India First | Interim Budget reveals futuristic vision; white paper to expose UPA’s role in near economic disaster

Officials and decision-makers in the Modi government are discussing the Interim Budget as much as they are emphasising the government’s commitment to present a white paper on the economy in this session of Parliament. The white paper aims to illustrate how the United Progressive Alliance (UPA) government, led by Sonia Gandhi, brought the economy to the brink of disaster. It also highlights that, despite having an economist as the prime minister, the coalition failed to make sound economic decisions. When the Modi government came to power in 2014, India was considered one of the ‘fragile five’ economies. The journey from being one of the ‘fragile five’ to becoming one of the top five economies in the world will be depicted in the white paper. Congress leaders will face a tough time when their misdeeds and wrong decisions are exposed just before the elections. When the Modi government came to power, many suggestions were made that the first task should be to bring a white paper on the economy. Prime Minister Narendra Modi refused to do this because the preliminary inquiry had revealed the poor state of the economy. He calculated that this move would go against the country’s interest and diminish the business confidence of foreign investors. Now that the economy has bounced back with a growth of about 6-7 per cent for three consecutive years, the highest in the world, the time has come to reveal the truth to the people. The decision has come after gaining confidence that governance reforms and efforts to increase the ease of doing business have made India a hub of economic activities and a global investment destination. Confidence in a strong economy was also evident in the Interim Budget presented today, where the government has added to welfare measures and increased allocations for infrastructural investment. The Interim Budget for 2024-25 is not merely a vote on account but a preview of things to come. After the Modi government secures a renewed mandate in May, it will present a fresh budget in July 2024. In that sense, it will be a continuation of the Interim Budget, providing further details about expenditures. Such a decisive budget is only possible if the government is absolutely confident about its achievements and its return to power. The budget has increased capital expenditure from Rs 10 lakh crore to more than Rs 11 lakh crore. This funding will be primarily used to finance three major railway corridors in the country: 1. Energy, mineral and cement corridor; 2. Port connectivity corridor; 3. High Traffic Density Corridor. This will create better connectivity and enhance the speed needed for the transfer of goods and services and the movement of people by 2047. The government’s task is to create infrastructure without which society may collapse. Good infrastructure will fuel growth and position India as the third-largest economy after the United States and China. As India reaches its 100 years of Independence, it aims to be at the forefront of developed nations. The buzzword of this interim budget has been empowerment. The funds directed towards the hands of the poor people through BDT, the allocation of free rations for 80 crore people for the next five years, and welfare schemes such as Ayushman Bharat all contribute to creating an empowered society. The extension of Ayushman Bharat to Asha workers, Anganwadi workers, and helpers will include lakhs of other people who were poor but did not fit into the category of beneficiaries. Another laudatory scheme is the new housing initiative for middle-class individuals, encompassing those living in rented accommodation or in shanties or slums. Additionally, two crore more houses are to be constructed under the housing scheme for the poor. Millions of taxpayers will be pleased that the government has decided to dismiss all litigation cases for amounts up to Rs 25,000 for taxes accumulated until the financial year 2009-10 and up to Rs 10,000 for taxes accumulated from 2010-11 to 2014-15. This decision will benefit one crore taxpayers who believed they were being harassed by tax authorities, even when the arrears were genuine. India is set to go green and the direction has been given. Close to 1 crore people would be eligible for easy government funding if they install solar panels on their rooftops. They will be allowed to consume energy up to 300 units free of cost and sell the surplus energy to the Energy Grid created for this purpose. To boost research and innovation, the budget has allocated a Rs 1 lakh crore interest-free loan for 50 years to be managed by an institution that will promote science and innovation. This is a farsighted approach to improving technology and easing life. The writer is the convener of the media relations department of the BJP and represents the party as a spokesperson on TV debates. He has authored the book Narendra Modi: The Game Changer_. Views expressed in the above piece are personal and solely that of the author. They do not necessarily reflect_ Firstpost’s views. Read all the  Latest News ,  Trending News ,  Cricket News ,  Bollywood News , India News  and  Entertainment News  here. Follow us on  Facebook,  Twitter and  Instagram.