Delhi (News Trust of India) : Finance Minister Nirmala Sitharaman, in her sixth and last Budget address during the second innings of the Narendra Modi government, made a momentous announcement. Despite the electoral context, the budget announced was declared interim until the year 2024. In her allocution, Sitharaman revealed a significant effort, disclosing interest-free loans worth to Rs 75,000 crore, to be given to states over a length of 50 years.
Sitharaman characterized the government’s primary goal as the development of a developed India. Emphasizing the myriad of measures already adopted towards this objective, she highlighted the indispensability of financial support for states to materialize this vision. To this goal, a considerable provision of Rs 75,000 crore, lasting over five decades, was planned. The proposal, an interest-free loan, is envisioned as a vital step in ameliorating the financial environment of the states.
Continuing the theme, Sitharaman underlined the Centre’s steadfast commitment to supporting the states. Notably, the previous year’s budget statement had hailed a special support scheme for states, notably in the domain of capital investment. A huge corpus of up to Rs 1.3 lakh crore, in the form of interest-free loans covering half a century, has been announced. Subsequently, the Finance Ministry authorized clearance of capital investment plans totaling to Rs 56,415 crore for 16 states under this scheme. This year, a fresh allocation of Rs 75,000 crore is outlined, aiming to speed capital investment projects across multiple sectors like as health, education, irrigation, water supply, power, roads, bridges, and railroads.
Beyond these fiscal subtleties, the interim budget highlighted a strategic initiative to increase the private sector’s involvement in research and development, notably in sunrise initiatives. A substantial allocation of Rs 1 lakh crore was provided for research and development in the Suryoday Schemes. Sitharaman stated a vision of India as a developed nation by 2047, stressing the country’s rise as a global power. The government, she emphasized, is expending every conceivable effort to accomplish the aspiration of a developed nation.
In the hallowed halls of Parliament, Finance Minister Nirmala Sitharaman laid bare the fiscal blueprint. His conviction in the present and optimism for the future resonated in his brief address. Noteworthy is the transitory nature of this budget, with the prospect of a complete fiscal strategy to be provided by the new administration post the Lok Sabha elections later this year.