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Finance minister Nirmala Sitharaman revealed that the central focus of the budget was to steer clear of populism and highlight government’s track record of reforms and development.

 

She elaborated on the premises and objectives of the interim budget, emphasizing the government’s commitment to the principle of “Sabka Saath Sabka Vikas”, while linking the budget making process with nation’s development trajectory, providing a roadmap for a “Developed India”.

 

What are the key takeaways from your Budget?

 

Our endeavours trace back to PM Modi's address from the Red Fort.

 

Termed not just as "Amritkaal" but also as "Kartavya kaal," it signifies a period of duty and responsibility. Our discussions have meticulously outlined the roadmap for a "Developed India" by 2047. Presently, our focus lies on addressing the developmental needs of four castes: women, farmers, the poor, and the youth. It is only by fulfilling their aspirations that our nation can truly thrive and progress towards a Viksit Bharat.

 

We are paying attention to the infrastructure initiatives undertaken over the past 3-4 years by promoting greater participation from the private sector.

Recognizing that innovation is the cornerstone of rapid progress as well, we have allocated resources and outlined measures to promote it as well. Detailed plans will be announced in our forthcoming July Budget.

 

A very clear strand is that this Budget has little populism, so what is the thought of taking such a bold move before the general election?

 

Our performance in the last 10 years which is what our honourable president said in her speech in the opening session for this current year-“10 years of substantial systemic reforms, 10 years of taking the route of empowering people and not going through entitlement”.

 

The honourable Prime Minister has consistently emphasized our performance over the last 10 years, an era marked by substantial systemic reforms and a commitment to empowering people rather than entitlement.

 

 It's about delivering houses, electricity, and money through Direct Benefit Transfer, genuinely empowering individuals. Our mantra, 'Sabka Saath Sabka Vikas', highlights our commitment to inclusive development, devoid of any discriminatory biases. Over the past decade, we've laid the groundwork for people to aspire and achieve.

 

Over the 10 years, you have provided basics such as banking, electricity, cooking gas, and more. Effectively, you've created over 500 million new stakeholders in the Indian economy. How do you see this playing out for the economy and society going forward?

 

This is a trigger point for consumption in the future. It's not just about basic necessities, it's about consuming services and education, not merely as corporate ventures but as avenues for skill-building, knowledge enhancement, and seizing opportunities.

 

That's why we've established an innovation fund with a significant corpus over the next five years and are ensuring that PM-SHRI schools are well-endowed to provide ample opportunities.

 

I spoke about how the youth is aspiring to become doctors, how much such infrastructure is lying with various departments remaining unused. We want an overall synergy, establish more such institutions and provide them the opportunities, so that is where the extra focus is being laid.

 

One aspect of the budget is the fiscal math. You have not only stayed committed to the fiscal glide but have improved on it. So, the gross borrowings are down, which means RBI gets more room for manoeuvre in its monetary policy. Can you comment on this synergy between the finance ministry and RBI?

 

The dialogue between the finance ministry and RBI has always been ongoing, not just during the Covid phase but consistently.

 

We work in tandem to ensure fiscal prudence without compromising on essential schemes. Our emphasis is on fiscal discipline, coupled with initiatives like Direct Benefit Transfer which has resulted in significant savings, thus improving our fiscal deficit numbers for this year and beyond.

 

The PM has praised your budget as innovative and inclusive, highlighting the focus on women empowerment. Is this a deliberate strategy, and what's your vision behind it?

 

Absolutely. Women empowerment has been a long-standing focus. From enabling women's entry into every rank in defence to recognizing their contributions in sectors like space, we're ensuring equal opportunities across the board. The Prime Minister's commitment to this cause is evident in every program, reflecting our dedication to build a more inclusive society.

 

Income tax collections now exceed corporate tax collections. Is this indicative of growing aspirations translating into increased income streams?

 

Yes. Emerging sectors like space and startups, are opening new avenues for growth and contributing significantly to GDP. The multiplier effect of innovation is evident, propelling entire sectors forward and diversifying income streams.

 

You've announced a new fund of ₹1 lakh crore for R&D. How will this innovation fund benefit various sectors?

 

This interest-free fund will spur innovation across sectors, promoting a culture of research and development.

 

By encouraging private participation and providing financial support for identified projects, we aim to have transformative innovations with a direct impact on sectoral growth.

 

Your budget addresses societal changes, including demographic shifts. What's the rationale behind setting up a committee to study population growth, and what's the timeline for its recommendations?

 

India's demographic advantage is undeniable, but we need a comprehensive strategy to leverage it effectively. The committee will analyse various aspects and provide recommendations to harness this advantage for our long-term benefit.

 

It's a crucial step towards ensuring sustainable development in the Kartavya Kaal.

 

On January 22, we saw the culmination of a significant period of spiritual observance by the PM. What's your message regarding people's duties during this period, and how does it align with the vision for Viksit Bharat?

 

Everyone's contribution is essential for realizing our vision of a developed India by 2047.

 

This commitment to comprehensive and inclusive development is ingrained in our ideology. We're dedicated to implementing programs that benefit all segments of society, ensuring progress for every individual, and moving towards a truly developed nation.