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India retained the tag of the world's fastest-growing major economy, with its GDP expanding by a faster-than-expected rate of 7.6 per cent in the July-September quarter on booster shots from government spending and manufacturing. At constant (2011-12) prices in April-September 2023-24 (H1 2023-24), GDP is estimated at Rs 82.11 lakh crore as against Rs 76.22 lakh crore during the corresponding period of the previous year, showing a growth of 7.7 per cent in H1 2023-24 as against 9.5 per cent in H1 2022-23.

Of the total spending for the next seven fiscals, around Rs 36.6 lakh crore would be for green investments, a five-fold increase compared with fiscals 2017-2023, said Crisil.

Some missing ‘pillars’ in the Budget Reviving jobs, economy   -  /iStockphoto× More funds could have been allocated to MGNREGA and PM Garib Kalyan Yojana to spur short-term demand Budget 2021-22, presented in the backdrop of Covid-19, has three major challenges: Containment of the pandemic; massive job losses due to the lockdown; and unprecedented contraction of GDP. The deceleration in growth in eight quarters prior to Covid-19 has further added pressure on growth revival. The massive job losses have hit consumption, resulting in demand deficiency and GDP contraction. The ‘Atman...

This budget is not a traditional ‘consumption-led one, but rather infra-led, one that has high multipliers of growth. While it addressed several levers to help the economy pivot towards an accelerated recovery, the planned spends in agriculture and rural development, and healthcare, will help lay a long-term foundation for growth.