New Delhi, February 3: On February 1, Union Finance Minister Nirmala Sitharaman presented the annual budget. Retired IRS officer Anil K. Rawal has expressed his approval of the budget, stating, “I believe it is a good budget.”
In an interview in New Delhi, Rawal emphasized that the public should not judge the budget based on stock market fluctuations. “This is a good budget. We should not focus on the direction of the stock market. Priorities matter. The budget outlines the government’s direction and its goals. It clearly illustrates the government’s long-term priorities,” he remarked.
He noted that previously, budgets were primarily assessed based on the relief provided and the measures announced. However, as seen in the mid-term budget, significant relief has already been granted under GST. “Our economy is growing steadily, and our main priority is to maintain this growth. We need to consider the impact of this growth over the next 20 years,” he added.
Rawal highlighted the importance of current capital expenditure in sustaining future growth. “In recent years, our focus has been on building roads. This time, we are also working on logistics movement through water canals to strengthen the supply chain and developing special corridors in railways. All these initiatives are moving towards deeper reforms,” he explained.
He pointed out that as capital expenditure increases, controlling inflation becomes crucial, and managing the fiscal deficit is even more vital.
Discussing fiscal management, Rawal praised the government for maintaining the fiscal deficit target at 4.3 percent. “Keeping the deficit below 5 percent is a sign of strong financial discipline. Despite global challenges, the government is in a good position to manage its finances responsibly,” he stated.
According to Rawal, another significant focus of the budget is the formalization of the economy. He explained that by expanding the scope of schemes like ESI and bringing more workers and businesses into the formal system, the government is reducing leakages and improving compliance. This process is gradually integrating small and informal businesses, especially in rural areas, into a structured economic framework.
On digital tracking and tax evasion, he remarked that this is the most crucial reform. “Data is the backbone of modern enforcement. Just as modern warfare is fought using technology and drones, financial enforcement today is data-driven. Departments like GST can easily identify fake suppliers and suspicious transactions through the system. This significantly enhances transparency and accountability.”
My name is Narendra Jijhontiya. I am an experienced content writer with several years of expertise in the field. Currently, I contribute to Daily Kiran, creating engaging and informative content across a variety of categories including TECHNOLOGY, health, travel, education, and automobiles. My goal is to deliver accurate, insightful, and captivating information through my words to help readers stay informed and empowered.
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