Budget to unveil major reforms, roadmap for Viksit Bharat: President Murmu

The upcoming budget for 2024-25 will unveil major economic reforms and present a roadmap for Viksit Bharat, the government’s push to propel India towards ‘developed nation’ status by 2047, President Droupadi Murmu said addressing the joint session of Parliament on Thursday.

“Along with significant economic and social decisions, this budget will include many historic steps as the government prepares to present its first budget in the forthcoming session. It will be an effective document outlining the government’s far-reaching policies and futuristic vision,” Murmu said.

Union finance minister is expected to present the budget for financial year 2024-25 next month.

Murmu said reforms in infrastructure development, manufacturing and industrial policy, digital economy, green energy transition, agriculture, healthcare, and financial sectors have helped strengthen India’s economy.

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“In a decade, India has risen from the 11th to the 5th largest economy,” Murmu said. “When we celebrate the hundredth anniversary of Independence in 2047 as a developed India, the current generation will also get credit. This century is India’s century, and its impact will last for a thousand years to come.”

In her address, the President also mentioned the Emergency, which attracted the ire of Opposition leaders in the House, who began raising slogans against the government.

Examination reforms

The President stressed that the government was working towards major reforms in examination-related bodies, including their functioning and all aspects of the examination process.

She also emphasised the need for a robust mechanism to prevent the leaking of exam papers for admissions to higher education courses.

“Regarding the recent instances of paper leak in some examinations, the government is committed to a fair investigation and ensuring strict punishment to the culprits,” the President said.

“It is important that we rise above party politics and undertake concrete measures nationwide. Parliament has also enacted a strict law against unfair means in examinations,” she said.

Boosting investments and employment

Mumru added that the government was prioritising all three pillars of the economy—manufacturing, services, and agriculture—and that its production-linked incentive (PLI) schemes and improvements in ease of doing business had significantly boosted investments and employment opportunities.

The government is also aggressively promoting sunrise sectors such as semiconductors, solar energy, electric vehicles, electronic goods, and green hydrogen, the President said.

“From 2021 to 2024, India has grown at an average rate of 8% annually. And India has achieved this growth amidst the global pandemic and despite ongoing conflicts in different parts of the world,” Mumru said, adding that India was contributing 15% to global economic growth.

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On the role of states, Mumru said, “The government believes that there should be healthy competition among the states to attract investors from all over the world. This is the true spirit of competitive cooperative federalism as development of the country lies in the development of the states.”