India's stable economy seen by world as 'bright spot': Dr Jitendra
Feb 04, 2023
RANCHI: Union Minister of State (Independent Charge) Science & Technology; Minister of State (Independent Charge) Earth Sciences; MoS PMO, Personnel, Public Grievances, Pensions, Atomic Energy and Space, Dr Jitendra Singh today said that Prime Minister Narendra Modi had laid the foundation and given a stable Indian Economy, which could withstand all the upheavals in the aftermath of pandemic and was seen by the world as a "bright spot", the title given by the IMF at a time when other nations were struggling with their respective economies.
Briefing the media in Ranchi, capital of Jharkhand, about the "futuristic budget" presented to Parliament on Wednesday, Dr Jitendra Singh said, the revolutionary measures and transformative reforms since May, 2014 made India's Macro-Economic Outlook rock solid.
The Minister said,on this " rock" foundation, the budget of 2023-24 promises to build the invincible future India over the next 25 years. World today looks up to India as it jumps 40 positions higher on Global Innovation Index, he said.
Describing it as a budget which addresses the aspirations of every section of society, Dr Jitendra Singh said, from middle class to big industry, from women to youth, from farmer to StartUps, it is an inclusive budget for all. At the same time, priorities like Green Growth target the global benchmarks of the 21st century, he said.
Dr Jitendra Singh pointed out that the first major economic reform of the Goods and Services Tax rolled out on the midnight of 1st July, 2017 was a Path-breaking legislation for New India, which led to One-Nation, One-Tax and One-Market and in fact was the realization of dream of Sardar Patel to make "Ek Bharat-Shreshtha Bharat".
Dr Jitendra Singh said, apart from this, several pro-business reforms unleashed by Modi in the last Nine Years like reduction in compliance requirements, removal of retrospective taxation, simplification of the corporate tax rate structure, Insolvency and Bankruptcy Code (IBC) have improved India's "rank in ease of doing business from 142 in 2014 to 63 in 2022, as per World Bank report.
Dwelling on the overall Budget outlook for entire country and all the States, Dr Jitendra Singh said, it has specific provisions for the State of Jharkhand and pointed out that 75 out of 705 Schedule Tribes identified as PM Particularly Vulnerable Tribal Groups, 9 belong to Jharkhand. He said, Rs 15,000 crore allocated to provide these families with basic facilities such as housing, clean drinking water and sanitation, improved access to education, health and nutrients.
Referring to 740 Eklavya Model Residential Schools, Dr Jitendra Singh said, 7 such schools are operational in Jharkhand and pointed out the General Budget has proposed to recruit 38.800 teachers and supporting staff for Eklavya Model Schools serving 3.5 lakh tribal students. He also underlined that out of total 500 Blocks selected as aspirational blocks, 34 belong to Jharkhand.
Dr Jitendra Singh said, for saturation of essential services across multiple domains such as health, nutrition, education, agriculture, water resources, financial inclusion, skill development and basic infrastructure.
Referring to the first budget in the Amrit Kaal of India, Dr Jitendra Singh said, this budget is for all sections of society and addresses the concerns of all sectors, but overall it gives priority to the deprived and un privileged sections in rural areas.
Paraphrasing Prime Minister Modi, Dr Jitendra Singh said, "From women living in the cities to villages, employed to homemakers, the government has taken significant steps such as Jal Jeevan Mission, Ujjwala Yojna and PM Awas Yojana etc. that will further empower the welfare of women".
Dr Jitendra Singh said, after the creation of the new Ministry of Cooperation, the budget made significant announcements for the Cooperatives sector, which is the cornerstone of development of rural economy and added that the government has made the world's largest food storage scheme in the co-operative sector.
He also informed that a transformative new scheme to form new primary co-operatives has also been announced in the budget, which will expand the area of milk and fish production and will be a win-win proposition for farming, farmers, animal husbandry and fishermen with better prices for their produce.
Referring to India's international commitments on Climate concerns and its pledge to achieve Net Zero Carbon by 2070, Dr Jitendra Singh said, the Budget gives an unprecedented expansion to Green Growth, Green Economy, Green Infrastructure, and Green Jobs for a Sustainable Future.
Apart from increasing the limit of presumptive tax to help MSMEs to grow, Dr Jitendra Singh said, this Budget also brings smile on the face of middle class as the reduction in tax rates as well as the simplification, transparency and speeding up of the filing processes.
