New Delhi, Feb 9: During a comprehensive session on the Union Budget in Parliament, MP Raghav Chadha flagged critical structural failures in India’s fiscal framework while proposing a roadmap for modernization through cooperative federalism and digital asset regulation. Chadha noted that while capital expenditure growth is a positive multiplier for the economy, the lack of transparency in “hidden debt” poses a long-term risk to national stability.
Chadha praised the rise in infrastructure spending but demanded a more granular, five-year roadmap to help the private sector align its investments. He mentioned that the current debt-to-GDP figures do not account for off-balance-sheet liabilities like oil and fertilizer bonds.
“Capex growth praised, seeks five-year investment roadmap,” Raghav Chadha mentioned. He added that the government must focus on reducing actual debt rather than simply redefining fiscal benchmarks to allow for more borrowing.
Addressing the crisis in public services, Chadha described the current healthcare spending of roughly 0.5% of GDP as abysmally low. He noted that underfunded public hospitals are pushing millions into poverty annually and advocated for a “One Nation, One Medical Treatment” vision to ensure equitable care.
“Public health spending is abysmally low, India not fully prepared for future crises,” Chadha directly said.
On the technological front, the MP made a strong case for the formal regulation of Virtual Digital Assets (VDAs). He noted that the current policy—taxing crypto at high rates without legal recognition—has driven billions in capital and hundreds of startups offshore.
“Legalise and regulate crypto assets, bring innovation and capital back to India,” urged Raghav Chadha. He suggested that proper regulation could generate up to ₹20,000 crore in annual tax revenue while protecting domestic investors.
To further strengthen the economy at the grassroots level, Chadha proposed that the Centre provide ₹1.5 lakh crore in grants to states for capital expenditure. He noted that this move would transform states into asset builders and strengthen the spirit of cooperative federalism.
