Deprecated (16384): The ArrayAccess methods will be removed in 4.0.0.Use getParam(), getData() and getQuery() instead. - /home/brlfuser/public_html/src/Controller/ArtileDetailController.php, line: 150
 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php. [CORE/src/Core/functions.php, line 311]
Code Context


        trigger_error($message, E_USER_DEPRECATED);

    }
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 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php.'
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deprecationWarning - CORE/src/Core/functions.php, line 311
Cake\Http\ServerRequest::offsetGet() - CORE/src/Http/ServerRequest.php, line 2421
App\Controller\ArtileDetailController::index() - APP/Controller/ArtileDetailController.php, line 150
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Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
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Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Http\Runner::run() - CORE/src/Http/Runner.php, line 51
Cake\Http\Server::run() - CORE/src/Http/Server.php, line 98

Deprecated (16384): The ArrayAccess methods will be removed in 4.0.0.Use getParam(), getData() and getQuery() instead. - /home/brlfuser/public_html/src/Controller/ArtileDetailController.php, line: 151
 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php. [CORE/src/Core/functions.php, line 311]
Code Context


        trigger_error($message, E_USER_DEPRECATED);

    }
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 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php.'
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deprecationWarning - CORE/src/Core/functions.php, line 311
Cake\Http\ServerRequest::offsetGet() - CORE/src/Http/ServerRequest.php, line 2421
App\Controller\ArtileDetailController::index() - APP/Controller/ArtileDetailController.php, line 151
Cake\Controller\Controller::invokeAction() - CORE/src/Controller/Controller.php, line 610
Cake\Http\ActionDispatcher::_invoke() - CORE/src/Http/ActionDispatcher.php, line 120
Cake\Http\ActionDispatcher::dispatch() - CORE/src/Http/ActionDispatcher.php, line 94
Cake\Http\BaseApplication::__invoke() - CORE/src/Http/BaseApplication.php, line 235
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Routing\Middleware\RoutingMiddleware::__invoke() - CORE/src/Routing/Middleware/RoutingMiddleware.php, line 162
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Routing\Middleware\AssetMiddleware::__invoke() - CORE/src/Routing/Middleware/AssetMiddleware.php, line 97
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Error\Middleware\ErrorHandlerMiddleware::__invoke() - CORE/src/Error/Middleware/ErrorHandlerMiddleware.php, line 96
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Http\Runner::run() - CORE/src/Http/Runner.php, line 51
Cake\Http\Server::run() - CORE/src/Http/Server.php, line 98

Warning (512): Unable to emit headers. Headers sent in file=/home/brlfuser/public_html/vendor/cakephp/cakephp/src/Error/Debugger.php line=853 [CORE/src/Http/ResponseEmitter.php, line 48]
Code Context
            if (Configure::read('debug')) {

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        LATEST NEWS UPDATES | India’s new budget: much fanfare, missed opportunity -Happy Pant and Sarah Farooqui    </title>
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India presented its latest Union Budget (for FY 2022 -23) in early February amid much hope, as the country is still reeling from the aftermath of Covid-19 pandemic, which has lasted for two years.

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                            <p style="text-align:justify">-CBGA Blog</p><p style="text-align:justify">India presented its latest Union Budget (for FY 2022 -23) in early February amid much hope, as the country is still reeling from the aftermath of Covid-19 pandemic, which has lasted for two years.</p><p style="text-align:justify">To deal with the pandemic induced socio-economic crisis, countries across the world &nbsp;have been announcing policy measures outside of their annual budgets. The Indian government, too, made many such announcements, but given the scale of the crisis, the fiscal response has been inadequate. Even when compared &nbsp;to the policy measures announced by other countries, India&rsquo;s fiscal response &nbsp;has been on the lower side. Thus, the expectations from the annual budget were high, as it was expected to compensate for the inadequacy in the earlier policy announcements.</p><p style="text-align:justify">Looking at the nominal size, total government spending in India is the second largest in the global South after China. It is bigger than even large middle-income countries like Brazil and Russia, both of which have much higher per capita income and per capita government spending. For an economy of India&rsquo;s size, there was expectation that the latest budget not only help redress the mounting social crisis and enable an inclusive recovery within the country, but also lead the way for implementing innovative and effective policies to deal with such crises in other middle and lower-income countries around the world. Unfortunately, these expectations have largely been dashed.</p><p style="text-align:justify">For one, total government expenditure has been proposed to increase by 13 percent compared to the previous budget, but this increase is much smaller in real terms, after adjusting to remove the effects of inflation. As a share of GDP, the government expenditure is actually set to drop, despite a slight increase in total government receipts.</p><p style="text-align:justify">With the size of the budget increasing by just 4.6 percent of last year&rsquo;s revised estimates, which is lower than the rate of inflation, which reached 5.6 percent (Consumer Price Index based) in December 2021 (Economic Survey of India, 2021-22), the budgeted total expenditure change is negative in real terms. This would have a dampening effect on the economy, when the need was to expand public expenditure. India desperately needs a social welfare and rural infrastructure investment drive to combat the crisis of aggregate demand. Towards addressing the challenges, and recovering from the pandemic, total government expenditure in India, &nbsp;was around 4 per cent of GDP last year according to the Financial Transparency Coalition joint report, but some of this was not new spending.</p><p style="text-align:justify">If one looks at the composition of total expenditure, the budget envisages a sharp rise in the capital expenditure, by around 25 percent of previous fiscal year revised estimates. Revenue expenditure, however, is projected to increase by a mere 0.9 percent. Capital expenditure is concentrated in ministries and departments like telecommunications, atomic energy accounting, defence, railways, road transport and highways, housing and urban affairs. Given the high capital intensity of many projects in these sectors, the potential for employment generation is likely to be somewhat muted.</p><p style="text-align:justify">Please <a href="https://www.cbgaindia.org/blog/indias-new-budget-much-fanfare-missed-opportunity/?fbclid=IwAR3B8Y5gnEvsFOV9f4Up3HlFp3yb17jXJut79yXOBOw8A6m5lf6E_55u15Y" title="https://www.cbgaindia.org/blog/indias-new-budget-much-fanfare-missed-opportunity/?fbclid=IwAR3B8Y5gnEvsFOV9f4Up3HlFp3yb17jXJut79yXOBOw8A6m5lf6E_55u15Y">click here</a> to read more.&nbsp;</p>                                                           
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    <h1 class="cat-box-title">India’s new budget: much fanfare, missed opportunity -Happy Pant and Sarah Farooqui</h1>
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                            <p style="text-align:justify">-CBGA Blog</p><p style="text-align:justify">India presented its latest Union Budget (for FY 2022 -23) in early February amid much hope, as the country is still reeling from the aftermath of Covid-19 pandemic, which has lasted for two years.</p><p style="text-align:justify">To deal with the pandemic induced socio-economic crisis, countries across the world &nbsp;have been announcing policy measures outside of their annual budgets. The Indian government, too, made many such announcements, but given the scale of the crisis, the fiscal response has been inadequate. Even when compared &nbsp;to the policy measures announced by other countries, India&rsquo;s fiscal response &nbsp;has been on the lower side. Thus, the expectations from the annual budget were high, as it was expected to compensate for the inadequacy in the earlier policy announcements.</p><p style="text-align:justify">Looking at the nominal size, total government spending in India is the second largest in the global South after China. It is bigger than even large middle-income countries like Brazil and Russia, both of which have much higher per capita income and per capita government spending. For an economy of India&rsquo;s size, there was expectation that the latest budget not only help redress the mounting social crisis and enable an inclusive recovery within the country, but also lead the way for implementing innovative and effective policies to deal with such crises in other middle and lower-income countries around the world. Unfortunately, these expectations have largely been dashed.</p><p style="text-align:justify">For one, total government expenditure has been proposed to increase by 13 percent compared to the previous budget, but this increase is much smaller in real terms, after adjusting to remove the effects of inflation. As a share of GDP, the government expenditure is actually set to drop, despite a slight increase in total government receipts.</p><p style="text-align:justify">With the size of the budget increasing by just 4.6 percent of last year&rsquo;s revised estimates, which is lower than the rate of inflation, which reached 5.6 percent (Consumer Price Index based) in December 2021 (Economic Survey of India, 2021-22), the budgeted total expenditure change is negative in real terms. This would have a dampening effect on the economy, when the need was to expand public expenditure. India desperately needs a social welfare and rural infrastructure investment drive to combat the crisis of aggregate demand. Towards addressing the challenges, and recovering from the pandemic, total government expenditure in India, &nbsp;was around 4 per cent of GDP last year according to the Financial Transparency Coalition joint report, but some of this was not new spending.</p><p style="text-align:justify">If one looks at the composition of total expenditure, the budget envisages a sharp rise in the capital expenditure, by around 25 percent of previous fiscal year revised estimates. Revenue expenditure, however, is projected to increase by a mere 0.9 percent. Capital expenditure is concentrated in ministries and departments like telecommunications, atomic energy accounting, defence, railways, road transport and highways, housing and urban affairs. Given the high capital intensity of many projects in these sectors, the potential for employment generation is likely to be somewhat muted.</p><p style="text-align:justify">Please <a href="https://www.cbgaindia.org/blog/indias-new-budget-much-fanfare-missed-opportunity/?fbclid=IwAR3B8Y5gnEvsFOV9f4Up3HlFp3yb17jXJut79yXOBOw8A6m5lf6E_55u15Y" title="https://www.cbgaindia.org/blog/indias-new-budget-much-fanfare-missed-opportunity/?fbclid=IwAR3B8Y5gnEvsFOV9f4Up3HlFp3yb17jXJut79yXOBOw8A6m5lf6E_55u15Y">click here</a> to read more.&nbsp;</p>                                                           
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India presented its latest Union Budget (for FY 2022 -23) in early February amid much hope, as the country is still reeling from the aftermath of Covid-19 pandemic, which has lasted for two years.

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                            <p style="text-align:justify">-CBGA Blog</p><p style="text-align:justify">India presented its latest Union Budget (for FY 2022 -23) in early February amid much hope, as the country is still reeling from the aftermath of Covid-19 pandemic, which has lasted for two years.</p><p style="text-align:justify">To deal with the pandemic induced socio-economic crisis, countries across the world &nbsp;have been announcing policy measures outside of their annual budgets. The Indian government, too, made many such announcements, but given the scale of the crisis, the fiscal response has been inadequate. Even when compared &nbsp;to the policy measures announced by other countries, India&rsquo;s fiscal response &nbsp;has been on the lower side. Thus, the expectations from the annual budget were high, as it was expected to compensate for the inadequacy in the earlier policy announcements.</p><p style="text-align:justify">Looking at the nominal size, total government spending in India is the second largest in the global South after China. It is bigger than even large middle-income countries like Brazil and Russia, both of which have much higher per capita income and per capita government spending. For an economy of India&rsquo;s size, there was expectation that the latest budget not only help redress the mounting social crisis and enable an inclusive recovery within the country, but also lead the way for implementing innovative and effective policies to deal with such crises in other middle and lower-income countries around the world. Unfortunately, these expectations have largely been dashed.</p><p style="text-align:justify">For one, total government expenditure has been proposed to increase by 13 percent compared to the previous budget, but this increase is much smaller in real terms, after adjusting to remove the effects of inflation. As a share of GDP, the government expenditure is actually set to drop, despite a slight increase in total government receipts.</p><p style="text-align:justify">With the size of the budget increasing by just 4.6 percent of last year&rsquo;s revised estimates, which is lower than the rate of inflation, which reached 5.6 percent (Consumer Price Index based) in December 2021 (Economic Survey of India, 2021-22), the budgeted total expenditure change is negative in real terms. This would have a dampening effect on the economy, when the need was to expand public expenditure. India desperately needs a social welfare and rural infrastructure investment drive to combat the crisis of aggregate demand. Towards addressing the challenges, and recovering from the pandemic, total government expenditure in India, &nbsp;was around 4 per cent of GDP last year according to the Financial Transparency Coalition joint report, but some of this was not new spending.</p><p style="text-align:justify">If one looks at the composition of total expenditure, the budget envisages a sharp rise in the capital expenditure, by around 25 percent of previous fiscal year revised estimates. Revenue expenditure, however, is projected to increase by a mere 0.9 percent. Capital expenditure is concentrated in ministries and departments like telecommunications, atomic energy accounting, defence, railways, road transport and highways, housing and urban affairs. Given the high capital intensity of many projects in these sectors, the potential for employment generation is likely to be somewhat muted.</p><p style="text-align:justify">Please <a href="https://www.cbgaindia.org/blog/indias-new-budget-much-fanfare-missed-opportunity/?fbclid=IwAR3B8Y5gnEvsFOV9f4Up3HlFp3yb17jXJut79yXOBOw8A6m5lf6E_55u15Y" title="https://www.cbgaindia.org/blog/indias-new-budget-much-fanfare-missed-opportunity/?fbclid=IwAR3B8Y5gnEvsFOV9f4Up3HlFp3yb17jXJut79yXOBOw8A6m5lf6E_55u15Y">click here</a> to read more.&nbsp;</p>                                                           
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India’s new budget: much fanfare, missed opportunity -Happy Pant and Sarah Farooqui

Published on Mar 7, 2022   Modified on Mar 14, 2022

-CBGA Blog India presented its latest Union Budget (for FY 2022 -23) in early February amid much hope, as the country is still reeling from the aftermath of Covid-19 pandemic, which has lasted for two years. To deal with the pandemic induced socio-economic crisis, countries across the world  have been announcing policy measures outside of their annual budgets. The Indian government, too, made many such announcements, but given the scale of the crisis, the fiscal response has been inadequate. Even when compared  to the policy measures announced by other countries, India’s fiscal response  has been on the lower side. Thus, the expectations from the annual budget were high, as it was expected to compensate for the inadequacy in the earlier policy announcements. Looking at the nominal size, total government spending in India is the second largest in the global South after China. It is bigger than even large middle-income countries like Brazil and Russia, both of which have much higher per capita income and per capita government spending. For an economy of India’s size, there was expectation that the latest budget not only help redress the mounting social crisis and enable an inclusive recovery within the country, but also lead the way for implementing innovative and effective policies to deal with such crises in other middle and lower-income countries around the world. Unfortunately, these expectations have largely been dashed. For one, total government expenditure has been proposed to increase by 13 percent compared to the previous budget, but this increase is much smaller in real terms, after adjusting to remove the effects of inflation. As a share of GDP, the government expenditure is actually set to drop, despite a slight increase in total government receipts. With the size of the budget increasing by just 4.6 percent of last year’s revised estimates, which is lower than the rate of inflation, which reached 5.6 percent (Consumer Price Index based) in December 2021 (Economic Survey of India, 2021-22), the budgeted total expenditure change is negative in real terms. This would have a dampening effect on the economy, when the need was to expand public expenditure. India desperately needs a social welfare and rural infrastructure investment drive to combat the crisis of aggregate demand. Towards addressing the challenges, and recovering from the pandemic, total government expenditure in India,  was around 4 per cent of GDP last year according to the Financial Transparency Coalition joint report, but some of this was not new spending. If one looks at the composition of total expenditure, the budget envisages a sharp rise in the capital expenditure, by around 25 percent of previous fiscal year revised estimates. Revenue expenditure, however, is projected to increase by a mere 0.9 percent. Capital expenditure is concentrated in ministries and departments like telecommunications, atomic energy accounting, defence, railways, road transport and highways, housing and urban affairs. Given the high capital intensity of many projects in these sectors, the potential for employment generation is likely to be somewhat muted. Please click here to read more.

CBGA Blog, 7 March, 2022, https://www.cbgaindia.org/blog/indias-new-budget-much-fanfare-missed-opportunity/?fbclid=IwAR3B8Y5gnEvsFOV9f4Up3HlFp3yb17jXJut79yXOBOw8A6m5lf6E_55u15Y

Tagged with: Union Budget Union Budget 2022-23 Fiscal Spending

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