Budget 2023 is completely ignoring the poor. How? Click Here to know! - The News Vivo

Budget 2023 is completely ignoring the poor. How? Click Here to know!

Budget 2023_Is it strange that during the 90-minute address, the FM only mentioned the word “poor” twice?

Budget 2023
Budget 2023

That hit the poor in the belly. Every finance minister (FM) would extol the virtues of how their government’s programmes and policies are centred on the needs of the underprivileged. Given that a sizable portion of India’s population lives in poverty, it is appropriate. The percentage of the population that may be called poor will range from 25 to 40% depending on the state when only a few indicators are taken into account, such as per capita income, unemployment, food consumption, housing, and sanitation.

The pandemic years (2020–2022), the ongoing inflation (CPI inflation 6.52%), and the unemployment rates (Urban 8.1%, Rural 7.6%) have only made matters worse. The year 2023 has had a gloomy beginning. Many thousands of workers are being let go by large corporations. Higher than average unemployment rates are also affecting the educated middle class.

The Poor

Rising inequality in India has revealed many truths. According to an Oxfam report, the richest 5% of people in India own more than 60% of the country’s total wealth, while the poorest 50% own only 3%. In their 2022 Inequality Report, Chancel, Piketty and others estimate that the bottom 50% receive only 13% of national income.

The top 5-10% (7-14 million people) flaunt their wealth, spending and consumption, which helps the “shine” in the market. (Lamborghini’s annual production in India will run out in 2023, and the company is only taking orders for delivery in 2024.The cheapest model in India costs Rs 3.15 crore, old showroom.) These are extremely wealthy people. The bottom 50% consists of the poor.

According to CMIE,(Centre for Monitoring Indian Economy.) the total workforce in India is 43 cores. Among them, the rate of being employed or looking for work is 42.23%, among the lowest in the world. 7.8% of total households (approx. (2.1 billion households) without a job. 30% of employees (about 13 crore) are daily wage earners. The average monthly household consumption expenditure is Rs 11,000.

These households are poor. The Government’s National Family Health Survey-5 shows that among women aged 15-49, the majority (57%) are anemic.Only 11.3% of children aged 6-23 months have adequate nutrition. Percentage of malnourished children with low birth weight (32.1%), stunting (35.5), emaciation (19.3) and severe malnutrition (7.7) alarming. These sections do not receive enough food. They are the poor.

How the budget 2023 hurts the poor.

Now, ask the writers of Budget 2023-24 what they have done for the poor, for the lowest 50% of the population, for the jobless, and for those who do not have enough food. The numbers in the Budget 2023 papers include the answers. Here are a few examples given below

The allotted monies were not spent during 2022-23 under major headings that would have created jobs and offered aid to the poor

Budget Estimates
Revised Estimate
Agriculture & Allied Activities83,521 Cr76,279 Cr
PM Kisan68,000 Cr60,000 Cr
Social Welfare51,780 Cr46,502 Cr
Education104,278 Cr99,881 Cr
Health86,606 Cr76,351 Cr
Umbrella Scheme for ↓
Scheduled Castes8,710 Cr7,722 Cr
Scheduled Tribes4,111 Cr3,874 Cr
Minorities1,810 Cr530 Cr
Vulnerable Groups1,931 Cr1,921 Cr

Allocations made at the beginning of the year are meaningless if the amount spent at the end of the year is much less than what was assigned. The impoverished have been taken advantage of.

There is no indication of a shift in strategy for 2023-24

Budget Estimates
Revised Estimate
MGNREGA89,400 Cr60,000 Cr
Fertilizer2,35,220 Cr1,75,100 Cr
Food2,87,194 Cr1,97,350 Cr
Petroleum9,171 Cr2,257 Cr
PM Swasthya Suraksha Yojana (Health Insurance Scheme)                                             8,270 Cr3,365 Cr
National Social Assistance (Old Age, Disability Pensions)Programme 9,652 Cr9,636 Cr
PMPOSHAN (Mid-day Meals Scheme)12,800 Cr11,600 Cr
Atmanirbhan Bharat Rojgar (Employment Scheme)Yojana 5,758 Cr2,273 Cr

How Budget 2023 hit the poor in the belly

Budget 2023
Budget 2023,Budget 2023,Budget 2023

Only when the allotted amount is spent will jobs be created or social benefits accrued. In addition, any subsidy that appears to be higher than the previous year’s benefit must be adjusted for inflation, and in many cases one will find that the benefit is in fact lower.

Every program that directly benefits the poor gets less money, and after adjusting for inflation, it gets even less. In addition, there was no reduction in GST (64% of the total recalls were from the bottom 50%). There are no taxes or discounts on gasoline, diesel and LPG.It’s as if FM is happily ignoring post-pandemic increases in poverty, inequality, unemployment, layoffs, malnutrition, anemia, stunting and emaciated children.

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