Budget 2024: “Ambitious Roadmap For Achieving The Vision 2047,” Says IIM Kozhikode Director (Photo @@debchattweet)
IIM Kozhikode Director Prof Debashis Chatterjee praised the Union Budget 2024, presented by Finance Minister Nirmala Sitharaman, for its ambitious roadmap toward achieving Vision 2047. He highlighted the announcement of a National Research Fund as a significant step to boost innovation and research, particularly with a focus on private sector-driven R&D. Prof. Chatterjee commended the forward-looking initiatives such as creating Growth Hubs for 14 cities, fostering industry collaborations through an internship scheme, and introducing a new centrally sponsored skilling scheme, which he believes will significantly empower the youth and lay a strong foundation for a resurgent India.
The increased spending on the education sector was much needed, according to Prof. Chatterjee, and the budget has responded positively. He noted that the introduction of e-voucher loans at low interest rates marks a significant step forward in making higher education more affordable and inclusive.
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The first budget of NDA 3.0 under the leadership of Prime Minister Narendra Modi focuses on nine priorities for generating ample opportunities for all, as outlined by the Finance Minister: productivity and resilience in agriculture, employment and skilling, inclusive human resource development and social justice, manufacturing and services, urban development, energy security, infrastructure, innovation, research and development, and next-generation reforms.
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Key budget estimates for 2024-25 include total receipts other than borrowings at ₹32.07 lakh crore, total expenditure at ₹48.21 lakh crore, and net tax receipts at ₹25.83 lakh crore. The fiscal deficit stands at 4.9 percent of GDP, with the government aiming to reduce it below 4.5 percent next year. Inflation remains low and stable, moving towards the 4 percent target, with core inflation (excluding food and fuel) at 3.1 percent. The budget’s primary focus is on employment, skilling, MSMEs, and the middle class.
