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Govt Puts Light On ‘Viksit Bharat’ Roadmap: 7 Takeaways From FM’s Speech

A provision of Rs 75,000 crore is proposed as a 50-year interest-free loan this year to support the milestone-linked reforms by the state governments, Sitharaman said.

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Outlook Money
February 2, 2024
Viksit Bharat

Viksit Bharat

Many of our problems today due to inferior or scarce public services, from commutation and healthcare to hygiene, access to safe drinking water, shelter, unemployment and insufficient social or financial security in old age, might be a thing of the past in a “Viksit Bharat”. In the Interim Budget 2024 in Lok Sabha on Thursday, Finance Minister Nirmala Sitharaman laid out the outlines of the strategy towards a “Viksit Bharat” or developed India by 2047.

“Our vision for ‘Viksit Bharat’ is of ‘Prosperous Bharat’ in harmony with nature, with modern infrastructure, and opportunities for all citizens and regions to reach their potential,” Sitharaman declared. The minister said the next five years will be of unprecedented development and golden moments to realise the dream of a developed India in 2047.

The confidence of this assertion, she said, is based on the government’s “strong and exemplary track record of performance and progress” with the motto of “Sabka Vishwas”. The finance minister said, “The trinity of demography, democracy and diversity, backed by ‘Sabka Prayas’, has the potential to fulfil aspirations of every Indian.”

Also Read: Interim Budget 2024 Highlights: From Income Tax, Ayushman Bharat To PM-Awas Yojana—All You Need To Know

Government’s ‘Viksit Bharat’ Strategy

Highlighting the initiatives for the ‘Amrit Kaal’ or the “Viksit Bharat” strategy, she laid out the broader areas the government would emphasise.

  1. It will adopt policies to foster and sustain economic growth, facilitate inclusive and sustainable development, boost productivity, help enhance people’s capabilities, create opportunities, and generate resources to power investments in the country.
  2. It will work with the principle of ‘reform, perform, and transform’, focusing on the next generation reforms and building consensus with states and stakeholders for effective implementation.
  3. The policy priority would be to ensure timely and adequate finances, provide relevant technologies and appropriate training for the micro, small and medium enterprises (MSME) to grow and compete globally and orient the regulatory environment to facilitate growth.
  4. Also, the government will align the “Panchamrit” goals to facilitate resource-efficient economic growth, focusing on energy security concerning availability, accessibility and affordability.
  5. To meet the country’s investment needs, the government plans to strengthen the financial sector in terms of size, capacity, skills and regulatory framework, Sitharaman said.

Also Read: Interim Budget 2024: Finance Minister Nirmala Sitharaman Withdraws ‘Disputed Tax’ Liability Up To Rs 25K

States Participation in ‘Viksit Bharat’

  1. The finance minister said the states require much growth and development-enabling reforms to realise the vision of ‘Viksit Bharat’. So, a provision of Rs 75,000 crore is proposed as a 50-year interest-free loan this year to support those milestone-linked reforms by the state governments.
  2. The government will also form a high-powered committee to deliberate the challenges of population growth and demographic changes. The committee, Sitharaman said, will recommend addressing the challenges comprehensively and making the goal of ‘Viksit Bharat’ a reality.
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