Budget 2024: Setting the pace for prudent acceleration of economic growth

economictimes.indiatimes.com:

Union Budget and the Economic Survey, to set the tone and pace of the economic path the nation will pursue in the coming years to attain its ambitious growth aspirations with a human face. The allocations and source of funds must be in sync with the vision so laid out.

Driving Growth with a Human Face

No doubt, sceptics would expect it to be a mere endorsement of the interim Budget presented by the outgoing BJP government. As an eternal optimist, one expects a Budget that prioritises prudent acceleration of balanced economic growth. What this means requires some elaboration.
India is well on its way to becoming the third-largest economy globally in a couple of years, growing from US$4 trillion today. Yet, the nation remains relatively poor in annual per capita income terms – at around US$2,800 in nominal terms. It is critical for the country to focus on the urgent needs for employment generation, shoring up the MSME units and continuing to leverage the digital stack (the JAM trinity) for the direct benefit transfer to the deserving millions at the bottom of the pyramid.

For all this to happen, India must reverse the flight of capital and entrepreneurs seen over the past few years. We must ensure vibrant capital growth and attract funds from overseas and domestic households to invest in long-term productive assets that include reliable infrastructure while strengthening the manufacturing base.

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