Union Finance Minister Nirmala Sitharaman presented the Interim Budget for 2024 today ahead of the crucial Lok Sabha elections where her party BJP is up for a third term. Sprinkled with new acronyms, as customary to earlier budgets, Sitharaman’s sixth speech drew attention to alternate full forms of three relevant terms.
FDI, GDP and GYAN – or Foreign direct investment, Gross domestic product and just plain knowledge (Hindi translation) – found innovative interpretations in the finance minister’s speech.
FDI or ‘First Develop India’
Sitharaman highlighted a remarkable surge in Foreign Direct Investment (FDI) during the period 2014-23, reaching a staggering USD 596 billion. This represents a twofold increase compared to the previous decade (2005-14). The Finance Minister underlined efforts to sustain foreign investment by engaging in bilateral investment treaties with foreign partners, aligning with the vision of 'first develop India.'
GDP or 'Governance Development Performance’
While acknowledging the government's track record in terms of Gross Domestic Product (GDP), Sitharaman expanded the conventional understanding. For her, GDP now encompasses 'Governance, Development, and Performance,' emphasizing a more comprehensive approach to measure the nation's progress. The minister reiterated the government's commitment to 'Viksit Bharat' with good intentions, true dedication, and hard work in the coming years.
GYAN or 'Gareeb (Poor), Youth, Annadata (Farmer), and Nari (Woman)’
Sitharaman introduced a novel perspective to GYAN, deviating from its usual connotation of knowledge. GYAN, according to the minister, stands for 'Gareeb (Poor), Youth, Annadata (Farmer), and Nari (Woman)' – the four priority sectors of the Narendra Modi government.
However, during her speech, Sitharaman used 'Mahilayen' instead of 'Nari.’
For these categories, there were several schemes outlined by the FM. Pradhan Mantri Jan Dhan Yojana (PMJDY), Pradhan Mantri Awas Yojana, Pradhan Mantri Kaushal Vikas Yojana, PM-KISAN Yojana found mentions.
Special mention: The 4 FsSitharaman’s speech also found a surprise alliteration in the mix when she highlighted the crises brought upon by the Covid-19 pandemic – the four Fs - food, fertiliser, fuel and finances.
She said: “30. India assumed G20 Presidency during very difficult times for the world. The global economy was going through high inflation, high interest rates, low growth, very high public debt, low trade growth, and climate challenges. The pandemic had led to a crisis of food, fertilizer, fuel and finances for the world, while India successfully navigated its way.”
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This marks Sitharaman's sixth budget presentation, and she started her speech with a poll bugle, saying she is hoping for a "resounding mandate" from the people based on the "stupendous work" done by the BJP in the upcoming elections.
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