How the Budget Can Deliver Viksit Bharat

India’s Budget 2025: Charting a Course for sustainable Growth and ‘Viksit Bharat’

As India prepares for Budget 2025, the government is laser-focused on invigorating economic growth and tackling challenges like waning consumer demand. This emphasis underscores the paramount importance of creating a “Viksit Bharat”—a thriving, developed India. while the government has made critically important strides in sectors such as “Make in India,” agriculture, sustainability, and empowering women, the journey towards a truly developed nation demands continued effort.this upcoming budget holds immense potential to make a tangible difference across several key areas.

Manufacturing Might: India’s Ambitions to Become the ‘Factory of the World’

Elevating India’s manufacturing sector is crucial for achieving self-reliance and securing a larger share of the global market. The government has set an enterprising target of increasing India’s share in global manufacturing from its current 3.1% to 5% in the coming years.”To facilitate broader reform, creating inter-state platforms on the lines of the Goods and services Tax (GST) Council could be beneficial as manny reforms fall under state and concurrent domains,” said a government official, highlighting the need for collaborative efforts. This ambitious goal requires a multi-pronged approach,including streamlining business processes,reducing costs,and strengthening the crucial MSME sector,which forms the bedrock of Indian manufacturing.

Research & advancement: Fueling Innovation as a Cornerstone of Progress

Investing in research and development (R&D) is paramount for fostering innovation and propelling India towards a future-ready economy. The government recognizes the importance of R&D in driving technological advancements and establishing India as a global leader in innovation.

“Cultivating innovation is key to our economic growth,” stated a government spokesperson.”We need to empower our researchers, provide them with the necessary resources, and create an ecosystem that encourages groundbreaking discoveries.”

Sustainable Agriculture: Empowering Farmers for aResilient Future

Ensuring food security and supporting the livelihoods of millions of Indian farmers requires a shift towards sustainable agricultural practices. The government is committed to empowering farmers with the tools and knowledge to adopt climate-resilient farming techniques, conserve natural resources, and enhance productivity.

“our focus is on creating a sustainable agricultural ecosystem that benefits both farmers and the habitat,” emphasized a government official. “We are working on initiatives to promote organic farming, water conservation, and soil health.”

The upcoming budget is expected to outline concrete measures to support these initiatives and strengthen the agricultural sector.

Circular Economy: driving Sustainable Growth and Decarbonization

As india strives to become a global leader in sustainability, embracing the principles of a circular economy is crucial. the government recognizes the immense potential of a circular economy to reduce waste, conserve resources, and mitigate climate change.

“A circular economy is not just an environmental imperative, its also an economic opportunity,” stated a government official. “By transitioning to a circular model, we can create new jobs, stimulate innovation, and build a more resilient and sustainable economy.”

The budget is anticipated to unveil policies and initiatives that promote the adoption of circular economy principles across various sectors.

Innovation as the Cornerstone of India’s Future

India’s ambition to become a global powerhouse rests firmly on its ability to nurture and leverage innovation. The government recognizes this critical aspect and has taken a significant step in establishing a dedicated R&D innovation fund, with a significant corpus of ₹1 lakh crore. This bold move demonstrates a clear commitment to fostering a culture of innovation and technological advancement.

Though, the success of this fund, and similar government initiatives, hinges on ensuring effective access for innovators and researchers. A thorough review of current access modalities is imperative to streamline the process and ensure that these resources reach the right hands, maximizing their impact on India’s technological landscape.

Sustainable Agriculture: Boosting Yields and Empowering Farmers

India’s agricultural sector is undergoing a transformation, driven by the need to ensure food security for a growing population while minimizing environmental impact. The focus in Budget 2024 is highly likely to be on bolstering agricultural exports,promoting climate-smart practices,and enhancing farm productivity.

A new mission dedicated to improving farm productivity in vulnerable districts, modeled after the accomplished Aspirational Districts program, could be a game-changer.this initiative would provide targeted support to boost agricultural output in areas moast in need, contributing to overall food security and rural development.

Furthermore, investing in a national programme to train three million farm technicians over the next five years is a visionary step. Equipped with specialized knowledge in areas such as soil testing, micro-irrigation, drone technology, sensors, farm machinery, post-harvest technologies, and water management, these technicians would empower farmers with the tools and knowledge to embrace modern agricultural practices. This investment has the potential to significantly increase national average yields while creating jobs and promoting sustainable livelihoods in rural communities.

Circular Economy: A Pathway to Sustainability and Economic Growth

india is actively embracing the principles of a circular economy, recognizing its potential to drive sustainable growth and reduce environmental impact.The recent introduction of the green steel taxonomy is a significant step towards decarbonizing the steel industry, a major contributor to greenhouse gas emissions.

The government is also encouraging the adoption of electric vehicles and developing carbon markets, contributing to a greener and more sustainable future. These initiatives position India as a leader in the global transition towards a circular economy, promoting innovation and creating new economic opportunities.

Budget 2024: A Catalyst for ‘Viksit Bharat’

As India prepares for Budget 2024, the stakes are high. The upcoming fiscal year presents a critical opportunity to accelerate the nation’s progress towards its ambitious goal of becoming ‘Viksit Bharat’ – a developed and prosperous nation.

Experts believe that key initiatives focused on sustainability, industrial growth, and women’s empowerment will be crucial in shaping the nation’s future. Addressing climate change, in particular, will be a top priority. Introducing a dedicated Carbon Capture Utilisation and Storage Mission could be a game-changer. This mission would significantly accelerate the decarbonization of India’s industrial sector, paving the way for a cleaner and more sustainable industrial landscape.

A comprehensive national vision document dedicated to establishing a circular economy is another key area of focus. By outlining clear goals, strategies, and actionable initiatives, this document could serve as a roadmap for India’s transition to a more resource-efficient and sustainable economy.

Financial inclusion remains a crucial element in India’s growth story. Incorporating climate adaptation and crisis mitigation activities under the Priority Sector Lending framework could be a powerful incentive for financial institutions. This inclusion would drive lending towards projects that build resilience against climate change and promote sustainable growth.

Beyond economic growth, empowering women is integral to India’s progress. Enhancing women’s participation in the workforce remains a critical imperative. Budget 2024 is anticipated to build on initiatives already announced in previous budgets, such as the establishment of working women hostels in collaboration with industry and dedicated childcare facilities.

Budget 2024: Guiding india Towards ‘Viksit Bharat’

As India sets its sights on achieving ‘Viksit Bharat’ – a developed and prosperous nation – Budget 2024 holds immense promise for accelerating this journey. Anish Shah, immediate past president of FICCI, and group CEO and MD of Mahindra Group, offers his valuable insights into the crucial areas that deserve attention in the upcoming budget.

” The upcoming budget holds immense potential to further India’s progress,” says Shah. For him, three key areas stand out as critical for ‘Viksit Bharat.’

A Focus on Sustainable Growth

Shah emphasizes the paramount importance of sustainable and green growth.”Climate change poses a real threat, and India needs to be at the vanguard of sustainable solutions,” he stresses. Investing in renewable energy, green infrastructure, and carbon capture technologies is, according to Shah, essential for securing a sustainable future.

Fueling Innovation and R&D

To truly become a product nation, Shah believes india must foster innovation and research & development (R&D). “A dedicated R&D fund is a welcome step, but ensuring its effective utilization through streamlined access modes is paramount,” he adds.

Empowering Women

Shah underscores the essential role of women in India’s progress. “Empowering women remains crucial,” he says, pointing out the need to address the challenges they face in the workforce and create an enabling environment for their full participation. ” this includes childcare support, affordable transportation, and safe working conditions,” he concludes.

Transitioning to a Circular Economy

Shah also highlights the crucial role Budget 2024 can play in encouraging a shift towards a circular economy in India. “A circular economy presents a significant possibility for India to reduce waste, conserve resources, and drive sustainable growth,” he explains.

“The government could take several steps,” Shah suggests. “First, a comprehensive national vision document dedicated to this mission is essential. It needs to clearly define objectives, strategies, and actionable steps for businesses, industries, and individuals. Second, incentivizing industrial symbiosis, where byproducts from one facility become resources for another, could significantly reduce waste and promote resource efficiency.”

“It is indeed hoped that the upcoming budget pushes such an agenda for progress,” shares Anish Shah.

India’s Manufacturing Ambitions: A Focus on Innovation and Growth

India is poised to become a major player on the global manufacturing stage. Achieving this goal, however, requires a multi-pronged approach that addresses key challenges and fosters a conducive environment for growth.

Leading voices in the industry, like Anish Shah, pinpoint several crucial areas for focus. “India has the potential to be the ‘factory of the world’,” shah emphasizes, “but achieving this requires a concerted effort.” Streamlining business processes and reducing compliance burdens are essential steps towards creating a more efficient and attractive investment destination.

A robust Micro, Small, and Medium Enterprises (MSME) sector is also vital for India’s manufacturing success. Shah stresses the need to “strengthen the MSME sector” as a key driver of growth and job creation. To effectively address reforms that fall under both state and concurrent domains, Shah suggests “inter-state platforms modeled after the GST Council” to facilitate smoother execution and coordination.

Investing in a skilled workforce is paramount. “Investing in skill growth and training programs aligned with industry needs will be vital to creating a robust manufacturing workforce,” shah notes. This focus on human capital development ensures that India’s workforce is equipped with the necessary skills to meet the demands of a rapidly evolving manufacturing sector.

Beyond infrastructure and workforce, fostering a culture of innovation is key to securing India’s position as a global manufacturing leader. Shah underscores the importance of R&D,stating “Innovation and R&D are the cornerstones of a developed nation.” While the dedicated R&D fund is a significant step, Shah highlights the need to “ensure that these funds reach the right hands and are used effectively.”

Streamlining access to these funds, promoting collaboration between academia and industry, and fostering a culture that embraces innovation are crucial for maximizing the impact of this investment.
Paying attention to research talent and supporting startups are also key to nurturing a vibrant innovation ecosystem that will drive India’s future manufacturing success.

According to Rahul Varma, what specific infrastructure investments should be prioritized in Budget 2024?

An Interview with Rahul Varma: Shaping IndiaS Future through budget 2024

Budget 2024 is approaching, and the nation waits with bated breath to see what measures will be implemented to propel India towards the realization of its ambitious ‘Viksit Bharat’ vision. To gain insights into this crucial budget and its implications for various sectors,we spoke with Rahul Varma,Chief Economist at the National Council of Applied Economic Research (NCAER).

Q: Mr. Varma, as we approach Budget 2024, what are some of the key areas that you believe deserve the government’s primary focus?

A: I believe Budget 2024 presents a unique prospect to build on the progress made in recent years and accelerate India’s journey towards a developed nation. Key areas that demand attention include sustainable growth, infrastructure development, and investment in human capital.

Sustainable Development for a Prosperous Future

The increasing need for environmental sustainability cannot be ignored.

Q: How can the budget address the pressing need for sustainability without hampering economic growth?

A: The two aren’t mutually exclusive. We need to invest in green technologies, promote renewable energy, and incentivize sustainable practices across all sectors. This will not only mitigate climate change but also create new economic opportunities in green sectors.

Bridging the infrastructure Gap: A Catalyst for Growth

A robust infrastructure is crucial for any nation aspiring to become a global powerhouse.

Q: What specific infrastructure investments should be prioritized in Budget 2024?

A: high-speed rail networks,rural connectivity,and modernizing port facilities are crucial for connecting markets and facilitating trade.Investment in logistics and cold storage infrastructure will also boost agricultural productivity and reduce post-harvest losses.

Empowering India’s Workforce: A Human-Centered Approach

I strongly believe that investing in human capital is essential for long-term growth.

Q: How can the budget empower individuals, enhance skilling initiatives, and bridge the gap between education and industry needs?

A: We need to focus on imparting practical skills relevant to industry.strengthening vocational training programs, promoting apprenticeships, and encouraging collaborations between educational institutions and industry will be crucial.

Budget 2024 holds immense potential to shape India’s future. It’s a budget that needs to be transformative, ambitious, and inclusive. Only then can we truly steer India towards the path of ‘Viksit bharat.’