Amrit Kaal's seven-point itinerary

Over the last three years, the world has been pounded with unprecedented crises. Despite the new global headwinds that continue to emerge, India has managed to navigate the labyrinth of risks and lead the economy on a sustained growth path of 7%.

GoI has embraced a futuristic approach for the road ahead. During her budget, the finance minister articulated the powerful Saptarshi paradigm that would guide 'Amrit Kaal'.

Inclusive development: This budget is for all. It has brought in a knowledge-intensive approach to solve farmers' problems and opened new dimensions of crop farming for regaining our lost crops - millets, now given the honorific 'Shree Anna'. The agricultural credit target of ₹20 lakh crore with greater focus on animal husbandry, dairy and fisheries will further transform the landscape.

Setting up of a National Digital Library for youngsters will strengthen the learning infrastructure at panchayat and ward levels. Creation of vernacular material will encourage the reading habit in the hinterland with positive benefits for young minds.

Reaching the last mile: This requires a sustained and accelerated emphasis on vulnerable socioeconomic groups and backward areas. The success of data-driven governance through the Aspirational Districts Programme is now being replicated in 500 blocks across India through the Aspirational Blocks Programme, anchored by NITI Aayog. These blocks will witness saturation of essential government services and schemes.

The Pradhan Mantri Particularly Vulnerable Tribal Group Development Mission with an outlay of ₹15,000 crore will be a game changer in improving the life of India's tribal population with basic facilities.

Infrastructure and investment: GoI's continuous thrust on infrastructure expansion continues with bullish spirits. Instead of hand-outs, investment of ₹10 lakh crore, a three-time increase from 2019, or 3.3% of GDP, will not only create assets but also create jobs and spur private investment in infrastructure through public-private partnerships (PPPs). At the same time, GoI's commitment towards macroeconomic stability and fiscal discipline is reflected through a consistent reduction in fiscal deficit to 5.9% in FY24 (BE) with a further target of reducing it below 4.5% by FY26.

50 years' interest-free loans to states for capital expenditure creation with emphasis on quality checks will ensure last-mile capital formation. It underscores the spirit of cooperative fiscal federalism.

Unleashing the potential: Good governance is the key to a nation's progress, and entails providing a transparent and accountable administration that works for the welfare of the common citizen. Whether it is Mission Karmayogi that focuses on capacity-building of government officers or the reduction of 39,000 compliances, the constant focus has been on ensuring trust-based governance and efficient administration.

The State Support Mission under NITI Aayog is another vital programme that will complement these efforts. It will be continued for three years and further strengthen Centre-state relations on the path of decentralised development.

Green growth: GoI is consistently using the green lens for socioeconomic development so that we can achieve net-zero targets. Whether it is through a focus on green energy, green infrastructure, green jobs or green finance, every element will contribute to the larger objective of achieving climate goals and the Panchamrit declarations. Mission LiFE (Lifestyle for Environment) envisaged by the PM aims at creating a worldwide movement for an environmentally conscious lifestyle.

The National Green Hydrogen Mission, with an outlay of ₹19,700 crore, will reduce dependence on fossil fuels and provide market leadership to India in this emerging space. A unique nature-based solution is the proposed Mangrove Initiative for Shoreline Habitats and Tangible Incomes (MISHTI) programme, which envisages improving climate resilience and biodiversity along the coastline. On the industry side, the vehicle-scrapping policy will provide support for replacement of old vehicles, and promote a cleaner environment.

Youth power: GoI is nurturing the 'Amrit Peedhi' - youth power - through a life-cycle approach. Several programmes feed in to the development of individuals right from school-going age till they become job-creators - whether it is by reinforcing the National Education Policy, the PM Kaushal Vikas Yojana 4.0 designed to provide modern skills like robotics and mechatronics, or the National Apprenticeship Promotion Scheme through a stipend for 47 lakh youth.

Young entrepreneurs and women-led self-help groups would benefit from scale through the marketing channels being provided for ODOP (One District, One Product), geographical indication (GI) and other handicraft products in the proposed unity malls across state capitals.

Robust financial sector: India's banking sector has transitioned from the twin balance-sheet crisis to deleveraged corporates and as a solvent, well-capitalised system. The non-performing assets (NPAs) ratio at a seven-year low and a double-digit credit growth rate are factors that indicate an optimistic growth with better assets and quality supervision. Direct tax benefits for the middle classes are a welcome relief.

Budget 2023 reflects GoI's commitment to bottom-up and holistic growth. The Saptarshi approach will bring in defining changes that will catalyse India's growth story while ensuring sabka saath, sabka vikas.