Focus On – Governance of Development & Performance: Sitharaman

Finance minister Nirmala Sitharaman said the Budget day that the current NDA government has delivered good governance with care, conviction and confidence. It kept the economy on high-growth trajectory despite global turmoil, managed price pressure and followed fiscal consolidation.

Edited excerpts from the post budget interaction:

ON GOVERNANCE AND DEVELOPMENT

The government has focused on ‘GDP’ which stands for governance, development and performance. We have delivered on governance and development. We managed the economy better with correct intentions, correct policies and correct decision. So it’s governance with care, conviction and confidence. The ‘D’ in development also stands for people living better, earning better and having high aspirations for future.

As for performance, we have achieved three consecutive years of 7%-plus growth. India is now the fastest-growing economy in the G20 grouping, with all parts of the country participating in growth.

In addition, the government has focused on price stability and inflation management, handling the health and economic fallout of the Covid-19 pandemic and building physical, digital and social infrastructure.

We have focused on the digital public infrastructure (DPI) (as a factor of production), financial and growth of the economy, cleaning up of the banking system and the introduction of the one goods and services tax regime.

ON FISCAL DEFICIT

We are bringing down the fiscal deficit in spite very challenging times.

We have set FY2025 fiscal deficit target at 5.1% of GDP. So we are clearly indicating that we are well on track to meet the fiscal deficit target of 4.5% of GDP by FY2026.

We also expect to better our FY2024 target by containing the deficit at 5.8% of GDP, against the budget estimate of 5.9%.

ON FOUR PILLARS

Then, we have focused on four castes, as we call them and as the prime minister has emphasized on them. They are the poor, the women, the youth and the farmers.

CAPITAL EXPENDITURE

Continuing with the trend of the last four years, where capital expenditure has been at the root of the revival of the economy from pandemic, we have enhanced the capex outlay again, even on a high base, for sustaining economic growth during the Amritkaal.

ON SOCIAL JUSTICE/INCLUSION

Social justice has remained an effective and necessary governance model. Key points from the budget for FY2025 include two crore additional houses that will be built under the Pradhan Mantri Awas Yojana (Grameen) on top of the almost three crore (that are in the process of getting completed); 300 units of electricity for free via rooftop solar initiative; women empowerment; enhancement of target for Lakhpati Didi to 30 million from 20 million; preparing and empowering MSMEs to grow and also compete globally and aligning the regulatory environment accordingly.

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