By Pawan Munjal
As Prime Minister Narendra Modi embarks on his third consecutive term, he reaffirms his commitment to continuity and stability. The inaugural Union Budget of the Modi 3.0 government, presented by our finance minister Nirmala Sitharaman, epitomises this promise. This Budget reinforces India’s ambitious journey towards becoming Viksit Bharat—a developed nation.
In this Amrit Kaal, India stands on a strong and robust economic growth trajectory, with a projected GDP growth of ~6.5-7% for the current fiscal year. Despite global economic adversities, India has successfully shielded itself from adverse impacts. Budget 2024 is meticulously designed to address key areas crucial for propelling India to the next echelon of growth.
To advance India’s growth, Budget 2024 focuses on crucial areas: women-led development, advanced skilling, job creation, rural empowerment, energy sector transformation, and ease of doing business. This Budget not only addresses these pivotal areas but also establishes a solid foundation to sustain the government’s growth trajectory for the next five years. Such strategic alignment ensures a comprehensive and inclusive framework, positioning India for continued ascendancy on the global stage.
India’s youthful demographic provides a significant advantage in addressing the global skill gap. The employment-linked incentive scheme, initiated by the finance minister, is a decisive step in this direction, aiming to benefit 20 lakh youth over the next five years. Additionally, upgrading 1,000 industrial training institutes will catalyse the creation of skilled workforce, aligning with the industry demands.
Prime Minister Modi’s unwavering belief in the power of nari shakti (women power) is evident in Budget 2024’s emphasis on enhancing women’s participation in the workforce. The announcement of establishing hostels and forming partnerships to conduct women-specific skilling programmes is not only praiseworthy, but also underscores the government’s commitment to all-encompassing, inclusive development.
India’s commitment to green energy has reached a pivotal juncture. The Budget extends its energy security initiatives by introducing a policy document on energy transition pathways that harmonises employment, growth, and environmental sustainability imperatives.
The government’s commitment to bolstering rural development is evident in the substantial budget allocation for capital expenditure, aimed at strengthening infrastructure and enhancing connectivity in rural areas. These connectivity projects will facilitate greater accessibility and mobility within rural communities, fostering inclusive growth.
The announcement of releasing 109 high-yielding, resilient, and climate-adaptive varieties of 32 field and horticultural crops coupled with the plan to initiate one crore farmers into natural farming holds the potential to boost agricultural sector growth, advancing India’s journey towards becoming aatmanirbhar (self-reliant).
Recognising micro, small and medium Enterprises (MSMEs) as the backbone of our nation, it is encouraging to see an increase in the Mudra loan limit from `10 lakh to `20 lakh. This move will ensure enhanced capital availability, drive innovation, and spur employment generation opportunities.
Budget 2024 reflects India’s steadfast commitment to inclusive and sustainable growth. By prioritising advanced skilling, robust employment initiatives, green energy transformation, and comprehensive support to MSMEs, this Budget lays the foundation for a resilient and innovative future. These decisive measures will not only address current challenges, but also create employment opportunities, driving the nation towards unparalleled prosperity. With this visionary blueprint, India is set to emerge stronger, more self-reliant, and ready to lead on the global stage.
Pawan Munjal, Executive chairman, Hero MotoCorp
Views are personal
