Why is a paradigm shift required to understand India’s budget?

Over the years, the Indian people developed a set of budget concepts, and when they see different types of budgets in the last few years without any talk of price reductions or subsidies, they, especially the salaried and middle class, believe that the government is not considering their position in terms of money and growth. Even though the concerns raised by the middle and salaried classes are valid, we need to think more broadly and patiently if we are to compete with China on economic terms. The following facts are worth mentioning.

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Educationist, AOL Faculty, Life Coach, Electrical Engineer.

*China has a total economy of 1264 lakh crores, while India only has 225 lakh crores. India ranks sixth. *India has a GDP of only about 3 trillion dollars, while China’s is 14+ trillion dollars.

 Economy & share market value-graph illustration
Economy & share market value-graph illustration

Surprisingly, many of us were unaware of these facts and never raised concerns prior to 2014, a period of 67 years after independence, as we waited to hear about price reductions for a few commodities, freebies, and anything new for our state in the earlier budgets. Perhaps our earlier governments believed that the colonized mindset developed by Britishers will be content with small pseudo gains for majority of people. We never had a broader vision or national thinking to grow our country by leaps and bounds in each sector for each section of society; instead, selfish motives were the norm.

As our population is growing and the world becomes more technologically oriented, we as a nation face greater challenges not only on the economic front, but also on the social, health, and environmental fronts. The colonial mindset has created additional issues because of the slavery mentality, in which people sell their valuable votes for a few rupees, alcohol, or a small amount of food. Many literate people regard voting day as a vacation day; after all, the earlier governments did whatever little development they could at a slower pace in order to manage the voters, which in many cases aided corruption.

One example of a colonial mindset is when the previous government used to present the budget on the 28th of February, which was a practice from the British rule, even though it caused a delay in implementation from the 1st of April, new fiscal year, it was still followed for many years before the Modi Government changed it to the 1st of February. When the current government changed its practices and stopped believing in appeasement policies, it was with the clear intention of developing each sector for each segment of society to a first closer and larger goal of 5 trillion dollars.

close up shot of a person holding banknotes
Close up shot of a person holding banknotes

Economic policies implemented in recent years have yielded positive results and will add a new dimension to the economy in the coming years. The last two years of pandemic have wreaked havoc on the global economy, but we are the first to recover quickly and aggressively, as evidenced by GDP figures, manufacturing and service indexes, agricultural growth, start-ups, and so on.

Salaried and middle-class people have also benefited significantly, as housing loan interest rates have dropped dramatically, loan availability has improved, income tax slabs have been changed to benefit lower-income groups, cheap medicines and a few medical instruments are available through PMJAY medical stores and medical companies, internet data charges have been reduced, and the RERA act has been enacted to protect home buyers, among other things.

Infrastructure development in roads, railways, and ports has created a large number of jobs, and the budget’s GatiShakti programme will create even more.

The middle class will not advance economically as long as the rural economy grows. We are a rural-based nation, so ignoring that part for centuries has cost us dearly. This government’s priority is to develop the agricultural sector as well as other small businesses through different policies and huge money is changing the scenario.

The Modi government’s focus on investing large sums of money rural development with technology is changing the face of the rural economy, though progress is slow due to numerous political and bureaucratic issues. The emphasis on agricultural growth through technology will be a significant economic booster. Rapid development in the transportation sector will provide a boost to industrial growth.

Health is a major concern for the entire world
Health is a major concern for the entire world

Health is a major concern for the entire world, particularly diseases such as cancer, kidney, and liver failure, and many of these diseases are caused by pesticides used in farming. As a result, the government’s emphasis on promoting organic farming is commendable.

A strong focus on the MSME sector, which is a sector with a large number of job creators, will increase job opportunities; however, we must raise our voices to pass a population control bill to combat the uncontrollable rise in population, which is causing an increase in unemployment. Even though the United States and China are developed countries, it is not possible to provide jobs for everyone.

Electric vehicles are necessary in today’s world to protect the environment, reduce reliance on other countries for fuels, and strengthen our currency.

Implementing a new education policy is critical to developing our next generation with the right character, a creative and research-oriented mindset, and entrepreneur abilities, so adding a large budget will improve educational facilities, particularly in rural areas, with digital means and well-trained teachers.

With this shloka, we need to remind ourselves

समानी व: आकूति:,
समाना: हृदयानि व:।
समानमस्तु वो मनो,
यथा व: सुसहासति।।

ऋग्वेद:

Meaning:- According to the Rigveda, which emphasizes the importance of Rashtra Dharma, it has been said that, O human! In the nation’s interest, your goal should be one, your feelings should be consistent, your thoughts should be united, and your thoughts should always be the same.

Harmony and unity should be maintained in all aspects and activities of society, just as they are in the universe’s various aspects and activities.

Essence: It is necessary for a prosperous nation for all of its citizens to put aside personal interests to prioritize the national interest and work for its integrity.

For the year 2022, the Indian budget is undergoing discussion about this scheme.107 lakh crore are being invested in PM Gati Shakti Project. The infrastructure of the country will be renovated with its assistance. Under the PM Gati Shakti Yojana, 16 ministries, including rail and road, will be brought on a digital platform. By bringing all these ministries onto a single platform, big projects can be coordinated. The departments will become aware of the other departments’ projects when they all come on the same portal.

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