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Monday, February 26, 2024
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The Indian economy is on the right track and heading towards an optimistic imminent

As per approximations, by 2030 Agri and related sectors have the potential to contribute over USD 800 billion in revenue with an investment of USD 272 billion.

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Today the budget is presented by the finance minister Nirmala Sitaraman, there are many pluses and minuses in the budget but overall, the Indian economy is on track and heading towards a better future. Agriculture and allied sectors are the backbone of the majority of the Indian population. With increasing incomes, greater levels of suburbanization and changing consumption outlines there is a shift in demand towards more processed food. Agriculture is moving away from conservative farm produce to greater production of green needs such as fruits, and vegetables as well as dairy, poultry, meat, and fisheries.

As per approximations, by 2030 Agri and related sectors have the potential to contribute over USD 800 billion in revenue with an investment of USD 272 billion. To promote investment, the government has already announced several policies and schemes such as a Krishi UDAN 2.0 scheme, Production Linked Incentive (PLI) scheme, a single digital platform etc. The government will have to support further augmentation of the agriculture supply chain through development, the introduction of technological solutions as well as improved ease of doing business. Government can simplify the promotion of agri-produce to create demand to increase farmer incomes. Policies thrust along with investment promotion are critical for transforming agriculture ecology.

This is the first budget in ‘Amritkal’ This Budget hopes to build on the foundations laid in the previous Budget and the blueprint drawn for India@100. During the COVID pandemic, we ensured that nobody goes to bed hungry with a scheme to supply free food grains to over 80 crore persons for 28 months. Entire expenditure of about Rs 2 lakh crores under PM Garib Kalyan Anna Yojana is being borne by the central government. We are implementing a scheme to supply foodgrains from Jan 1, 2023, to all Antaodaya and priority households for the next 1 year. The current year’s economic growth is projected to be at 7% despite the pandemic. The government’s efforts since 2014 have ensured for all citizens a better quality of life. The per capita income has more than doubled to Rs 1.97 lakh.

In the last 9 years, the Indian economy has increased in size from being 10th to 5th largest in the world. The world has also recognized India as a bright star, our growth for the current year is estimated at 7.0%, which is the highest among all major economies, in spite of the massive global slowdown caused by the pandemic and the war.

The Budget hopes to build on the foundation laid in the previous Budget. In these times of global challenges, including the war in Ukraine, India’s G20 presidency gives us a unique opportunity to strengthen India’s role in the world economic order. For centuries traditional artisans have brought renown to India. PM Vishwakarma Kaushal Samman — a package of assistance for traditional artisans and craftspeople — has been conceptualized that will enable them to improve the quality, scale and reach of their products, integrating with the MSME value chain. The scheme includes financial support, upskilling, digital payments and social security.

Inclusive development; reaching the last mile; infrastructure and investment; unleashing potential; green growth; youth power; financial sector. The promotion of tourism will be taken up in mission mode, with the active participation of states and PPPs. The agricultural credit target will be increased to Rs 20 lakh crore with a focus on animal husbandry, dairy and fisheries. The government will launch a sub-scheme under PM Matsya Sampada Yojana with an outlay of Rs 6,000 crore to further enable those involved in fisheries. India is the largest producer and second largest exporter of Shree Anna, to make India a global hub for Shree Anna, the Indian Institute of Millet Research in Hyderabad will be supported as the Centre of Excellence for sharing best practices at the international level.

157 new nursing colleges to be established in co-location with existing 157 med colleges established since 2015; Mission to eliminate sickle cell anaemia by 2047; Facilities in select ICMR labs will be made available for research by public and private medical facilities; A new programme to promote research and innovation in pharmaceuticals will be taken up by Centres of Excellence. Capital outlay 2.4 lakh crore. This is nine times the outlay in 2013-2014. 50 additional airports, heliports, watersports and advanced landing grounds will be revived for regional connectivity.

Three centres of excellence in Artificial Intelligence will be set up in top educational institutions. Leading industry players will partner in conducting interdisciplinary research, and develop cutting-edge applications and salable problem solutions in the areas of health, agriculture and sustainable cities. As part of its second priority — ‘reaching the last mile’ — the Centre will provide Rs 5,300 crore assistance to drought-prone central regions of Karnataka.

The National Digital Library for children and adolescents will be set up for facilitating the availability of quality books across geographies, languages and genres and levels and device-agnostic accessibility. States will be encouraged to set up physical libraries for them. Additionally, to build a culture of reading and to make up for the pandemic-time learning loss, the National Book Trust and the Children’s Book Trust and other sources will be encouraged to provide non-curricular titles in regional languages and in English to these physical libraries. Collaboration with NGOs will also be part of this initiative. At Rs 10 lakh crore, the Centre’s capex target for 2023-24 is 33 per cent higher than the budget estimate of Rs 7.5 lakh crore for 2022-23. In the next 3 years, the Centre will recruit 38,800 teachers and support staff for 740 Eklavaya Model Residential Schools serving 3.5 lakh tribal students.

Urban Infrastructure Development Fund to be established through priority sector lending shortfall, to be managed by National Housing bank, to be used by public agencies to create urban infra in tier-2 and tier-3 cities. All cities and towns will be enabled for 100% mechanical desludging of septic tanks and sewers to transition from manhole to machine whole mode.

The KYC process will be simplified and PAN will be used as the common identifier for all digital systems of specified government agencies. The government will launch Pradhan Mantri Kaushal Vikas Yojana 4.0. In order to skill the youth for international opportunities, 30 Skill India International Centres will be set up across different States. Overall, the budget got mixed reactions from the people.

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Vaidehi Taman
Vaidehi Taman
Vaidehi Taman an Accredited Journalist from Maharashtra is bestowed with three Honourary Doctorate in Journalism. Vaidehi has been an active journalist for the past 21 years, and is also the founding editor of an English daily tabloid – Afternoon Voice, a Marathi web portal – Mumbai Manoos, and The Democracy digital video news portal is her brain child. Vaidehi has three books in her name, "Sikhism vs Sickism", "Life Beyond Complications" and "Vedanti". She is an EC Council Certified Ethical Hacker, OSCP offensive securities, Certified Security Analyst and Licensed Penetration Tester that caters to her freelance jobs.
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