Populist handouts and doles can harm country in long term, says Piyush Goyal

Post Budget discussions: Union Minister Piyush Goyal has cautioned against populist handouts and doles, stating that while they might seem beneficial in the short term but they pose significant risks for the country in the long run. 

During a post-Budget discussion, Goyal highlighted the potential trouble such measures can bring.
"If we give populist handouts and doles, it can land us in trouble. It may look good in the short term, but in the long run, it will harm the country," Goyal asserted.

The Commerce and Industry Minister rather highlighted the government's focus on empowering the youth through incentives for skill development. The Budget's increased allocation of Rs 2 lakh crore towards skilling initiatives aims to enhance youth employability.

Goyal also addressed concerns about the Budget's capital gain announcements, assuring that there would be zero impact on Foreign Institutional Investors (FIIs). He criticised the fear-mongering regarding capital gain hikes, and said, “No one will stop investing in the stock market because of capital gain hikes.”

The minister highlighted the removal of the Angel Tax in the budget, aiming to strengthen the startup ecosystem and encourage investment. "By removing the Angel tax, we want to boost the startup ecosystem in the country and encourage investment," he said.

Goyal mentioned the government's ambitious export target of $2 trillion by 2030 and affirmed that Budget 2024 lays the foundation for India to become the world's third-largest economy. He credited strong macroeconomic policies for India's status as a growth engine, noting an average growth rate of 8 percent over the past three years, in contrast to other countries celebrating 2 percent growth rates.
 

( With PTI inputs)