Budget empowers India’s next generation to succeed in the digital age

The Union budget presented by finance minister Nirmala Sitharaman is a well-crafted balance between economic growth and fiscal discipline. The huge increase in the personal income tax relief limit—oh 5 lakh to 7 lakh – will contribute significantly to consumption-driven growth and act as a countermeasure to the subdued global economic environment. The capital investment outlay has increased significantly by 33% 10 trillion. This, together with the highest allocation ever 2.4 trillion to the Railways, will crowd in more private investment and will add to the virtual cycle of investment and job creation.

The first budget of ‘Amrit Kaal’ (considered as the best and most ambitious time to start any new task in Vedic astrology) takes a big step forward to build India @ 100 as an economy based technology and knowledge. There are many announcements regarding the ongoing formation and digitization of the economy, which bodes well for India’s digital future. The two interdisciplinary missions ‘Make AI in India’ and ‘Make AI work for India’ are timely and will go a long way in establishing an effective AI ecosystem in India. PM Kaushal Vikas Yojana 4.0 will include new age skill-based courses like coding, AI, robotics, mechatronics, and drones, which will prepare the next generation to succeed in a rapidly changing world.

Allocating more funds to infrastructure development will help attract more foreign investment and create new job opportunities. On the other hand, the government’s emphasis on fiscal discipline will help create a stable and predictable investment environment. The budget takes a responsible approach to reducing government debt, and government deficits are expected to decline over time. The revised estimate for the fiscal deficit in FY23 is 6.4%, which is in line with the budget estimate. The deficit is now projected to come down to 5.9% of GDP in FY24, which means India remains firmly on the glide path, resulting in a fiscal deficit of 4% in FY26. The focus on social welfare and the renewed commitment to improving the ease of doing business will make India’s growth more inclusive and forward-looking. The government has proposed several initiatives aimed at improving the standard of living of the common man. In line with its commitment to affordable housing, the disbursement for PM Awas Yojana has increased by 66%. By increasing the quantity and quality of investment in social safety net schemes, the budget aims to protect the most vulnerable sections of the population. In addition, the transparency of the budget will increase trust between the government and the citizen.

The government’s sharp focus on education and skill development will be key to shaping the future of India’s workforce. India has made significant progress in education and skill development in recent years. The National Education Policy (NEP) 2020 lays the foundation for a comprehensive and comprehensive education system, which focuses on reforming all aspects of India’s education system. The gross enrollment ratio (GER) in schools and gender parity improved in FY22, reversing a downward trend from FY17 to FY19. There has been a steady decline in school dropout rates for both girls and boys, due to schemes such as Samagra Shiksha, the RTÉ Act, and PM POSHAN. The educational infrastructure has improved, including the number of recognized schools, the availability of teachers, and basic facilities such as toilets, drinking water, and hand washing facilities. New initiatives are proposed in the budget such as teacher training through innovative methods and a new National Digital Library for children and young people for device agnostic accessibility in the spirit of NEP 2020. By investing in cutting-edge digital public infrastructure, and fostering innovation. – led by culture, India will be able to take full advantage of its demographic dividend and emerge as a major global player.

Overall, this budget builds on strengths and addresses key challenges facing the Indian economy. By focusing on growth with fiscal discipline, increasing consumption, promoting social welfare, and improving ease of doing business, the government is taking the right steps towards sustainable and green growth. This budget will go a long way in realizing India’s potential as a key player in the global economy and support sustainable and inclusive growth for all citizens.

Byju Raveendran is the founder and CEO of Byju’s.

Milestone Alert!Livemint tops the charts as the fastest growing news website in the world 🌏 Click here for more information.

Get all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download the Mint News App for Daily Market Updates.


Updated: 02 February 2023, 12:18 AM IST

Denial of responsibility! vismuseum.org.in is an automatic aggregator around the global media. All the content are available free on Internet. We have just arranged it in one platform for educational purpose only. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials on our website, please contact us by email – at loginhelponline@gmail.com The content will be deleted within 24 hours.

Read original article here

Leave a Comment