KOCHI: While India has enjoyed a robust growth in the last decade, the Union budget 2025-26 should reorient the priorities and deal with long unaddressed issues like the widening inequality gap, P J Kurien, former Union minister and Rajya Sabha chairman, said here on Friday.
He was speaking after inaugurating the one-day ‘Pre-budget preparation session’ held at St Teresa’s College.
“It’s true that liberalisation has paved the way for greater wealth generation in the country. But the gap between the rich and the poor is widening. Budget is not a mere income-expenditure statement. It’s the foundation for the development and growth of the country.
It should be inclusive. Decisions should be made with the poorest of the poor in mind,” Kurien said. A 2023 World Bank study report revealed that India accounts for 40% of the upward revision of the global poverty rate of 24.1%,” he said.
“A lot of wealth was generated in our country especially after liberalisation. But according to the World Bank study, 40% of the wealth generated in the country from 2012 to 2021 has gone to 1% of the people. These are issues we should lay focus on during budget making,” Kurien added.
There should be a balancing and reconsideration of priorities. The people, especially the youth, should be involved in budget planning.
The event was organised by the Prof K V Thomas Vidyadanam Trust.
“We’ll go through the pre-budget suggestions of the students in detail. Three students will be selected along with two teachers who would be provided with an opportunity to directly meet with the finance minister and hand over the budget recommendations. The whole idea is to include youth in the budget-making process,” K V Thomas said.
Several economists and experts addressed the students and urged them to focus on the issues of brain drain, health and opportunities for start-ups while preparing their budget proposals.