Raising expectations of major announcements, President Droupadi Murmu last week said the first Budget of PM Narendra Modi’s third term will have several historic steps, going beyond economic and social decisions.
“This Budget will be an effective document of govt’s far-reaching policies and futuristic vision... The pace of reforms will be further accelerated in tune with the aspirations of people of India for rapid development,” the President said in her address to the joint sitting of Parliament.
Expectations of a reform-oriented Budget have been building up since Modi returned to office for a third consecutive term, with govt expected to address several concerns flagged during the elections, including job creation and inflation through a push for manufacturing, tax concessions to spur demand and provide more money to households.
The PM has also spoken about the Budget being a key element of the govt’s 2047 development agenda which will include a 100-day programme leading to action points and targets up to 2030.
Curiosity about the Budget has been heightened by the estimate in political quarters that govt might come up with measures which may help alleviate the grudges behind BJP’s lower-than-expected seats tally. In any case, despite being in a good fiscal spot, govt had held off on coming out with schemes for specific sections in the interim budget. It is expected to make good for the restraint in the coming Budget, besides having reach outs to sections like women.
Murmu’s address was marked by confidence and an effort to amplify the message that BJP’s reduced numbers will not be a deterrent in its pursuit of bold measures.
The President cited the favourable environment for India and underlined the need for lawmakers to fulfil their responsibilities so that the country can harness its potential. She listed out the achievements of the Modi govt during its first two terms -from an average 8% GDP growth during the last three years to India emerging as the fifth largest economy and record profits by State Bank of India - despite challenges posed by Covid and geopolitical tension in Ukraine and West Asia.
“With the reforms that have taken place in the last 10 years and the new confidence that has been infused in the country, we have gained a new momentum to make India a developed nation. We all need to always remember that making India a developed nation is the aspiration and resolve of every citizen of the country. All of us are responsible for ensuring that no obstacles come in the way of achieving this resolution,” the President said at a time when BJP, while leading a coalition govt after 10 years, will need numbers in Parliament to ensure passage of key bills.
Govt has lined up several legislations, from amendments to the Constitution for one nation-one election to strengthening the Insolvency and Bankruptcy Code and decriminalising several laws.
Murmu also reflected govt’s grouse over what it considers baseless propaganda by the opposition, especially Congress, that the Modi govt has undermined the public sector and that GST, dubbed “Gabbar Singh Tax” by the party, was an extortionist device.
