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The Indian prime minister’s ruling BJP has vowed to attain developed economy status within 25 years. But a host of legacy issues still need tackling.
States will get a Rs 75,000 crore boost in the form of interest-free loans to pursue reforms and the assistance will be linked to stipulated reform milestones, she said. Finance secretary TV Somanathan clarified this assistance will be a part of the Rs 1.3 lakh crore capex loans that the Centre has budgeted to extend to states in FY25.
With a consistent growth rate of 6-7%, India is likely to remain the fastest growing emerging economy in the world. But that won’t be enough to fulfil dreams of becoming a developed economy by 2047.
Eminent economist and BR Ambedkar School of Economics (BASE) Vice-Chancellor NR Bhanumurthy said at present Indian economy is facing multiple headwinds largely from external sources.
Union Budget 2022-23 expands on the policies and intent of its predecessor while increasing capital expenditure, especially on infrastructure, to spur growth as well as jobs. The Board of India Today Experts delivers its verdict - Issue Date: Feb 14, 2022