The Union Budget 2024-25 is more than just a fiscal document; it is a bold statement of intent and vision for India's future. It encapsulates our collective aspiration to enhance the standard of living, foster business growth, create livelihood opportunities, and steer India towards a 'Green' future. At a juncture where India stands poised to assert its global influence, this budget is critical in balancing international ambitions with national priorities.
One of the budget's standout features is its focus on agriculture. With a 22 per cent increase in allocation over the previous year, totaling INR 1.52 lakh crore, the government is signalling its commitment to making agriculture more climate resilient. This investment is not merely about supporting farmers; it is about ensuring food security for the nation and making agriculture a viable and sustainable livelihood. By promoting sustainable farming practices and climate-resilient crops, the budget aims to shield our agricultural sector from the growing threat of climate change.
The post-pandemic economic recovery has been a testament to India's resilience and dynamism. To maintain this momentum, the government has unveiled five new schemes with a combined allocation of INR 2 lakh crores. These initiatives are expected to provide upskilling opportunities for 41 million youth, opening new employment avenues and helping them achieve their aspirations. This move is particularly significant for the MSME sector, which is often described as the backbone of the Indian economy. By enhancing the quality of our workforce, we can ensure sustained economic growth and strengthen our position in the global market.
Infrastructure development is another cornerstone of the budget; while the overall infrastructure allocation of INR 11.11 lakh crore remains consistent with the interim budget, the plan to construct 10 million houses for the urban poor is a commendable step towards improving urban living conditions. This initiative is not just about building houses; it is about creating sustainable and liveable urban environments that can support the rapid urbanization and industrialization trends we are witnessing.
The tourism sector, a vital driver of inclusive and sustainable development, has also received considerable attention. The focus on developing key cultural and historical sites like the Vishwanath and Mahabodhi Temples, Rajgir, and Nalanda University is a strategic move. These projects are expected to boost local economies, create jobs, and preserve our rich cultural heritage. This is a clear indication that the government recognizes the immense potential of tourism in driving regional development and promoting cultural heritage.
India’s legacy of producing innovators and visionaries is well-recognized globally. The significant increase in funding for research institutions and startups in this budget is a clear nod to our potential in leading global innovation. By focusing on emerging sectors such as biotechnology, artificial intelligence, and clean energy, the government is fostering a new generation of entrepreneurs who can drive India's future growth. The proposed INR 1000 crore venture capital fund for the space economy underscores our ambitions to expand and excel in high-tech industries.
In the realm of renewable energy, India continues to lead by example. The Pradhan Mantri Surya Ghar Mult Bijli Yojana, with 1.28 crore registrations for free solar-powered electricity, is a testament to our commitment to sustainability. The advancements in nuclear technology and the development of an advanced thermal power plant using ultra-supercritical technology further reinforce our pursuit of energy security and sustainability.
The digital revolution is transforming India, and this budget places a significant emphasis on Digital Public Infrastructure (DPIs) for inclusive growth. By involving the private sector in developing scalable solutions for various services—ranging from agriculture to urban governance—the government is ensuring that the benefits of digital technology reach every corner of the nation. This initiative is about creating a more inclusive and equitable society where technology serves as a bridge, not a barrier.
As we embark on this journey towards Amrit Kaal, the initiatives outlined in the Union Budget 2024-25 will shape India's growth trajectory both in the short and long term. This budget is not merely about fiscal allocations but about setting a vision for a progressive, inclusive, and sustainable future. Continuous monitoring and active engagement are essential to make sure these ambitious goals translate into tangible benefits for all sections of society.
A version of this article was published in The Economic Times Government.com on July 29 2024. The same can be read here
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