While announcing the Union Budget 2024, the Finance Minister Nirmala Sitharaman on Thursday said the next five years will be years of unprecedented development and golden moments to realize the goal of developed India by 2047.
“Trinity of democracy, demography and diversity backed up by Sab Ka Prayaas has the potential to fulfill aspirations of every Indian,” she highlighted.
The minister said the Vision for Viksit Bharat is that of prosperous Bharat, in harmony with nature, with modern infrastructure and providing opportunities for all to reach their potential.
Defining the GDP in her own way, the Finance Minister said, “Besides delivering on high growth, govt is equally focussed on more comprehensive GDP: Governance, Development and Performance.”
“Our government has provided transparent, accountable and people-centric trust-based administration with citizen first and minimum government and maximum governance approach.”
“There is macroeconomic stability, investments are robust, economy is doing well, people are doing well, with greater aspirations for future, average real income has increased by 50%, inflation is moderate, people are getting empowered to pursue their aspirations, there is effective and timely delivery of programmes and large projects,” the Finance Minister said.
People centric inclusive development
The Finance Minister has highlighted that the Economic Management has complemented a People centric inclusive development.
Highlighting its major elements, she said all forms of infrastructure are being built in record time, all parts of the country are becoming active participants in economic growth.
Digital public infrastructure is instrumental in formalization of the economy, and GST has enabled One Nation One Market One Tax. Tax reforms have deepened and widened tax base, she said.
Strengthening of financial sector have made savings, investment and credit more efficient. GIFT IFSC and Unified Regulatory Authority IFSCA are creatin a robust gateway for global capital and financial resources, she added.
Talking about the government schemes, she said the PM SVANIDHI provided credit assistance to 78 lakh street vendors. Total 2.3 lakh have received credit for the third time.
The Finance Minister has highlighted that the PM Mudra Yojana has sanctioned 43 crore loans amounting to Rs 22.5 lakh crore for entrepreneurial aspirations of your youth.
“Fund of Funds, Startup India and Startup Credit Guarantee Schemes are assisting our youth.”
She further stated that the electronic national agricultural market has integrated 1,361 mandis and is providing services to 1.8 crore farmers with trading volume of 3 lakh crores of rupees
The sector is poised for inclusive and higher growth, she affirmed.