The passion, sincerity and commitment exuded by the finance minister in managing difficult economic circumstances will definitely go a long way in bolstering confidence in the economy. The proposals represent a 360-degree intervention for stimulating growth in all sectors of the economy while fostering social equity and inclusion.
Of particular note are the measures announced towards promoting financial inclusion and deepening savings through access to insurance in smaller towns and inflation indexed savings instruments. The move to enhance allocation for rural development, including integrated watershed programmes, crop diversification programmes and nutri-farms as well as creation of a national livestock mission, will go a long way in creating rural sustainable livelihoods.
The measures to promote and attract industrial investment through an investment allowance scheme valid for the next two years will spur prompt action to stimulate capital formation in the economy. The move to mobilise funds in the infrastructure sector will also provide a strong driver to support growth. The special focus to promote and incentivise skill development amongst youth is forward-looking and will be critical in fuelling sustainable and inclusive growth. The finance minister, while delivering the Budget proposals, demonstrated immense confidence that he was equal to the challenge in turning around the economy and gave comfort that the economy was indeed in safe hands.
