GOVERNMENT FOCUSED ON MORE COMPREHENSIVE ‘GDP’ - GOVERNANCE, DEVELOPMENT AND PERFORMANCE FOR PEOPLE-CENTRIC INCLUSIVE DEVELOPMENT, SAYS UNION FINANCE MINISTER

ECONOMY IS DOING WELL AS IMPACT OF ALL-ROUND DEVELOPMENT IS DISCERNIBLE IN ALL SECTORS: SMT. SITHARAMAN
GOVERNMENT HAS PROVIDED TRANSPARENT, ACCOUNTABLE, PEOPLE-CENTRIC AND PROMPT TRUST-BASED ADMINISTRATION WITH ‘CITIZEN-FIRST’ AND ‘MINIMUM GOVERNMENT, MAXIMUM GOVERNANCE’ APPROACH: FM

“Besides delivering on high growth in terms of Gross Domestic Product, the Government is equally focused on a more comprehensive ‘GDP’, i.e., ’Governance, Development and Performance’,” this was stated by Union Minister for Finance and Corporate Affairs Smt. Nirmala Sitharaman while presenting the Interim Union Budget 2024, in Parliament today.

The Union Finance Minister said that the Government has provided transparent, accountable, people-centric and prompt trust-based administration with ‘citizen-first’ and ‘minimum government, maximum governance’ approach.

Smt. Sitharaman said that the economy is doing well is visible as investments are robust, and along with macro-economic stability, including in the external sector, the impact of all-round development is discernible in all sectors.

The Union Finance Minister said that people are getting empowered, equipped and enabled to pursue their aspirations, which is visible as people are living better and earning better, with even greater aspirations for the future; Average real income of the people has increased by 50 per cent; inflation is moderate; and there is effective and timely delivery of programmes and of large projects.

ECONOMIC MANAGEMENT

Smt. Sitharaman said that the multipronged economic management over the past 10 years has complemented people-centric inclusive development and attributed the following as some of its major elements: 

1. All forms of infrastructure, physical, digital or social, are being built in record time. 
2. All parts of the country are becoming active participants in economic growth.
3. Digital Public Infrastructure, a new ‘factor of production’ in the 21^st century, is instrumental in formalisation of the economy.    
4. Goods and Services Tax has enabled ‘One Nation, One Market, One Tax’. Tax reforms have led to deepening and widening of tax base.
5. Strengthening of the financial sector has helped in making savings, credit and investments more efficient. 
6. GIFT-IFSC and the unified regulatory authority, IFSCA (International Financial Services Centres Authority) are creating a robust gateway for global capital and financial services for the economy.
7. Proactive inflation management has helped keep inflation within the policy band.

Governance, Development and Performance focus to drive people centric inclusive growth through digital infrastructure and tax reform. The Budget emphasises a broadened development metric-Governance, Development and Performance-focused on people centric, transparent administration and inclusive growth, citing rising real incomes, moderated inflation and timely programme delivery. Economic management highlights rapid buildout of physical, digital and social infrastructure, Digital Public Infrastructure as a production factor aiding formalisation, GST-led market unification and tax base widening, financial sector strengthening, and initiatives to integrate global capital markets, all supported by proactive inflation control.