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Updated January 30th, 2023 at 20:13 IST

What are the expectations from the Union budget as India enters its decisive 'Amrit Kaal'?

‘Amrit Kaal’ describes a time for achieving one's highest potential. In the Indian context, it is from 75 years of independence to its centenary in 2047.

Reported by: Digital Desk
Union Budget
Image: PTI | Image:self
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Finance Minister Nirmala Sitharaman will be presenting the Union Budget 2023-24 in Parliament on February 1, Wednesday and the first session is expected to continue till February 10. It will be the fifth budget of the Modi 2.0 government and also for Sitharaman. It will also be the last full budget before the general elections slated in April-May 2024. The Economic Survey 2022-2023 will be tabled in both Houses of the Parliament by Sitharaman.

India entered its 'Amrit Kaal' when it marked 75 years of Independence in 2022. The 'kaal' or the period refers to the time in the run-off to the nation's centenary independence in 1947. These 25 years are being looked on as India's opportunity to show its potential and strength on from the local to the global stage. Therefore, the budget last year also reflected provisions keeping India's 'Amrit Kaal' in time. 

The term was first used by PM Narendra Modi in his 2021 Independence Day speech. In his speech, the PM Modi laid emphasis on the need to move with a renewed focus and resolve for the next 25 years (Amrit Kaal) and to focus on the Five Resolves, which are --  Developed India, Removing every ounce of Slave Mentality, Pride for glorious heritage, Unity and Fulfilling Citizen’s Duties. He had appealed to the youth to dedicate the next 25 years of their lives for the development of their country.

What are the three main goals of the Amrit Kaal mentioned in last year's budget?

By accomplishing main specific goals during the Amrit Kaal, the government strived to achieve the vision India@100. They are:

  • Complementing the macroeconomic level development focus with a microeconomic level all-inclusive welfare principle.
  • Boosting the digital economy and fintech technology-enabled evolution, energy transition, and climate action.
  • A virtuous cycle of private investment with public capital investment, supporting the crowd-in private investment.

Finance Minister Sitharaman emphasized last year that the Budget continued "to provide impetus for growth". It lays a parallel track of a blueprint for the Amrit Kaal, which is futuristic and inclusive, which will directly benefit our youth, women, farmers, the Scheduled Castes and the Scheduled Tribes. "And big public investment for modern infrastructure, readying for India at 100 and this shall be guided by PM GatiShakti and be benefited by the synergy of multi-modal approach," as per the Union budget 2022-23.

Moving forward, the Finance Minister outlined the following four priorities:

  1. PM GatiShakti
  2. Inclusive Development
  3. Productivity Enhancement & Investment, Sunrise Opportunities, Energy Transition, and Climate Action
  4. Financing of Investments

What is the PM GatiShakti strategy?

A transformative strategy for economic growth and sustainable development, the PM GatiShakti approcah is guided by seven "engines": roads, railways, airports, ports, mass transport, waterways, and logistics infrastructure. All seven engines will draw forward the economy in unison, said the government. These "engines" are backed by the complementary roles of energy transmission, IT communication, bulk water and sewerage, and social infrastructure.

The approach is powered by clean energy and "Sabka Prayas" – the measures of the central government, the state governments, and the private sector – ushering tremendous job and entrepreneurial prospects for all, particularly the youth.

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Published January 30th, 2023 at 20:12 IST

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