Delhi’s economy is on the path of growth despite the negative impact of demonetisation and disruption due to the GST’s implementation, Deputy Chief Minister Manish Sisodia today said.
In the next fiscal, the Delhi government expects to get Rs 23,400 crore from the Goods and Service Tax (GST), 60 per cent more than Rs 14,600 crore it mopped up in the current financial year, even as Sisodia lambasted the Centre for introducing the new tax regime.
The government also hopes to get Rs 5,200 crore from state excise in the 2018-19 financial year and Rs 2,500 crore from the taxes on vehicles.
The annual average real growth in GSDP of Delhi has been 9.1 per cent during 2015-16 to 2017-18, as compared to 7.3 per cent growth observed in GDP at the national level during the same period, he said.
Presenting the 2018-19 Budget in the Delhi Assembly, Sisodia said that if there is one word that most accurately captures the AAP government’s economic vision and the policies that have emanated from it in the last three years, it is “Trickle Up” economics that is aimed at benefitting the poor and the middle classes.
“Our country has followed the Trickle Down’ approach to economic policy. It emphasises giving massive tax breaks, subsidies and interest-free loans to big corporate groups and foreign investors in the hope that they will invest and grow the overall economy, which will benefit everyone.
“It’s a fair argument except that beyond a point, it doesn’t work for the ‘aam aadmi’ (common man),” Sisodia said.
He said for the last three years in Delhi, the AAP government has reposed its faith in the “Trickle Up” model of economics rather than “Trickle Down”.
“In simple words, the ‘Trickle Up’ model is one where economic policies of the government directly benefit the poor and middle-class citizens leading to better education, health and a rise in their income levels,” the deputy chief minister said.
“The economy of Delhi continues to be on the path of sustainable growth despite the negative impact of demonetisation and disruption caused due to implementation of GST,” he said.
The AAP government today presented a Rs 53,000 crore budget for financial year 2018-19.