finance Minister for presenting a budget which will help to 'revive' the economy impacted by the COVID-19 pandemic.n spending on health, the allocation of additional funds for research and development are all welcome measures," the SJM stated in a release.

The Manch stated that despite being a developing country, the way in which India has dealt with the pandemic is exemplary.

"Production Linked Incentives worth Rs 1.97 lakh crore is a major step towards revival of manufacturing in the country. A provision of Rs 20,000 crore for share capital for the establishment of development financial institution (DFI) is again an appreciable move," said SJM national co convener Ashwani Mahajan.

He also welcomed the jump from Rs 4.12 lakh crore kept in Budget 2020-21 for capital expenditure to a provision of Rs 5.45 lakh crore for the coming year.

"Provision of capital expenditure of Rs 1.08 lakh crore for roads, apart from provision of capital expenditure of Rs 1.07 lakh crore for railways, efforts for metro, waterways, ports, petroleum and natural gas are all commendable," stated Mahajan.

The Manch also expressed concern on raising the FDI limit in the insurance sector from 49 per cent at present to 74 per cent. It said it is worrisome as increasing foreign dominance in the financial sector is not a prudent step. "The increases foreign dominance over the financial resources of the country and impacts the development of the country," Mahajan added.