"We Have Spent, We Have Spent, We Have Spent": Finance Minister On Budget

Explaining a budget aimed at shoring up the economy after a historic slump in the aftermath of the pandemic, Finance Minister Nirmala Sitharaman told reporters today: "We have spent, we have spent and we have spent".

In her shortest ever Budget speech, read out from a tablet, Ms Sitharaman announced a jump in capital expenditure, more spending on infrastructure and the doubling of the spending on health.

"Our fiscal deficit which started at 3.5 percent during February 2020 has increased to 9.5 percent of the GDP - so we have spent, we have spent and we have spent. At the same time, we have given a clear glide path for deficit management," she said.

"We have taken progressive steps for the finance sector. Consumers won't have to pay more on any product due to agriculture cess," she said.

The Minister added that the capital expenditure was not delayed during the pandemic.

The Finance Minister proposed an outlay of Rs 50,000 crore, spread over five years, for the National Research Foundation.

"It will ensure that the overall research ecosystem of the country is strengthened with a focus on identified national-priority thrust areas," she added.

She said her government had spent a lot on employment generation and the creation of infrastructure. "We have changed the definition of MSMEs (Micro, Small & Medium Enterprises) and reduced burden of compliance on small businesses."