BUDGET LAYS FOUNDATION AND STEERS ECONOMY FROM INDIA @75 TO INDIA @100

INCLUSIVE ECONOMIC FOCUS AND TECHNOLOGY ENABLED DEVELOPMENT IN NEXT 25 YEARS

FUTURISTIC AND HOLISTIC BUDGET WITH FOUR PRIORITIES

CURRENT YEAR GROWTH ESTIMATE STANDS HIGHEST AMONG ALL ECONOMIES @9.2%

PM GATISHAKTI TO GUIDE BIG PUBLIC INVESTMENTS

SABKA PRAYAS TOWARDS STRONG GROWTH

“We are marking Azadi ka Amrit Mahotsav, and have entered into Amrit Kaal, the 25-year-long lead up to India @100” said the Union Finance and Corporate Affairs Minister Smt. Nirmala Sitharaman while presenting the Union Budget 2022-23 in the Parliament today. The Minister stated that this Budget seeks to lay the foundation and give a Blueprint to steer the economy over the Amrit Kaal of the next 25 years “from India @75 to India @100.”

Vision of Amrit Kaal:

            The Minister said that the all-inclusive Welfare focus wherein complementing Macro Economic level growth focus with the Micro Economic level; promotion of digital economy and Fintech, technology enabled development, Energy Transition and Climate Action; and reliance on virtuous cycle from private investment with Public Capital Investment in order to crowd-in private investment are the areas in which we achieve our vision by attaining certain goals in coming 25 years.

Four priorities:

            The Minister stated that PM GatiShakti; Inclusive Development; productivity enhancement & investment, Sunrise opportunities, Energy transition and Climate action; and financing of investments are the 4 priorities of this futuristic and holistic budget.

Budget for Growth:

            Highlighting the fact that with the estimated growth of 9.2% in the current year and India being the highest among all large economies, the Finance Minister said that this futuristic and inclusive budget continues to provide impetus for growth, which would ensure direct benefit to our Youth, Women, Farmers, the Scheduled Castes and the Scheduled Tribes. PM GatiShakti shall guide ‘big public investments’ for modern infrastructure to be benefitted by the synergy of Multi-Modal Approach. She further said that the country’s strong resilience is being reflected in the sharp rebound and recovery of the economy.

Speed and Coverage of Vaccination Campaign:

The Minister expressed confidence and stated that the speed and coverage of the Vaccination Campaign and the accelerated development in health infrastructure in the past 2 years helped us to withstand challenges. She also reiterated that we are in a midst of an Omicron wave with high incidence but milder symptoms and asserted that ‘Sabka Prayas’ will help India to continue the journey of strong growth. The Minister also expressed strong commitment to encourage the poor to tap all opportunities as well as to provide necessary ecosystem to the middle class which is the vast section of population falling under various income brackets.

Inclusive economic focus steers budget to use public capital to crowd in private investment and technology led development. The budget sets a 25 year Amrit Kaal framework prioritising inclusive growth through technology enabled development, using public capital investment to crowd in private investment, enhance productivity, and promote energy transition and climate action. It identifies integrated multimodal infrastructure to guide major public investments, an inclusive agenda for vulnerable groups, expansion of digital economy and fintech, and reinforcement of health infrastructure and vaccination as elements underpinning resilience and future growth.