This is very revolutionary. Middle class has never got such a big examples in India’s history before. This is about 7-8 percent of the total tax. For this, a very political and administrative will needs, which the government has shown. The government has taken this decision to promote the consumption. According to the government, it was necessary to pay more money in the hands of middle class. It was necessary to increase demand in the country. If India is to be taken to 8-9 percent growth, it was necessary to drive the consumption.
But this budget will not only give growth due to this, but will also give jobs with it. When there is 8 percent growth and there is a focus on the labor intensive sector. Because this is the first time that in a budget, tourism, toy sector, leather, footwear and 100 aspirational districts will bring new technology in agriculture, then this is the budget of growth with jobs.
The third thing is this fiscal response budget. Fiscal deficit was 4.8 percent this year, later it is targeting 4.4. So this is a bigfiscal response budget. For this, I would like to praise the Finance Minister.
Tourism is a single area, in which 3-3.5 crore jobs can come at least. If the infrastructure status is given in 50 cities in the budget, then it will have a big impact. Similarly, a lot of jobs will increase in the textile sector.
Apart from this, the toy sector is very important. Where about one crore people work right now and when the package of the toy is made, I think the employment is likely to be double. Then the footwear and leather sector is also the sector of very employment creation. In my view, if we mix all these sectors, then these labor intensive sectors have a capacity of 5-5.5 crore job creation. Also, there has been a lot of focus on startups in the budget. Not only the fund of fund startups, but also the focus on innovation. A separate fund of funds have been talked about for deep tech there. Similarly, be it Jio Special Sector or Artificial Intelligence, or Cutting Technology, all these sectors have been focused in the budget. All these sectors will give growth and this is the budget of growth with jobs.
The manufacturing sector has to be taken to twenty five % of GDP. Right now it is stagnant at 17-18 %. To increase this, tax policies need to be fixed. Is of Doing Business to fix. Land policies have to be cured with states. Labor policy has to be fixed. Power rates are very high in our country. All these things have been made a National Manufacturing Mission to work with the states, it will work in this direction with the states. MSME will also be encouraged by the National Manufacturing Mission. To increase the manufacturing sector at a global level, you have to become a competition, become a world class. Paying global value chains is essential for our manufacturers and especially the present environment that the global value is all disappointed, broken, then if India has to walk in it, then we have to become a very compatible nation. Cost of logistics will also have to drop a lot.
Private sector will play the role of private sector in the National Manufacturing Mission. This should only be the entire private sector drive, because if India has to do its manufacturing growth then it will not be from the government. The government will have to retreat itself. For example, this Bajet said that remove the rules, remove the regulation, remove the procedure, remove the lodge, the wave of a reform will have to be brought and it will not happen without it. It should be a focus on how to work free and work. If the country has to grow at nine ten percent in the next thirty years, then government will not give growth. The government will create an atmospier, there will be a catalist, a facilitator. The private sector will have to be grown. So I will give this budget a lot of high marks. I will give this budget 9-9.5 marks in ten.
Budget Analysis- Former CEO of NITI Aayog, Amitabh Kant