Populist Handouts Harm Country: Goyal

Mumbai, Jul 27 (PTI) Union minister Piyush Goyal on Saturday said that populist handouts and doles can put the country in trouble, as it might look good in the short term, however, in the long run it will harm the nation.

"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 said addressing a post-budget discussion.

Instead, the Commerce and Industry minister said, the government is focusing on empowering the youth by giving incentives for skilling.

The government's decision to increase the budgetary allocation of Rs 2 lakh crore towards skilling, along with other initiatives, will make youth employable, said the minister.

Goyal further stated that an increase in capital gain announcement in Budget will have Zero impact on FIIs (Foreign Institutional Investors).

"Fear-mongering about capital gain announcements in the Budget needs to stop. No one will stop investing in the stock market because of capital gain hikes," he added.

The purpose of removing the Angel Tax in this Budget is to strengthen the start-up ecosystem in the country.

"By removing Angel tax, we want to boost the startup ecosystem in the country and encourage investment," he said.

"The government has an export target of USD 2 trillion by 2030," he said adding that the Budget 2024, provides a foundation for India becoming the 3rd largest economy in the world.

Strong macroeconomic policy has made India the world's growth engine as India has had an average growth rate of 8 per cent over the past three years, while other countries are celebrating 2 per cent growth rates, added the minister.