Harsh Goenka, Chairman, RPG Group
The Finance Minister’s speech throughout the Vote on Account exudes confidence that our financial system is on monitor to attain the Hon’ble Prime Minister’s imaginative and prescient of changing into a ‘developed nation’ (Viksit Bharat) by 2047. The price range final 12 months had considerably elevated infrastructure spending alongside a number of welfare schemes. The outcomes of the reforms and investments at the moment are clearly seen with important strides in varied sectors that bolster the nation’s trajectory in the direction of inclusive progress and sustainable development.
Continued focus on infrastructure, with substantial investments in railways, airports, and highways underscores the federal government’s dedication to strengthen these sectors that are the spine for financial progress, job creation, and enhanced high quality of life. The price range additionally continues a number of social welfare measures, essential for India’s long-term progress, making certain that development is inclusive and advantages essentially the most weak sections of society. The healthcare initiatives are notably noteworthy, reflecting the teachings discovered throughout the pandemic and doubling down on the dedication to constructing a strong public well being system. The determination to increase healthcare protection below Ayushman Bharat to all ASHA and Anganwadi employees will encourage these working on the grassroots and strengthen the first healthcare ecosystem. The determination to encourage cervical most cancers vaccination for younger women will cut back the dangers of growing cervical most cancers for the 511.4 million ladies aged 15 and older.
The foresight proven in the direction of know-how is commendable. The 1 lakh crore assist for know-how investments aligns with the nation’s quickly rising digital financial system, unlocking new progress avenues and fostering innovation to cement India’s place as a worldwide chief within the digital house. Strengthening of deep-tech know-how for the defence sector will guarantee our defence forces are all the time geared up with essentially the most superior applied sciences to satisfy any future risk.
The agricultural sector, the spine of the Indian financial system, has been getting due consideration with 11.8 cr. farmers having acquired direct monetary help from PM-Kisan Samman Nidhi up to now. The initiatives to boost agricultural productiveness, enhance post-harvest advertising and storage infrastructure and higher market entry is not going to solely increase the sector but additionally empower hundreds of thousands of farmers. This will go a good distance in elevating the agricultural financial system and making certain meals safety for India.
The price range makes a robust case for environmental sustainability, aligning with our Net Zero dedication. Viability hole funding for investments in renewable vitality, inexperienced initiatives, and sustainable city planning reveal our proactive stance on local weather change. The proposed rooftop photo voltaic funding of 1 crore households will promote grassroot stage vitality self-sufficiency and likewise create a number of financial alternatives.
The price range confirmed continued dedication to simplifying tax construction and eradicating irritants eg. withdrawal of previous excellent direct tax calls for which is able to carry reduction to round one crore small taxpayers. The authorities’s method to fiscal administration additionally deserves an applause. Measures to constantly carry down fiscal deficit, aiming at a beneath 4.5% quantity by FY26 will guarantee financial stability.
Overall, balancing progress with social welfare, modernisation with sustainability, and monetary prudence with formidable development targets, the Interim Budget 2024 has ensured that India’s financial juggernaut continues to roll on as we construct a affluent, resilient, and future-ready nation.
