Budget lays foundation to steer economy for next 25 years: FM Sitharaman

Finance Minister Nirmala Sitharaman on Tuesday said the Union Budget lays down the foundation to steer the economic developments for the next 25 years with holistic and future priorities.

In her Budget Speech in the Lok Sabha, the minister said the Union Budget for 2022-23 seeks to lay the foundation and give a blueprint to steer the economy over the Amrit Kaal of the next 25 years – from India at 75 to India at 100. It continues to build on the vision drawn in the Budget of 2021-22.

"We are marking Azadi ka Amrit Mahotsav, and have entered into Amrit Kaal, the 25-year-long leadup to India@100," the minister said.

The fundamental tenets of the Budget include transparency of financial statement and fiscal position, and reflect the government’s intent, strengths, and challenges, she said.

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Sitharaman said the Budget continues to provide impetus for growth.

The Budget lays a parallel track of a blueprint for the Amrit Kaal, which is futuristic and inclusive, directly benefiting youth, women, farmers, the Scheduled Castes and the Scheduled Tribes.

It also stresses on big public investment for modern infrastructure, readying for India at 100.

This, Sitharaman said, shall be guided by PM GatiShakti and be benefited by the synergy of multi-modal approach.

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Besides PM GatiShakti, the other three priorities of the government will be 'inclusive development; productivity enhancement and investment, sunrise opportunities, energy transition, and climate action; and financing of investments".

"The overall, sharp rebound and recovery of the economy is reflective of our country’s strong resilience. India’s economic growth in the current year is estimated to be 9.2 per cent, the highest among all large economies," she said.

In her fourth Budget Speech, Sitharaman said with accelerated improvement of health infrastructure in the past two years, the country is in a strong position to withstand challenges posed by the coronavirus pandemic and its new variant Omicron.

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