PrintFriendly
The Union Budget 2024-25 presented by Union Minister of Finance and Corporate Affairs Smt. Nirmala Sitharaman has further reinforced the vision of ‘Viksit Bharat’ that encompasses all-round, inclusive and holistic development of the nation. The immense faith shown in the charismatic and visionary leadership of Prime Minister Shri Narendra Modi by the people is reflected in various provisions of Budget which has the elements of raising the national aspirations to the next level. While emphasising that India’s ‘Amrit Kaal’, during which all sections of society, including the Garib, Annadata, Yuva and Nari will have to be empowered and strengthened making them to contribute to the success story of the nation, the Budget stays true to the vision of sustained, infrastructure driven growth, increasing the Capital Expenditure outlay to Rs. 11,11,111 crore which is 3.4% of the GDP with special emphasis on development of rural infrastructure as a direct key of boosting the rural economy.
The Budget aims at ensuring saturation coverage of the PM-Janjatiya Unnat Gram Abhiyan scheme for tribal families, Aspirational districts and to fulfil the dream of home ownership of the poor of the country, an additional 3 crore houses shall be built under the PM-AWAS Yojana. While ensuring the Amrit Peedhi stays on the path of development, the Budget lays impetus on generating meaningful
The NDA Government has been successful in positive fiscal consolidation through a targeted three-fold policy of encouraging public investments, gradually increasing the capital expenditure outlay, and targeted public service delivery
employment for the youth, skilling them for the market, and improving the economic standing of MSMEs, it introduces a Skilling Programme wherein 20 lakh youth will be skilled over a 5 year period. The sustained efforts made in last ten years to ensure that farmers remain at the focal point of the development of the nation through various innovative schemes and by offering 1.5x return on input costs by increasing the MSP for all major crops, the Budget outlined initiatives which while offering many new inititatives create a futuristic atmosphere by encouraging Aatmanirbharata, research and digital technology in the agricultural sector.
The idea of women-led development, for which the Budget has allocated an outlay of Rs. 3 lakh crore for schemes aimed at women empowerment. To further empower the middle class and tax payers, the Budget places them at the centre by simplifying the tax brackets and process of providing credit of TCS in the TDS that is deducted from salaries. The mission of Purvodaya that brought lasting peace and development to the North-Eastern states has been extended to other Eastern states like Jharkhand, Bihar, Odisha, West Bengal and Andhra Pradesh. Amritsar-Kolkata Industrial Corridor shall be developed with an industrial node in Gaya. This shall develop ancient centres of cultural importance to future centres of modern economy and shall showcase the Modi Government’s commitment to the concept of “Vikaas Bhi, Virasat Bhi”.
It is to be noted that despite having inherited a broken economy characterised by high Non-Performing Assets and the corporate sector in despair from the Congress led UPA era of misrule, corruption, loot of public money and policy paralysis, the NDA Government has been successful in positive fiscal consolidation through a targeted three-fold policy of encouraging public investments, gradually increasing the capital expenditure outlay, and targeted public service delivery. It is by virtue of these proactive measures that, despite the global economy facing elevated inflation, India has emerged as a shining exception. India has experienced a sustained growth, which is now projected at 6.5-7% and Fiscal Deficit to be 4.9% of GDP. With inflation being low and stable, it is expected to move towards the 4% inflation target. As Prime Minister Shri Narendra Modi has said that the third term will see three times more work, Smt. Nirmala Sitharaman should be congratulated for presenting a Budget which will have three times more impact on the economy.
shivshaktibakshi@kamalsandesh.org