Finance Minister Nirmala Sitharaman’s Budget for 2024-25 is realistic to the hilt as in every sector what reflects is the deeper understanding of Prime Minister Narendra Modi, that what matters essentially is citizen engagement that includes citizen interface and citizen experience.

Knowing fully well that a one-size-fits-all approach may not take one anywhere, her opening announcements were State and region specific. True, the Modi government has carefully avoided taking the path of populism by yielding to the pressures of those clamouring for special status. Instead, the government has taken a pragmatic approach, announcing that it will provide assistance to Himachal Pradesh, Uttarakhand and Sikkim which suffered due to natural disaster. While Bihar’s crying need for road infrastructure is taken care of, Andhra Pradesh is slated to get funds to promote industrial development for essentials infra like water, power, railways, roads. Also remarkable is the resolve to ensure productivity, jobs, social justice, urban development, energy security, infrastructure, and reforms.

Tapping into the vulnerable yet aspirational quad of poor, youth, farmers and women (GYAN), this Budget seeks to set the tone for Viksit Bharat. Apart from standard welfarism, the Budget is about seeing GYAN not only as deprived but as transformative catalysts for overall growth. This is evident in the commitment to build specific digital public infrastructure for farmers like digital survey of farmlands and Jan Samarth credit cards for farmers. The internship scheme is useful for skilling youth for an increasingly dynamic market in the run-up to 2047 with a target of training 20 lakh youth by 2029. This scheme will bridge the educated versus skilled gap in the times to come. As we gear up for the Amrit Kaal, we observe that Indians, while well-educated, are often not ready for the job market. By encouraging public-private partnership in this internship scheme, the government is willing to incentivise creation of skilled youth if the corporates take up the responsibility.

Gram Sadak Yojana

Going beyond GYAN, this Budget strengthens the commitment to infrastructure with massive projects including the Amritsar Kolkata Industrial Corridor with its node at Gaya in Bihar with a massive outlay of ₹11.1-lakh crore. The time tested Gram Sadak Yojana also receives a fillip with the announcement of Phase IV in this Budget. Those who have parsed the hinterland of this country would well understand the multiplier effect of the Gram Sadak Yojana, a brainchild of the first NDA government under Prime Minister Vajpayee. The capital expenditure in Defence is also welcome even as we prepare the security roadmap for the Amrit Kaal.

On the tax front, the standard appraisal of direct taxes is a step that will be welcomed by all. There seems to be some noise against the long term capital gains tax but one must appreciate the rationalisation of the 10 per cent and 20 per cent tax slabs into a single 12.5 per cent slab. At the same time, the government through the short term gains tax would be seeking to protect the retail investor. But the true impact will only be confirmed by how this plays out; it should not become a disadvantage for the retail investors. While there have been no big-bang announcements on the health front, one must appreciate the 13 per cent increase in the Health Ministry outlay from the previous financial year. The investment in making existing schemes and infrastructure more robust will go a long way in reassuring the populace.

Urban housing

As for urban governance, the Budget has the necessary ingredients towards making city life hassle-free with a special focus on building houses for urban poor at the cost of ₹10-lakh crore. This is topped by the digitally driven land reforms including digitisation of land records through Geographical Information Systems and creation of the Bhu-Aadhaar (Land Identification Record). The government has tried to create foundations for a modern state while increasing the safety net for the most vulnerable. Antyodaya is stamped over this Budget.

Politically, Budget also reflects that the BJP continues to be formidable at running coalition governments wherein the aspirations of partners are sincerely accommodated. All this has been done while keeping fiscal deficit and inflation in check. In this context, one is reminded of the shloka: “Sarve Bhavantu Sukhinah, Sarve Santu Niramaya, Sarve Bhadrani Pashyantu, Ma Kaschit Dukha Bhagbhavet.” In more ways than one, this Budget embodies this shloka in ensuring that no one is left behind, that the last in the line is seen as most deserving and, lastly, that we catapult this great nation into prosperity.

Sahasrabuddhe is former BJP National President, and Muley is a researcher with Rambhau Mhalgi Prabodhini

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