Economic Survey: Budget May Chart Course For Viksit Bharat 2047

India's aspiration to achieve the status of a developed nation by 2047 or the goal of Viksit Bharat is set to be a pivotal focus in the upcoming budget, according to the Economic Survey 2023–24.

The survey, which was released on Monday on the eve of the Union Budget, has articulated a comprehensive policy roadmap encompassing six key areas, aimed at steering the country towards this ambitious goal.

Central to these strategies is the emphasis on boosting private-sector capital expenditure, facilitating a successful transition to green energy and unleashing the potential of micro, small and medium enterprises through deregulation and enhanced credit availability. These measures are intended to foster organic economic growth, create employment opportunities and ensure equitable distribution of income.

The survey also underscores the critical role of agriculture as a key driver of economic growth and emphasises the need for farmer-friendly policies that are sustainable environmentally. Aligning education and skill development policies to enhance learning outcomes and bridge the gap between job requirements and educational qualifications have also been highlighted.

In addition to sector-specific measures, enhancing the capacity and capability of state institutions have been identified as crucial for effective policy implementation and sustainable development.

Private-Sector Capex

• Encourage organic growth in private-sector capital expenditure.

• Aim to generate employment and ensure equitable income distribution.

Successful Green Energy Transition

• Facilitate public-private partnerships for financing green-energy initiatives.

• Develop innovative financing mechanisms to attract private investment.

Unleash MSME Sector

• Deregulate and streamline regulations affecting the MSMEs.

• Enhance physical and digital infrastructure to support the MSME growth.

• Develop strategies to expand the MSME market exposure and scale.

Make Agriculture A Key Growth Engine

• Implement farmer-friendly policies that are sustainable and climate-resilient.

• Position agriculture as a pivotal sector for economic growth and equity.

Bridge Gap Between Jobs and Education

• Align education policies with skill-development initiatives to meet industry needs.

• Focus on improving learning outcomes to enhance employability.

Enhancing State Capacity, Capability

• Invest in building robust state institutions for effective policy implementation.

• Strengthen administrative capabilities to sustain and accelerate economic progress.