This budget sets us on the glide path of (the next 25 years) in our journey of being Atmanirbhar. Our vision for the Amrit Kaal includes a technology-driven and knowledge-based economy, with strong public finances and a robust financial sector, which has been very well embedded in this inclusive budget for Bharat.
The economy's growth, projected at 7% in the ongoing, is the highest among major economies, despite challenges. It is for this reason among many others, that we, as a nation, are recognised as a bright star with galloping soft power, fostering India ++ story.
The budget is focused on all aspects that can help India grow including agriculture, infrastructure capital outlay, MSMEs (micro, small & medium enterprises), green energy, tourism, and youth skilling while also providing for the economically weaker sections. A key focus is on improving the ease of doing business, continuing digital thrust, promoting entrepreneurship, and simplifying regulations and compliances.
In this budget, we see the hallmark of the consistent approach of the NDA government in setting us up for a decade of growth. More specifically fiscal consolidation - which is pegged at a 5.9% deficit, down from 6.4% in FY23 - coupled with a whopping ₹10 lakh crore outlay for capital expenditure on infrastructure. But what would matter is the revival of the private investment cycle.
From a global and local perspective, each segment of the economy has been given equitable emphasis, while balancing the fiscal math. With the budget focusing on a 'Green Growth' strategy, it prioritises the adoption of green energy, and building practices to reduce carbon intensity while creating new green job opportunities. Carrying forward the scrappage policy, the government's commitment to the vehicle replacement outlay augurs well for the commercial vehicle sector, another economic barometer,and is also in line with the 'Green Growth' approach towards building a cleaner and more prosperous future for all Indians. This is in the direction of India seeking a leadership role in mitigating the global climate crisis.
Some of the positives from a global perspective are: (a) a year before the next general elections, the government has outlined its priority - development push over populism. With a bumper increase in capex, including for railways, and PM Awas Yojana outlay, the government has targeted job creation and infra development over populism (b) for enhancing the ease of doing business, more than 39,000 compliances have been reduced and over 3,400 legal provisions decriminalised. For the business establishments required to have a permanent account number, the PAN will be used as a common identifier for all digital systems of specified government agencies. All these when put together do bolster India's credentials as the land of opportunities in the eyes of the global investor community.
The continued focus on health, education and the farm sector is in the right direction. Though in my view both health and education sectors should also be brought under the PPP (public-private partnership) model.
As the Prime Minister rightly said that the world was looking at this budget, and for that to Nirmala Sitharaman, the Finance Minister - 8/10. It's a budget for every Indian! We sincerely hope that the intention behind the budget translates into effective implementation.
Courtesy: ET, Khaleej Times |
