Union Finance Minister Nirmala Sitharaman said that due to the freebies announced by the political parties before the elections, the government organizations are facing financial burden and said that appropriate funds should be allocated from the budget for the freebies.
Petitions have been filed in the Supreme Court against the announcement of freebies by political parties to attract votes before elections. The court is investigating it.
In this case, the awards ceremony for banks was held in Mumbai on Friday. Minister Nirmala Sitharaman, who participated in it, said, ‘There is a need for a detailed discussion on political parties releasing announcements regarding freebies before the election. At the same time, the parties announcing the freebies should also disclose the details related to the management of the expenditure.
The financial loss caused by giving freebies should not be imposed on other bodies of the government. For example, power generation companies and power distribution companies are facing severe financial losses due to freebies announced by parties.
Many parties promise free electricity supply before election. After polling, sometimes the state governments give due amount to the power generation companies. Sometimes the amount is not paid. So they face financial burden. The responsible party shall allocate funds from the budget for free announcements after winning the auction.
Economic growth: The Reserve Bank of India (RBI) has predicted that the country’s economy will grow by 7.4 percent in the current financial year 2022-23. A similar level of growth is expected to continue in the next financial year as well.
The International Fund (IMF) and the World Bank have predicted that India’s economy will grow at a very fast pace in the next two years. The estimates of those organizations are aligned with those of RBI. The international economic environment remains challenging. As foreign economic growth has been affected, the country’s exports are likely to face a difficult environment,’ he said.