Interim Budget: Plans Afoot on Making India Developed Nation by 2047
New Delhi: As India has been witnessing robust economic growth, the interim budget of 2024 has set a vision to make India a developed nation by 2047 with several measures, including containing fiscal deficit to manageable levels, momentum to nari shakti, welfare of farmers (annadatas), empowering youth and poor, boosting agriculture & food, solar & electric vehicles, resilient performance of Indian economy among others.
“Besides, the array of initiatives aimed at fostering investments, advancing renewable energy, and championing sustainability aligns seamlessly with our corporate mission. “We are confident that the government's ambitious drive to boost domestically produced goods will not only fortify manufacturing capabilities but also fuel job creation, contributing to the holistic development of the economy,” Finance Minister Nirmala Sitharaman said.
Furthermore, the Interim budget’s focus on agriculture, capex, and tax reforms promises an increased disposable income for consumers in the short term, and sustained growth in the long run. This balanced, growth-oriented budget fuels optimism for a thriving nation working harmoniously to realise the visionary goal of ‘Viksit Bharat’ by 2047.
Citing an example among many, Ms. Sitharaman in her budget speech announced that the government would provide Rs 75,000 crore as an interest-free loan for 50 years to support reforms by states for realising the vision of 'Viksit Bharat'. “A provision of seventy-five thousand crore rupees as a fifty-year interest-free loan is proposed this year to support those milestone-linked reforms by the state governments,” the minister said.
As per the Budget documents, total resources being transferred to the states, including the devolution of states' share, grants/loans, and releases under centrally sponsored schemes in 2024-25 (Budget Estimates), stand at Rs 22,22,264 crore. “This is an increase of Rs 4,13,848 crore over actuals of the fiscal year 2022-23,” it said.
Ms. Sitharaman also said that the Modi government is working with an approach to development that is all-round, all-pervasive, and all-inclusive. “It covers all castes and people at all levels. We are working to make India a ‘Viksit Bharat’ by 2047. To achieve that goal, we need to improve people's capability and empower them,” the finance minister said.
Reacting to the Viksit Bharat initiative, India Inc. is of the view that the interim budget consolidates India’s globally acclaimed economic strategy that preps the economy for the future. “The interim budget, however, consolidates India’s economic strategy prioritising capex-driven growth that boosts demand and improves the competitiveness of the industry. The strategy has led to India becoming a bright spot in the midst of a slowing global economy,” said Chandrajit Banerjee, director general of CII.
“Programmes with thrust on housing for middle class; additional 2 crore houses under PM Awas Yojana (Gramin); a plethora of announcements to boost the rural economy – such as focus on creating post-harvest infrastructure, mission for achieving Atmanirbharta in oilseeds, dairy development, promotion of fishing and aquaculture; creation of an additional 1 lakhpati didis, carry forward India’s new approach to development through inclusion and empowerment,” he said.
