Finance Minister Nirmala Sitharaman on Tuesday expressed anguish at Parliament not having a debate on the Union Budget as proceedings in both Houses have been a washout so far and accused the Opposition of resorting to diversionary tactics to distract people’s attention from the “success story” of Indian economy.
“I feel very sad as a debate on the budget would have given me a chance to explain its various positives,” she told reporters here. The Modi government, she asserted, has been presenting “honest and transparent” budgets year after year, she said.
Noting the buoyant direct and indirect revenue collections and inflation hovering around the upper tolerance limit amid a sluggish global economy, Sitharaman said India remains the fastest growing major economy globally.
“Indian economy is a success story,” she said, citing figures.
Asked about the Opposition’s attack on the government over various issues, including the Adani-Hindenburg row, she said opposition parties, especially the Congress, have been resorting to various tactics to divert people’s attention from the success of Indian economy.
The country’s revenues have been growing without levying any additional tax despite global setbacks like COVID-19 pandemic, she said.
In the 2022-23 fiscal year, gross Goods and Services Tax (GST) mop-up grew 22 per cent to Rs 18.10 lakh crore. The average gross monthly collection for the full year is Rs 1.51 lakh crore.
GST collections in March grew 13 per cent to the second highest ever at Rs 1.60 lakh crore, taking the growth rate of revenue mop-up for the 2022-23 fiscal to 22 per cent.
Net direct tax collections rose by 18 per cent to Rs 16.61 lakh crore in the 2022-23 fiscal, exceeding the revised estimates (RE).
The gross collection of direct taxes (before adjusting for refunds) for 2022-23 stands at Rs 19.68 lakh crore, a growth of 20.33 per cent over the gross collection of Rs 16.36 lakh crore in FY 2021-22, the finance ministry said on Monday.
The Opposition has been protesting in Parliament, demanding a joint parliamentary committee (JPC) probe on the Adani issue. With the government ruling it out, proceedings in both Houses have been a washout with bills, including the Finance Bill, being passed amid a din.