Deputy fund minister insists that the digital budget plan will proceed despite mounting opposition.
According to Deputy Finance Minister Julapun Amornvivat, the government is considering eliminating affluent people from its 10,000-baht digital wallet release program.
The plan is made at a time when Prime Minister Srettha Thavisin’s administration has been defending the foundation of its economic revival strategy from critics who claim that its value, at 560 billion ringgit, is excessive. Additionally, they claim that it is still unclear how the program may get funded.
According to Mr. Julapun, the electric pocket steering committee may think about changing the plan to eliminate rich people when it meets on Wednesday or on October 19 as some critics have suggested.
The government anticipates 5 % economic growth if the program succeeds, he continued, adding that the plan is necessary to help start the business the following year.
While it has been collected fewer fees, the nation has long-standing issues that have had a significant impact on people’s living situations, Mr. Julapun noted.
Public debt has increased from 40 % a decade ago to more than 60 % of GDP, while household debt is now almost 90 % of the gross domestic product ( GDP ).
To find money moving around the business and increase tax collection, the Pheu Thai Party suggested distributing 10,000 ringgit to all adult Thais over the age of 16. It is anticipated to begin in February.
Despite opposition from more than 120 academics, researchers, economic experts, and also two former governors of the Bank of Thailand, Mr. Julapun said the plan will proceed.
Although some people have been waiting for the venture to start, he insisted that the government has been aware of the expressed concerns and will not back down.
Perhaps if people who are better off were excluded, he said, the job may also target vulnerable groups and low-income individuals.
Next month, the state anticipates that people will start signing up for the program, Mr. Julapun said, adding that if they do not, it means they will not want to participate.
The council will even think about broadening the application of digital currency. The 4 km radius from a person’s residence to the tambon, city, or even county where their formal home registration is located may be widened.
The president’s claim that there will be enough financial resources to support the project was reiterated by Mr. Julapun.
The Budget Bureau is considering cutting some other state projects’ costs for the upcoming fiscal year to aid fund it, he said, declining to provide any additional information.