Deputy Chief Minister Manish Sisodia today said that due to the implementation of GST, Delhi’s economy is on the path of growth despite the negative impact of demonetization and disruption.
In the next subsequent fiscal, the Delhi government expects Rs 23400 crore from GST, which is 60 % more than Rs 14,600 crore it mopped up in the financial year, while Sisodia lambasted the Center for introducing the new tax regime.
The government is expected to get Rs 5,200 crore from state excise duty and Rs 2,500 crore by taxes on vehicles in the 2018-19 financial year.
He said that the average annual average real growth in GSDP in Delhi has been 9.1% during the period from 2015-16 to 2017-18, while during the same period, the national GDP grew by 7.3 %.
Presenting the budget of 2018-19 in the Delhi Assembly, Sisodia said that if there is one word which correctly captures the AAP government’s economic vision and the policies that have emanated from in the last three years, then it is a “Trickle Up” economics that is aimed at benefiting the poor and the middle classes.
“Our country has followed weak approach against economic policy, in which it has been emphasized to provide large taxes, subsidies and interest-free loans to large corporate groups and foreign investors so that they can invest and develop 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 3 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 demonetization and disruption caused due to the implementation of GST,” he said.
The AAP government today presented a Rs 53,000 crore budget for the financial year 2018-19.