The recently released Economic Survey has given an optimistic view of the Indian economy with a projected growth rate of 6 to 6.50 per cent in 2020-21. This is a welcome news since the economic slow-down in manufacturing, industry and agriculture had pulled the growth indices down to 4.5 per cent - a virtual shock to the planners who have been talking about lifting the economy to 5 Trillion Dollar level by 2024-25. In this backdrop, the budget 2020 looks attractive and balanced.
The focus on aspirational India, economic development for all and a humane, compassionate and caring society appears to be on the right track. The focus on agriculture with new features like – PM Kusum Scheme, Kisan Train etc. is a continuation of the earlier budget focusing on development of rural and agri-based India.
The wellness programme with PMJAY leading the bandwagon and 69000 crore allocation for health sector is also a welcome move. Focus on education and skills is on the right track.
However, the thrust on economic development by invoking the spirit of entrepreneurship, Government e-market place, economic corridor, housing, safe and clean drinking water, roads, solar power, trains, national inland water ways, Arth Ganga, and 100 more airports will take the country ahead, there is no doubt. Renewable energy and National gas-grid development, environment and climate change, MSMEs promotion and rationalization of personal income tax besides other regular schemes like –PoshanAbhiyan, culture and tourism, financial market improvement are moves that will take the country forward towards its identified goals.
The Core sector will get aboost through the proposed infrastructure buildup.
Overall a balanced and growth oriented budget with an eye to fulfill the aspirations of the teeming millions of the nation.
Some more concrete steps for direct employment generation would have added more feathers to the FM’s cap.
The writer is Head – Corporate Affairs, Adani Power (Jharkhand) Limite.