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Interim Budget: What the experts say?
Economists shed light on various aspects of the interim budget especially sustainable development and employment
The Finance Minister presented her 6th consecutive budget, with the budget speech being her shortest ever of 56 minutes / X - @nsitharaman
Finance Minister Nirmala Sitharaman recently presented the interim budget for the year 2024-25. While the revised figures are yet to be released, industry experts opined on the specifics of the budget, with a general focus on the growth and development of the country.
Shantanu De Roy, specializing in Agrarian studies at the Energy and Resource Institute School of Advanced Studies, in an interaction with New India Abroad shared his views on the Mahatma Gandhi National Rural Employment Guarantee Act’s (MGNREGA) budget allocation for 2024.
Sitharaman announced a $10.35 billion budget estimate for MGNREGA, which is the government’s rural employment guarantee scheme, first proposed by former PM PV Narasimha Rao. It aims to provide at least 100 days of employment in a year to adults of rural households.
“This year’s budget allocation for MGNREGA was low, indicating the need for rejuvenation of the rural labor market,” Roy told NIA. He explained that the real wage had been on a decline, indicating that the labor market, especially the rural sector, needed attention.
“One would expect some form of fiscal policy intervention from the government, to increase employment,” he added.
While maintaining tax rates, including import duties, the budget reflected a comprehensive approach to address diverse economic challenges and foster sustainable growth. Importantly, it also included Blue Economy 2.0, focusing on restoration and adaptation measures, coastal aquaculture, and mariculture.
Souryadeep Basak, who was the sole Indian representative at the SDG 7 Pavilion at CoP26 at the United Nations, stressed on the growing need to focus hands-on problem combating strategy for climate change.
According to him, while sustainable development is an ever-evolving process, the need to focus on and combat climate change is immediate. Basak is hopeful for a sustainable, cost-efficient solution to tackle climate change well before 2070.
Meanwhile, Sitharaman presented the interim budget speech for the sixth consecutive time. Lasting for only 56 minutes, the shortest on Sitharaman’s record, this year’s budget focused on affordable housing, green growth, and capital expenditure.
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