Budget 2024 presents a detailed, comprehensive road map for Viksit Bharat
Viksit Bharat in the full budget. Overall, the Budget 2024 has been an inclusive one, listing out nine priority areas. In fact, inspired by Prime Minister Narendra Modi’s vision, FICCI’s four priority areas, namely manufacturing (Make in India), farm-led growth, women-led development and sustainability, closely mirror the thrust areas highlighted in the budget.
These are areas for further growth and progress as we build a Viksit Bharat. For the first time in the budget speech, we have seen announcements made to lay out an economic policy framework for next-generation reforms that will include measures for improving the productivity of factors of production, namely land, labour, capital, entrepreneurship and technology, making markets and sectors more efficient. The world’s living standards have climbed sharply over the past two decades, driven by strong productivity growth.
However, there are signs that productivity growth is fading in many parts of the world. If India has to sustain its economic growth rate over a quarter century and do it sustainably, it is important that these reforms for factors of production improving their productivity and making markets efficient are carried out now. The government has focused a lot on infrastructure in the last few years, and significant investment has been made in building and improving infrastructure.
The expenditure has almost doubled in the last six to seven years and there has been a lot of progress in sectors like roads, highways, ports, electricity, water and sanitation, urban development, strategic and digital infrastructure. This has had a strong multiplier effect on the economy. It is important that this focus on infrastructure continues, and FICCI is happy to note the
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