With the Union Budget 2024 just around the corner, there is heightened anticipation regarding its alignment with Prime Minister Narendra Modi's vision of 'Viksit Bharat' or Developed India by 2047. Former Minister of State for Finance, Jayant Sinha, emphasized the upcoming budget's pivotal role in setting the roadmap towards achieving this ambitious national goal.
Sinha highlighted five key priorities that are expected to shape Budget 2024 and contribute significantly to India's developmental trajectory. Firstly, macroeconomic management stands out as the foremost priority. Sinha commended the government's track record over the past decade in stabilizing the macroeconomy, which he believes has laid a robust foundation for sustained growth.
Secondly, social welfare schemes are slated to continue receiving substantial attention. Initiatives such as direct benefit transfers, the Garib Kalyan Yojana, Ayushman Bharat, and housing programs are pivotal components of the Modi government's social safety net strategy, particularly focusing on rural and urban housing to bolster the welfare system.
Thirdly, capital expenditure is set to increase, particularly in infrastructure projects spanning roads, highways, ports, and airports. Sinha indicated that maintaining the momentum of capital expenditure, which was budgeted at Rs 11 lakh crores in the interim budget, will be crucial for stimulating economic growth in the coming years.
Fourthly, business reforms are expected to feature prominently in Budget 2024. Efforts to streamline the business environment, simplify GST rates, and reform labor laws aim to enhance competitiveness and foster a more conducive atmosphere for startups and investments.
Lastly, a significant emphasis will be placed on research and innovation. Sinha highlighted the government's proposal in the interim budget for establishing a national innovation agency with substantial funding of Rs 1 lakh crore to drive research and development across various sectors. This initiative aims to bolster India's capabilities in advanced technologies and strengthen its position as a global leader in innovation.
The Monsoon Session of Parliament, commencing on July 22 and concluding on August 12, sets the stage for the Budget presentation on July 23. The upcoming budget is poised to be a critical juncture in India's economic agenda, closely watched for how it addresses and implements these strategic priorities aimed at fostering inclusive growth and propelling India towards its vision of 'Viksit Bharat' by 2047.
