New Delhi
Budget 2023 is going to come after a few days on February 1. Finance Minister Nirmala Sitharaman will present this budget. This will be the last full budget of the current Modi government before the general elections due next year. When we talk about the economy under the Modi government, 2020, 2021 and 2022 have been very difficult years. During this time the world grappled with geopolitical tensions like the Corona pandemic and the Russia-Ukraine war. Due to the Corona epidemic, there was a lockdown in the country and it caused a lot of damage to the businesses. Lakhs of people also lost their jobs. When the epidemic subsided, the Russia-Ukraine war came in February-2022, it caused a lot of damage to the supply chain.
Corona and war increased inflation
Covid and the subsequent Russia-Ukraine war pushed up inflation significantly. Along with this, there was food shortage in many parts of the world. Fuel and commodities prices skyrocketed. Especially in the early months of the war, prices were very high. Due to this India’s import bill increased considerably. However, fuel prices came down on fears of recession in the US and parts of Europe.
Fiscal deficit of the country increased
India’s fiscal deficit or the gap between the country’s income and expenditure has increased. The trade deficit widened to $23.89 billion (Rs 1.94 lakh crore) in December. Trade deficit is the difference between the prices of imported and exported goods. The trade deficit widened due to a fall in the rupee and a decline in exports. The rupee had crossed the Rs 80 mark against the dollar for the first time in July. There has been no recovery yet. Whereas in December, exports declined by 12.2 per cent on a year-on-year basis.
Modi handled the economy well
India Today in association with C-Voter has conducted the Mood of the Nation (MOTN) survey. In this survey, an attempt has been made to know the mood of the people of the country regarding the work of the NDA government. In this survey, questions related to the comparison of Modi and Manmohan government were also asked to the people. In this survey, the question was asked, ‘In your opinion, who managed the Indian economy more correctly?’ In response to this question, 51 percent people have taken the name of Narendra Modi. That is, 51 percent of the people believe that the Modi government was more efficient in handling the economy. Whereas, 36 percent people took the name of Manmohan Singh. Apart from this, 13 percent people said that they cannot say anything clearly about this.
