The 2024 budget sounded a clarion call for inclusive and sustainable growth. Although an interim budget, FM Nirmal Sitharaman signalled the government’s commitment to broad-basing the India growth story with the underlying theme that the fruits of development must be accessible to all. To put it simply, the tide of economic prosperity has to lift all boats with none left behind.
The government’s ambition of Viksit Bharat rests on four pillars - Yuva (the youth), Garib (the poor), Mahila (women) and Kisan (our farmers). Our Yuva are the engines of our economic growth. India has been blessed with a demographic dividend, a large young, working-age population who needs to be empowered with skills so they can fulfil their role as the stewards of our economic destiny.
The Garib need to be empowered - empowered to dream, empowered with opportunity to chase those dreams, empowered so they can play their due part in our economic growth story and enable us to unleash our full potential.The Mahila need to be empowered with parity - parity when it comes to access to education, healthcare, financial freedom, employment and pay. Lastly, our Kisan, our farmers –they need to be empowered with access to credit, technology, to digital tools and a fair price mechanism so that they may remain competitive.
Empowering these four key constituents of the Viksit Bharat dream is no mean feat, especially in a country as vast, diverse, and complex as India. But as the 2024 budget showed,we have been making a sure and steady progress.The numbers do the talking. As the FM underlined - as many as 1.4 crore of our country’s youth have been trained under the Skill India Mission. At the same time, 22 lakh crore loans to over 43 crore beneficiaries have been sanctioned under the PM Mudra Yojana encouraging entrepreneurship.
Similarly, 25 crore people have been freed from the shackles of multi-dimensional poverty. The participation of women in education, for STEM courses and in turn in the labour force have all seen a noticeable rise.Lastly, direct financial assistance schemes have helped 11.8 million farmers.These are just some of the headline numbers. A deeper dive into the current state of play paints an even more optimistic picture.
This is what inclusive development looks like and it is, at its essence, being fuelled by our robust rate of economic growth. We are among the world’s fastest growing economies. But what’s truly encouraging is that we are achieving this growth without compromising on our commitment to sustainability.
Today’s budget presentation reaffirms that the Modi government remains as committed as ever to achieving the net-zero targets it has set.From adoption of green urban mobility solutions like e-buses to rooftop solar projects, from providing viability gap funding for wind energy to rolling out a new scheme for biomanufacturing, India is exploring different avenues to build a better, cleaner and greener world.
The Budget was a trailer for the full episode to be released later this year. Thematically the budget was sneak peak into the priorities before the Modi government. It was good to see fiscal prudence occupying the box seat with infrastructure creation, innovation and green energy for company. The FM’s speech exuded great confidence in the economy and growing belief in India’s tryst with destiny.
Harsh Goenka
Chairperson, RPG Group