Prime Minister Narendra Modi set the tone for the upcoming Union Budget on Tuesday, emphasizing the critical need for continued reforms, deregulation, and a forward-looking approach to self-reliance. The Prime Minister articulated this vision during his annual pre-budget consultation with leading economists in New Delhi, a meeting themed 'Aatmanirbharta and Structural Transformation: Agenda for Viksit Bharat'.
Vision for a Developed India by 2047
In his address, Prime Minister Modi anchored the government's policymaking and future budgetary exercises to the ambitious goal of making India a developed nation by 2047. He noted that this vision has moved beyond being a mere government policy to become a genuine mass aspiration among citizens. This shift, he pointed out, is visible in changing patterns of education, consumption, and global mobility.
Modi highlighted the government's track record, mentioning that 25 crore people have been lifted out of extreme poverty. He stressed that to meet the needs of this increasingly aspirational society, enhanced institutional capacity and proactive infrastructure planning are essential. The Prime Minister expressed confidence that the goal of a 'Viksit Bharat' (Developed India) is achievable, a sentiment he said is now echoed by the public.
Mission-Mode Reforms and Global Integration
A key takeaway from the discussions was the Prime Minister's push for mission-mode reforms across diverse sectors to sustain long-term growth. He clarified that the concept of self-sufficiency, or 'Aatmanirbharta', should not be inward-looking. Instead, the idea is for Indian businesses to confidently expand globally while simultaneously strengthening domestic capacity.
"PM further stressed the need for mission-mode reforms to build global capability and attain global integration," the official statement noted. He also spoke about ensuring India becomes a vital hub for the global workforce and international markets. This focus suggests a renewed push for large-scale skilling initiatives, an area the government has prioritized with varying degrees of success in recent years.
Deregulation Agenda and Expert Inputs
Over the past year, deregulation and de-criminalisation have been major focus areas for the government as it seeks to attract investment amidst global economic uncertainties. To advance this agenda, two high-level committees led by Niti Aayog member Rajiv Gauba will provide crucial inputs.
The meeting, attended by 20 economists, yielded a series of suggestions. Key recommendations included:
- Improving policy implementation and processes.
- Ensuring greater policy certainty for investors and businesses.
- Considering tax breaks to boost manufacturing and increase domestic savings.
These discussions are expected to significantly influence the final budget proposals, which will be presented by Finance Minister Nirmala Sitharaman in her ninth consecutive budget. The overarching objective will be to lay down a concrete policy roadmap towards realizing the 2047 vision for a developed India.
