New Delhi: Interim Budget proposals will accelerate the process of India achieving developed country status by 2047, aided by PM’s proven approach of sabka saath, sabka vikaas, sabka vishwas, sabka prayas. For this and for the Budget’s special emphasis on garib, yuva, annadata and nari. FM should be applauded.
Welfare with fiscal discipline — What is truly remarkable about the Budget is that generous, targeted welfare measures, a big increase in capital expenditure and fund allocation for work opportunities and employment generation will go hand in hand with fiscal discipline.
Targeted welfare increases purchasing power of beneficiaries and therefore consumption demand. And on fiscal discipline, it must be noted that this remains the focus even when the nation is preparing for general elections. Globally, most investors brace for fiscal recklessness when a country heads for elections, because govts often resort to reckless populism.
Investors cheer — Modi govt is different. Its strict adherence to fiscal discipline ensured that despite the twin shocks of the pandemic and Ukraine crisis, India emerged as the bright spot globally, by combining compassion with sensible economics. This year’s Budget is in the same spirit.
Investors recognise this, and it is reflected in global interest in doing business with India. India’s stock markets also reflect this enthusiasm. India’s markets recently overtook Hong Kong to become the world’s fourth largest with a valuation of $4.33 trillion.
No 1 all the way — Capital expenditure has been raised by 11.1 percent to a historic high of INR 11,11,111 crore. This will further improve and modernize India’s infrastructure, which is already dramatically better than what it was 10 years ago. Higher capital expenditure and implementation of large projects will create numerous opportunities for India’s young.
Modi Guarantee — PM has correctly observed that this year’s Budget is guaranteed to boost India’s Viksit Bharat ambition. The key part of this journey is the empowerment of poor by setting ambitious targets, achieving them and then encouraging even bigger aspirations.
This is evident in Modi govt’s approach to building homes. Govt has already built more than four crore houses for the poor in villages and cities. Govt has now set a target of building another two crore homes for the middle class.
Women-led development — Similarly, the target of creating 2 crore Lakhpati Didis has been increased by 50% to three crore. ASHA and Anganwadi workers will also get the benefit of Ayushman Bharat. Govt has also empowered women with 30 crore mudra loans. Enrolment of women in higher education has increased 28% in the past decade. In education, women constitute 43 percent of students in Science Technology, Engineering and Mathematics (STEM) courses, among the highest in the world.
FM also announced that govt will encourage preventive vaccination against cervical cancer for girls in the 9-14 age group, demonstrating again Modi govt’s compassionate approach. And for synergy in implementation, various schemes for maternal and child care will be brought under one umbrella.
Middle-class gains — In line with govt’s strategy on making life easier for people and prevent harassment, the Budget announced withdrawal of some tax demands in cases where there are disputes. This will provide relief to one crore people. Previous govt had kept these disputes alive for decades. The middle class will also gain from improved infrastructure and the expected sharp increase in job creation.
Golden era for youth — India’s youth have the most to gain from PM’s vision of making India a developed country by 2047. The Budget has emphasized the importance of youth and announced measures to help them with employment opportunities. It has also supported start-ups and announced easy credit for innovators.
FM rightly said that for India’s tech-savvy youth, this will be a golden era. Govt will establish a corpus of INR 1 lakh crore to give interest-free loans for 50 years. This will encourage private companies to scale up research and innovation. FM highlighted the importance of programmes that combine the powers of India’s youth and technology.
Clean and Green — Modi govt is also focused on clean and green development. The Budget takes a giant leap in this direction. The Rooftop Solar Scheme will help one crore families get free electricity up to 300 units. What’s more, people will earn up to INR 20,000 by selling excess power to the grid. It will also provide opportunities for entrepreneurship.
In many ways, PM has launched the era of sunshine after centuries of struggle. The Budget is an important milestone, laying the foundation of a strong, self-reliant, and confident nation — Viksit Bharat 2047.
