Lok Sabha Member and member of the standing committee on finance Jayant Sinha on February 1 told Moneycontrol that the interim Budget 2024 was made with 'Viksit Bharat' (Developed India) in focus.
Sinha said "Modinonics 3.0 is all about Viksit Bharat, India as a superpower and a global leader. We see this framework coming through very strongly in this budget." He noted that aspects such as macroeconomic stability focus on capital expenditure and infrastructure and focus on the poor, youth, women, and farmers to provide them with all tools and facilities necessary for their empowerment and growth is a step towards 'Viksit Bharat'.
In her budget speech, FM Nirmala Sitharaman said "Our Government is working with an approach to development that is all-round, all-pervasive and all-inclusive. It covers all castes and people at all levels. We are working to make India a ‘Viksit Bharat’ by 2047."
Government schemes to boost real income:
Sinha backed the FM's claim that the average real income of the people has increased by fifty percent and noted that the government calculated it based on the changes in income over the last 10 years. He said "The frame used to calculate average real income by the government is 10 years. The government has looked at real incomes for all Indians and come to the conclusion based on data and said that it has increased by 50 percent."
Sinha noted that government transfers must be taken into account to calculate real income. He said "An important thing that you have to take into account is the value of the transfers from the government. Whether it’s the Kisan Samman Nidhi, NREGA, or Gareeb Kalyan Yojna all have to be taken into account to look at real prosperity.”
Message for 2024 elections:
Sinha said "The big message in the run-up to 2024 is ‘Modi Sarkar ki guarantee’. We are making a ‘Viksit Bharat’. When we talk about a developed India we are talking about it in a concrete sense. We want everybody to have a steady job, good education, good services, and high-quality infrastructure, social support among others is what we are focused on. Viksit Bharat is focused on a good middle class for everyone. Between now and 2047 real incomes from here on will double and triple
On being asked about the government's message to rating agencies, Sinha noted that India is focusing on macroeconomic stability. He said "We are being prudent and we will have the dry powder (resources) when we need it. We have demonstrated the glide path that the rating agencies are looking for."
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