LyrArc Article Gist
What does fast growth in the world's fastest growing economy, that is a key part of America's and the European Union's and Japan's supply chain look like. It is based on people inclusive development called Sab Ka Vikas Sab ke Saath, Gandhiji's idea of the last person in the line ever present and watchful of the task at hand. This Powerpoint of the blueprint of the Indian Budget  for 2024-25 from Nirmala Sitharaman and the Finance Ministry shows a visual of what the growth looks like for the farm, industrial, housing, health, education and other sectors of the economy. It is a journey just beginning under Vikshit Bharat with a target date of the 100th  anniversary of independence 2047. Here one can see the target of increasing capital expenditures for infrastructure and various development schemes by 11.1%. GST (one tax one country) tax revenues are expected to increase by around 12% which support this budget. Strengthening financial sector to bring investment back on track after the pandemic is one of the support pillars, so is deepening and widening tax base through the GST a uniform federal tax for the whole country. Another pillar is proactive inflation management- the story of how India tackled the cost of energy by accessing from different suppliers at the best price is told this week in Feb 2024 in the WSJ. Foreign Minister Jaishankar told the Munich Security Conference with Blinken and Baerbock in the panel that India with 1.4 billion people's future at stake should be seen as done the right thing, the smart thing. Inflation has been kept at about 5%, and key economic growth projected at 7-8% over the next decade with goal of becoming the third largest economy in the world.