FOR IMMEDIATE RELEASE
Swadeshi Shodh Sansthan Press Release on Interim Budget 2024-25
Union Finance Minister Unveils Visionary Interim Budget: A Holistic Approach Towards Atmanirbhar Bharat
New Delhi, February 2, 2024 – In a pivotal moment for the nation’s economic trajectory, the Union Finance Minister presented the interim budget, outlining a comprehensive strategy for the months following the conclusion of the current financial year. The Swadeshi Shodh Sansthan, after thorough review, recognizes the government’s steadfast commitment to a holistic, human-centric approach, emphasizing women, the underprivileged, demographics, climate, and a resolute march towards Swavelambi Bharat.
The budget highlighted the government’s dedication to self-reliance across domestic and international financial domains, energy, health, food, security, and research and technology. Two significant contributors to the import bill, energy, and education, take center stage as the government pledges fiscal discipline, promoting rooftop solar missions and offering 300 units of free electricity to one crore households.
Acknowledging the challenges faced by the middle class due to expensive foreign degrees and diminishing job opportunities abroad, the government aims to address this issue by increasing medical education seats. The Government proposes the establishment of 157 new nursing colleges in conjunction with existing medical colleges, fostering a skilled healthcare workforce. In addition to that, the introduction of dedicated multidisciplinary courses for medical devices aims to ensure the availability of skilled manpower for futuristic medical technologies, high-end manufacturing and research. The budget put a strong emphasis on empowering the youth to realise their aspirations. It highlights the implementation of the National Education Policy, a focus on skilling and economic policies that facilitate job creation and support business opportunities. This move not only aligns with World Health Organization benchmarks for doctor-to-population ratios but also aims to curb the pursuit of low-quality, unemployable foreign degrees and undisirable immigration of youth.
The important highlight of the budget was the steep 33 per cent increase in the capital investment outlay for the third consecutive year, equivalent to 3.3 per cent of GDP. This substantial increase over recent years is central to the government’s strategy to enhance growth potential and job creation, encourage private investments, and provide a cushion against global headwinds.
The commitment to climate change is evident in the decision to repurpose and upgrade forty thousand old train coaches to VandeBharat coaches. Additionally, the inclusion of Asha workers and Anganwadi workers under the Ayushman Bharat umbrella fulfills a long-standing demand, enhancing healthcare accessibility.
Addressing the agriculture sector, the budget emphasizes post-harvest management activities, including storage, marketing, and branding, with the goal of boosting agricultural income. The creation of a research and development pooled fund underscores the government’s trust in the capabilities of the youth and aims to liberate research and development from corporate funding influences. It aligns with the stated goal of ‘Jai Anusandhan’ coined by the Prime Minister Modi.
While delay in integrating the proposals of OECD Pillar 2 system is well understood as Bharat is facing challenge of competitive corporate tax rates from several neighbouring countries which also wish to thrive on shifting of manufacturing base from China by several multi-national entities. The government’s prudent fiscal management, supported by favorable growth, budgeted data, and revised estimates, aligns with the acceptable accounting principle of pairing debt with growth, contingent upon the quality of debt and trade offs between savings-driven versus expense-driven growth.
In conclusion, the Swadeshi Shodh Sansthan observed that the interim budget sets the stage for a promising future, leveraging the demographic dividend towards making of VIKSIT BHARAT @ 2047.As we anticipate the full budget in July 2024, the nation looks forward to continued economic growth, prosperity and people-centric policies under the visionary leadership of the Prime Minister Narender Modi.
For media inquiries, please contact:
Swadeshi Shodh Sansthan, [Email], [9773932024]
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