The Union Budget 2024 is set to be a pivotal moment in India’s journey towards achieving the vision of ‘Viksit Bharat’ by 2047, as laid out by Prime Minister Narendra Modi. With the budget just a few days away, anticipation is high about the measures the government will take to realize this ambitious goal. According to Jayant Sinha, Former Minister of State for Finance, the upcoming budget will lay the roadmap for ‘Viksit Bharat.’
Macroeconomic Management
The government’s top priority in the Union Budget 2024 will be the macroeconomic management of the overall economy. Over the past decade, Prime Minister Narendra Modi’s government has demonstrated strong macroeconomic management, stabilizing the economy and laying a robust foundation for growth. Ensuring economic stability and fostering growth will remain a primary focus in the upcoming budget. This includes measures to control inflation, manage fiscal deficits, and maintain a stable exchange rate, which are crucial for sustainable economic development.
Social Welfare Schemes
Social welfare schemes have been a significant achievement of the Modi government, and they will continue to receive substantial attention in the Union Budget 2024. The extensive social welfare schemes, such as direct benefit transfer, the Garib Kalyan Yojana, Ayushman Bharat, and housing initiatives, have made a considerable impact on the lives of millions of Indians. The government aims to further enhance these schemes, particularly focusing on rural and urban housing to build a comprehensive social welfare system. This will ensure that the benefits of economic growth reach the most vulnerable sections of society.
Capital Expenditure
Increasing capital expenditure to build infrastructure, such as roads, highways, ports, and airports, is another key priority for the government. In the interim budget, capital expenditure was shown to increase to Rs 11 lakh crores. The government intends to maintain this momentum, continuing to build infrastructure that will drive the economy over the next 10 to 20 years. This investment in infrastructure is expected to create jobs, boost economic activities, and improve the overall quality of life for citizens.
Business Reforms
Further reforms to streamline the business environment and make it easier to do business are crucial for India’s economic growth. The government plans to implement important reform steps to enhance competitiveness and ease of doing business. This includes refinement through GST rate simplification and improvements to labor laws. These reforms aim to enable startups to prosper and attract more investments, thereby creating a vibrant business ecosystem. The government is also expected to focus on reducing bureaucratic red tape and improving the ease of obtaining business licenses and permits.
Research and Innovation
The focus on research and innovation was a welcome surprise in the interim budget. The finance minister had proposed the idea of a national innovation agency with funding of Rs 1 lakh crores to drive R&D across the economy. This push towards research and innovation, and strengthening universities and IITs, will see significant attention in the Union Budget 2024. The government aims to position India as a world leader in advanced technologies, fostering innovation and technological advancements. This investment in research and innovation will not only boost the economy but also enhance India’s global competitiveness in various sectors.
The Monsoon Session of Parliament is scheduled to begin on July 22 and will conclude on August 12. The Budget will be presented on July 23, and it will be closely watched to see how these priorities are addressed and implemented. The government’s focus on macroeconomic management, social welfare schemes, capital expenditure, business reforms, and research and innovation is expected to drive India’s growth and development in the coming years.
