NEW DELHI: Despite the impact of the Covid outbreak, Union Finance Minister Nirmala Sitharaman refuted charges that the Narendra Modi government had done nothing to create jobs on Tuesday.

"I would like to speak about our government's efforts to create jobs. Remember that the global situation was tumultuous as a result of the pandemic. There were massive job losses in many nations, and the same happened here, but we had made several development-related announcements through Atma Nirbhar Bharat, which aided people throughout the pandemic.

"We are assisting all those who have incurred losses as a result of the pandemic, but it is not correct to argue that we have done nothing to create jobs," she stated in response to questions on job-creation initiatives in the Union Budget 2022-23.

She stated in her budget speech that capital investment, through its multiplier impact, holds the key to a rapid and sustainable economic rebound and consolidation. Capital investment also contributes to the creation of jobs, increased demand for manufactured inputs from large enterprises and SMEs, professional services, and better agri-infrastructure for farmers.

"The economy has showed remarkable resilience in recovering from the pandemic's consequences while maintaining high growth." However, we must maintain that level to compensate for the 2020-21 setback. The Union Budget's capital expenditure budget is being increased by 35.4 percent, from Rs 5.54 lakh crore in the current fiscal year to Rs 7.50 lakh crore in 2022-23. This is already more than 2.2 times the amount spent in 2019-20. "In 2022-23, this spending will be 2.9 percent of GDP," she noted.

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