The government's debt will increase for expenses including paying subsidies

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- Economic turmoil Dhawal Mehta

- For various subsidies, the government has allocated Rs. 3.18 lakh crore allocated

The financial year 2022-2023 will end on 31st March 2023 and after that F.W. 2024 which will continue from 1st April 2023 to 31st March 2024. India's economy will achieve a growth rate of 7 percent during the financial year 2022-2023, which is higher than the growth rate of the developed countries of the world. The growth rate of 7 percent in 2022-23 is not due to manufacturing and construction industry but due to agriculture sector (this year it will show a growth rate of 3.5 percent against the growth rate of 3 percent next year which can be called a marginal increase) and growth of services like hotels, restaurants, communication. rate (at 13.6 per cent in the current financial year compared to 11.1 per cent growth last year) and utility services like electricity, water, supplies, gas will pick up from 7.5 per cent growth next year to a projected 9 per cent growth this year while India's manufacturing sector remains sluggish. The father has been proved. This sector compared to last year's massive growth rate of 9.9 percent in the current fiscal. Only 1.6 percent of the year and the growth rate of the mining sector has also decreased a lot, its growth rate is estimated to be only 2.4 percent in the current financial year compared to the previous year of 11.5 percent. A good fact is that the growth rate in the agricultural sector is twice the rate of population growth in India. India's agriculture sector will achieve a growth rate of 3.5 percent from a growth rate of 3 percent. It is not much different. Consider that the government of India is not enough to provide subsidies for the last three months of the current financial year behind subsidies on food, fertilizers and fuel. Government of India to subsidize Fa. To sustain till the end of the year and for other reasons will have to incur huge debt. The interest on this debt has to be paid from the budget due to which we cannot allocate enough money for education and health services due to the huge burden. Also, if the Indian government gives 80 crore people free five kilos of grain per person and also gives the rationing grain at a very low price, do 80 crore people in India (about 58 percent of India's 140 crore population) live below the poverty line? The deficit of the current financial year of the Government of India will be as large as 10 percent of the GDP despite the unexpected large increase in tax revenue, of which 6.4 percent of the deficit will be of the central government and 3.3 percent of the deficit of the state governments. Government of India's debt was 66.6 percent of its GDP in 2014 and is likely to reach 86 to 87 percent by the end of the current financial year as on March 31, 2023. The government will have to allocate a huge amount in the coming budget on this debt.

India's poverty (India is a lower middle income country as per the World Bank classification. The biggest reason is that according to different calculations 42 to 50 percent of the people in India's agriculture sector work and yet their contribution to India's GDP remains in the range of 12 to 18 percent. This is a major economic tragedy considering that services sector (baking, finance, trade, transportation, electricity and water supply, IT, hotels, restaurants, medical services and education services, government administration) etc. contribute 60 percent or more to India's GDP. India should be considered a service minister rather than an agriculture minister. India's IT sector, which was almost nil till 1980, is booming with five major companies that represent the 'brain power' of India.These companies include TCS, Infosys, Cognizant, HCL and including Wipro.Also the central government's Productivity Linked Incentives scheme has been a huge success.India's economic growth rate is good but its distribution is embarrassingly uneven.


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