India charts road to a developed economy

Union Budget

The Union Budget sets a solid base for India’s economic progress, aligning with country’s vision for 2047. Emphasising fiscal prudence by lowering fiscal deficit to 4.9 percent, strategic capital expenditure by budgeting for 23 percent of total government spending on capital expenditure side, and targeted reforms, this Budget ensures India remains on a path of sustainable growth and development. The Union Budget 2024-25 reaffirms its commitment to empowering citizens, especially the poor and marginalized. Building on the foundation laid since 2014, this budget focuses on strengthening the abilities of all Indians to seize opportunities in the journey towards a ‘Viksit Bharat’ (Developed India).

This year’s budget exemplifies a steadfast commitment to stimulating employment, augmenting skilling initiatives, empowering Micro, Small, and Medium Enterprises (MSMEs), and elevating the middle class. Moreover, it delineates nine pivotal priorities that encompass critical spheres ranging from agriculture to next-generation reforms. These priorities epitomize a holistic approach to development, ensuring that growth is both inclusive and sustainable. As India strives towards its ambitious goal of becoming a developed nation by 2047, Priority 3 of the Union Budget, “Inclusive Human Resource Development and Social Justice,” assumes paramount importance. This priority outlines a plethora of key initiatives aimed at uplifting marginalized communities and fostering balanced regional development, thereby paving the way for a more equitable and prosperous future.

The government of India is steadfast in its commitment to a saturation approach, ensuring that all eligible individuals reap the benefits of developmental programs. This approach seeks to augment capabilities and empower people through targeted interventions in education, health, and skill development. To achieve this, programs such as PM Vishwakarma, PM SVANidhi, National Livelihood Missions, and Stand-Up India are being intensified and expanded. These initiatives aim to bolster economic activities among diverse groups, including craftsmen, artisans, self-help groups, Scheduled Castes, Scheduled Tribes, women entrepreneurs, and street vendors, thereby fostering a more inclusive and equitable society.

We must remember that amidst a global economic slowdown, India is poised to emerge as a growth catalyst for the world economy, and the measures announced in the current and last budget are meticulously aligned with this visionary objective. By seamlessly integrating long-term sustainability goals with a medium-term focus on infrastructure development, digitization, and technological advancements, this comprehensive budget lucidly outlines the foundational pillars of India’s progress towards its ambitious vision of becoming a developed nation by 2047. The budget astutely identifies Sustainability, Technology, Agriculture, Governance, and Education (STAGE) as the key growth drivers and pillars upon which India will construct its global prominence and continue to unlock its vast growth potential. By setting the STAGE, the budget has laid the groundwork for the Government of India’s vision of an empowered and inclusive economy, thereby paving the way for a resurgent India to assume its rightful place on the global stage.

The recent NITI Ayog meeting chaired by PM Modi is a testament to make India a developed Nation by 2047 . “Viksit Bharat @ 2047 is ambition of every Indian. States can play an active role to achieve this aim as they are directly connected with the people,” NITI Aayog said in a post on X quoting Prime Minister Modi” . The meeting focuses on making India a developed nation by 2047. It aims to foster participative governance and collaboration between the Centre and state governments, enhancing the quality of life for both rural and urban populations by strengthening the delivery mechanisms of government interventions.

Jammu and Kashmir playing a vital role :

India’s steadfast progress towards becoming a developed nation by 2047 is evident in the recent budget, which outlines a comprehensive roadmap for inclusive growth and development. This vision transcends political affiliations, recognizing that all states and stakeholders must collaborate to achieve a vibrant and prosperous India (Vikasit Bharat). Every Indian shares this aspiration, and Jammu and Kashmir is no exception. The region is poised to emerge as a model of development, with initiatives underway to harness its vast potential in agriculture, horticulture, tourism, and handicrafts. The PM’s schemes aim to uplift the poor, while infrastructure development and investments in key sectors will propel Jammu and Kashmir to the forefront of India’s growth story.

As India marches towards its goal of becoming a developed nation, Jammu and Kashmir is set to play a pivotal role. The region’s unique blend of natural beauty, cultural heritage, and entrepreneurial spirit makes it an attractive destination for investment and tourism. With the government’s focus on improving infrastructure, enhancing connectivity, and promoting sustainable development, Jammu and Kashmir is on the cusp of a transformative journey. The initiatives underway will not only uplift the local economy but also create new opportunities for employment, education, and skill development. As the region progresses, it will become a shining example of India’s growth potential, inspiring other states to follow suit. With collective efforts and a shared vision, India is poised to achieve its goal of Vikasit Bharat, and Jammu and Kashmir will be a beacon of hope and progress in this journey.”

Conclusion:

“In conclusion, as India embarks on its ambitious journey towards becoming a developed nation by 2047, it is imperative that all stakeholders – governments, citizens, and institutions – work in tandem to realize this vision. With a focus on inclusive growth, sustainable development, and collective progress, India can overcome the challenges that lie ahead. The recent budget’s emphasis on key sectors like infrastructure, education, and healthcare, coupled with initiatives aimed at empowering marginalized communities, sets the stage for a resurgent India. As we strive towards Vikasit Bharat 2047, let us remember that this vision is not just a destination, but a journey – one that requires perseverance, collaboration, and a shared commitment to creating a brighter future for all Indians. With hope and optimism, we can transform this vision into a reality, and usher in a new era of growth, prosperity, and development for our great nation.”

Adv Sajid Yousuf Shah is Columnist Author and currently heads BJP Media Department Kashmir