Budget 2023 | ‘Brilliant balancing act between growth, fiscal consolidation’ Premium
The Hindu
The thrust on employment and employability in the Union Budget will boost incomes, broad-base consumption demands
A brilliant balancing act is how I will describe the Union Budget proposals, moving forward on the path of fiscal consolidation while also delivering high growth and inclusion.
The continued emphasis on capex-led growth strategy is a welcome move. Last year’s boost impacted the gross fixed capital formation (GFCF) positively, with the first advanced estimates expecting an 11.5% increase in GFCF in FY23.
A further increase of 33%, on top of a 35% increase last year, is in line with CII recommendations. This will boost economic productivity unlocking India’s growth potential. The multiplier impact of capex will also boost demand, helping crowd in private investments.
The public capex and infrastructure push, focus on ease of doing business, opportunities arising from green growth interventions, and the fund for agri startups will encourage private investments.
Inclusion and targeted support continue to be a strong theme, a strategy which has earlier received global accolades. Focus on agriculture, skill development and “Vanchit ko Variyta” — under which a plethora of schemes have been launched for women, elderly and youth — will help improve lives.
The focus on capex, tourism, MSMEs and agri-related interventions, including those under the cooperative-based programs, will generate employment. Emphasis on skilling with industry partnership and programs like Kaushal Vikas Yojana 4.0 skilling lakhs of youth in the next three years; establishment of 30 Skill India Centres; and skilling the youth for international opportunities, among others, will enhance the employability of the youth preparing them for Industry 4.0.
The thrust on employment and employability will boost incomes, broad basing consumption demand in the economy. A strong consumption demand is a pre-requisite for a broad-based sustained recovery in private investments.
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