With some certain doubts regarding the fiscal arithmetic, the former Prime Minister Manmohan Singh on Thursday said that it is not possible for the government to double the farmers’ income by 2022 until the agricultural growth is 12%. The former prime minister has also suspected a fault with the fiscal arithmetic. According to Manmohan Singh, “the fiscal deficit seems to have increased”. The Union Budget 2018-19 is vastly focused on the agricultural and rural sectors with some little reforms for the middle class. The Union Budget 2018-19 was presented by Finance Minister Arun Jaitley on Thursday.
“I don’t think I can blame the budget for being motivated by scoring points in elections, but fiscal arithmetic is at fault,” he told The Indian Express, adding “this budget is high on projecting a bright picture but how will that be sustained (by the underlying fiscal arithmetic),” said former Prime Minister. He also claimed that the word reform has been used and abused too many times in the budget. The real issues have not been considered anywhere in the Union Budget. Singh also questions the ruling party, to point down the strategies to deal with the farm crisis.
Singh has also questioned the implementation of Swaminathan formula which talks about the setting minimum support prices of crops. The government has promised 50% turnover for the farmers from the upcoming Kharif season, and Singh is questioning the implementation of the reform. “Until we achieve that … It is just a hollow assurance,” Congress leader Ghulam Nabi Azad quoted Singh as saying after a meeting of opposition parties here. “I do not think I can blame the budget for being motivated by scoring points in elections, but what worries me is that the fiscal arithmetic is at fault,” Singh added.