Hon.
Chairman, Sir, I stand here to deliberate on this Interim
Budget which was placed before this House some days ago. I was asking my
friend why this term ‘Interim Budget’ has been written in the speech of hon.
Finance Minister. It has a ring of paradox. By Indian protocol, this Vote
on Account has to resist momentous moves, as Lok Sabha polls are due
in another two months’ time after which a new Government will propose revenue
and expenditure plans for 2024-25.
This
is an extraordinary moment backed by a rare momentum, both
economic100 and political. The
Finance Minister’s proposals reveal confidence. I would say, this Interim
Budget presented ahead of the General Elections120
bears the stamp of a Government that seems confident of getting another term
and is looking at the long-term picture. Priority has been given to fiscal
consolidation and capital expenditure. Even populism has taken a
back seat. We are aware that the Interim Budget is bound by a spirit of the Model
Code of Conduct of the Election Commission which forbids any policy
measure that could influence the election outcome. The letter of the law
applies only after the election200
is notified which cannot be earlier than three weeks prior to the
first date of election. In an election year, in a welcome return to transparency
and convention, this Interim Budget has stuck to the essentials.
There are no spectacular240
giveaways as has been mentioned about waiving out loans of around
Rs. 62,000 crore that happened in 2009. There is no populist step taken by
the Government. This reveals the confidence with which the Government
views its prospects in the coming elections.
Sir, I
would like to draw the attention of the Government towards the vast300 tapestry of India’s economic
narrative. There exists a stark duality. My honourable friend Mr.
Dubey, while deliberating on this Budget, had mentioned about East, West,
North, South, and the poverty of Eastern India. Urban prosperity dances
to a different tune today in our country. The rural heartland
struggles for survival. The economic disparity demands our attention and
contemplation. For millions360
in rural India, an economic slowdown has become an oppressive
reality, contrary to the nation’s overall economic triumph. The crux of
the issue lies in the fraying fabric of rural employment. Fewer
jobs, intensified competition, and decreasing farm output erode400 the financial stability of those
living in the agricultural hinterland. The narrative of rural India’s
struggles contrasts sharply with the urban success story. The sale of smartphones
and SUVs underscores a thriving consumer market. Yet, this urban affluence
appears as a mere echo in the vast rural landscapes where two-wheeler
sales are considered a barometer of rural consumption. Therefore, I
would say, the time is ripe for introspection and action for the very
essence of inclusive growth that India aspires480
to achieve. Sir, I would also like to draw the attention of the
Government to the other two issues. One500
relates to Railways as the Budget also covers Railways to a greater extent. I
would say that less than 50 per cent of the railway passengers have insurance
cover. Odisha witnessed a major rail accident some months ago which also
forced the Prime Minister to visit that place. A large number of
people died in that accident where three trains collided with each other. The deadly
Odisha train tragedy that claimed 288 lives and left over 920 injured has
brought to the fore a serious issue of train journey not being covered by
insurance unless opted for600
in the online booking of tickets. Indian Railways is the fourth largest railway
system in the world by size and carries over 800 crore people every
year. I wonder why all railway passengers cannot be insured. Why can Indian
Railways not make the insurance coverage mandatory for all passengers?
They can seek a premium from passengers and insure the traveller through insurance
companies. Railway officials have stated that insurance was included by
default in all train tickets over a decade ago before 2014. But it was stopped
after insurance companies backed out citing huge losses due to high700 incidents of train accidents in those
years. Indian Railways, however, pays a compensation of Rs.8 lakh as
awarded by Railway720 Claims
Tribunal for death of passengers and as decided on the basis of loss
of earning capacity. This means kins of 288 passengers killed and 920
injured in Balasore train accident can apply for insurance claim, and it
will take some years to get that claim. I would urge upon the Government to
consider this aspect and insure all passengers, especially those who are
travelling in general coaches.
Another
point which I would like to mention here is relating to800 the subsidies which I think some Members
also have mentioned today during deliberation. The Central Government
provides various subsidies such as food subsidy, subsidized fertilizer, petroleum
subsidy for LPG, and interest subsidies. Here, I would like to mention
about fertilizer840 subsidy in
a nutshell. Fertilizer subsidy is paid to manufacturers and importers
who sell fertilizers to farmers at less than market prices. In the production
of fertilizers, India is heavily dependent on imports for procuring raw
materials. The 15th Finance Commission had noted that such dependence
makes India vulnerable to international prices and makes fertilizer
subsidies unsustainable. In the past,900
the Central Government has resorted to off-budget financing to
defer payment of fertilizer subsidy.
The
Standing Committee of Parliament on Chemicals and Fertilizers in 2020
had observed that several fertilizer plants operate with very old technology.
Thus, the Government bears the cost of this inefficiency in terms of
higher subsidy. It had recommended that farmers should receive fertilizer960 subsidy directly in their bank accounts
while the manufacturers should be free to produce and sell fertilizers as per
their own system. I think this is the best suggestion which the Standing
Committee had given relating to the subsidy component. I believe1000
that the Government should consider it as early as possible.
