In the 75th year of India’s Independence, the World has recognized the Indian Economy as a ‘bright star’ as the Economic Growth is estimated at 7 per cent, which is the highest among all major economies, in spite of the massive global slowdown caused by COVID-19 and Russia-Ukraine War. 

G20 Presidency gives India a unique opportunity to strengthen its role in the world economic order. With the theme of ‘Vasudhaiva Kutumbakam’.

Achievements since 2014: Leaving no one behind

Vision for Amrit Kaal – an empowered and inclusive economy

Some Schemes under Vision for Amrit Kaal :-

PM VIshwakarma KAushal Samman (PM VIKAS): For centuries, traditional artisans and craftspeople, who work with their hands using tools, have brought renown for India and they are generally referred to as Vishwakarma. The art and handicraft created by them represents the true spirit of Atmanirbhar Bharat.

Priorities of this Budget

Priority 1: Inclusive Development

“India is at the forefront of popularizing Millets, whose consumption furthers nutrition, food security and welfare of farmers”. She said that India is the largest producer and second largest exporter of ‘Shree Anna’ in the world as it grows several types of ‘Shree Anna’ such as jowar, ragi, bajra, kuttu, ramdana, kangni, kutki, kodo, cheena, and sama.

Health, Education and Skilling:-

Education for All :-

Priority 2: Reaching the Last Mile

‘Bharat Shared Repository of Inscriptions’ will be set up in a digital epigraphy museum, with digitization of one lakh ancient inscriptions in the first stage.

Priority 3: Infrastructure & Investment

Priority 4: Unleashing the Potential

Priority 5: Green Growth

GOBARdhan scheme

Smt. Nirmala Sitharaman announced that 500 new ‘waste to wealth’ plants under GOBARdhan (Galvanizing Organic Bio-Agro Resources Dhan) scheme will be established for promoting circular economy. These will include 200 compressed biogas (CBG) plants, including 75 plants in urban areas, and 300 community or cluster-based plants at total investment of  Rs 10,000 crore.

MISHTI Scheme

The Mangroves cover 0.15% of the total Indian Geographical area. This is around 4,975 square kilometers. The state of West Bengal alone has 42.45% of India’s mangroves. Indian mangroves are facing limitations such as an increase in salinity, lack of oxygen, and diurnal tidal inundations. MISHTI will aim and protect the Mangrove forest along the coastline. MISHTI in Bengal means Sweet.

Amrit Dharohar

This is a scheme that will be implemented over the next three years to encourage optimal use of wetlands, and enhance bio-diversity, carbon stock, eco-tourism opportunities and income generation for local communities.

Amrit Dharohar will emphasise on the importance of wetlands and their preservation, with an outlook that is inclusive of local communities as caretakers of the ecosystem.

Bhartiya Prakritik Kheti Bio-Input Resource Centres

To further facilitate the adoption of “natural farming,” 10,000 Bio-Input Resource Centres will be set-up, creating a national-level distributed micro-fertiliser and pesticide manufacturing network. This will impact over 1 crore farmers over the next three years, the finance minister said in her speech.

PM PRANAM (Prime Minister Programme for Restoration, Awareness, Nourishment and Amelioration of Mother Earth)

This programme will seek to incentivise states and union territories promoting alternative fertilisers and the balanced use of chemical fertilisers. In September last year, The Indian Express had reported that the government plans to introduce a new scheme to reduce the use of chemical fertilisers in the country.

Priority 6: Youth Power

 Unity Mall

The FM said that States will be encouraged to set up a Unity Mall in their state capital or most prominent tourism centre or the financial capital for promotion and sale of their own ODOPs (one district, one product), GI products and other handicraft products, and for providing space for such products of all other States.

Priority 7: Financial Sector