Article: Are we moving towards developed India?

tax front
Another good thing for the government is that the ratio of tax and GDP is increasing. Tax evasion has reduced due to GST. Along with this, corporate and income tax collection has also increased. Still, there is scope for further improvement in this matter.

Political budget
After the budget, Prime Minister Narendra Modi appealed to the opposition to forget politics and cooperate in the development of the country till the next Lok Sabha elections, but the truth is that the budget is also political. Therefore, it would be meaningless to expect silence from the opposition.

Shock to the rich
In the budget, an additional relief of Rs 17,500 has been given to the low income group taxpayers. Some such measures have also been announced in it, which will make the employed people happy. Along with this, the rich have been given a shock. In this, the facility of paying tax by reducing the inflation rate on capital gains from property, gold and unlisted assets has been withdrawn. Due to this, a very high capital gains tax will have to be paid on these assets.

Tax on property
Such changes should not apply to properties purchased earlier. Earlier, people who bought property for investment purposes used to assume that they would have to pay tax after adjusting with the inflation rate on selling the house. Usually in such cases there was no additional tax liability due to inflation. Now this benefit has been withdrawn. This is cheating the investors. By the way, with this step the government has indicated to the voters that it is giving concessions to the weaker sections and increasing taxes on the rich.

in the past
The government has also made several announcements for the eastern states of the country. Interestingly, Andhra Pradesh, which has been a part of South India for centuries, has been declared a part of the eastern states by the central government along with Bihar, Jharkhand, Bengal and Odisha. Many announcements have been made for these states regarding investment in infrastructure, tourism, corridors and industrial nodes. But if you think that this kindness for the east is due to the demand of special status and additional funds for their states by Nitish Kumar and Chandrababu Naidu, who are part of the NDA, then I would say that it depends on your point of view. Actually, for the special packages announced in the budget, loans will be taken from multinational financial institutions. And often such money comes with many conditions.

The burden on companies will increase
Some of the government's schemes are surprising. Like the internship scheme. It has been said in the budget that 1 crore youth will be given a one-year internship in the country's top 500 companies. This work will be done in the next 5 years. The government will provide some money for this. That means every company will have to keep 4,000 such people who have not got any regular job. These people will stay in the company's campus for a year and the companies will have to pay them intern salary, out of which only 10% can be deducted from the CSR (Corporate Social Responsibility) fund. In such a situation, if the company wants to avoid litigation, then it will have to pay its minimum salary, say 2 lakh rupees annually. Just think how much financial burden this will increase on the big companies of the country.

Angel Tax
By the way, the government's decision to abolish angel tax is commendable. Tax cuts on foreign companies can also provide some benefits. The tax concessions given to global financial centers can prove to be a lottery for tax professionals and lawyers. At the same time, the rich who have suffered a setback in the matter of capital gains can get some relief from several financial concessions. Overall, it can be said that everyone will be happy with this budget.

Author: Kumar Mangalam Birla
Finance Minister Nirmala Sitharaman's budget proposals include a roadmap to transform India into a developed country. The priorities she has set for the government will create opportunities for all citizens in a 'developed India'. These proposals include measures to maintain the country's economic growth rate as well as measures for social development and technological advancement.

Employment-Skill Development
Employment and skill development are at the core of the ambitious goal of developed India set by the government. The budget has three unique employment schemes aimed at generating employment, especially for first-time job market entrants and the manufacturing sector. Apart from this, the Centre has launched a skill development scheme under which 20 lakh people will be trained in the next 5 years. In this, they will be taught the skills that are needed by the industries. Also, under this scheme, these people will be trained in modern technology.

Facing challenges
Through these multi-pronged schemes, the government aims not only to create employment opportunities but also to ensure that these workers are prepared for the challenges faced by the industries. In fact, with the way the global economy is changing today, such challenges are natural.

Development of MSMEs
The budget has given special attention to the manufacturing and service sectors. It also focuses on micro, small and medium enterprises (MSME). New credit guarantee schemes, assessment models, assistance programs have been proposed so that the growth of MSMEs can increase and they can compete better.

Focus on manufacturing
These measures, along with proposals for creation of industrial parks, critical mineral production, are aimed at strengthening the manufacturing sector in the country and enhancing its competitiveness in the global market.

The role of cities
Urban development has also been emphasized in the budget. The budget proposals show that the government wants to make cities the center of development. For this, attention has been paid to redevelopment of existing cities, transit oriented development in big cities and housing needs. These urban development plans will accelerate urbanization. If the urban infrastructure is sustainable and better, then it will further accelerate the economic development of the country.

Eye on net zero
In the proposals of Finance Minister Nirmala Sitharaman, along with changes in the energy sector, a lot of emphasis has also been laid on energy security. Renewable energy has been kept in the priority sector in the budget. Along with this, attention has also been paid to increasing energy efficiency. This will prepare the ground for green and sustainable development in the country. It will create an image of a responsible leader in the world and will also help in achieving the net zero target.

Big investment on infra
The central government is also focused on infrastructure development. The Finance Minister has announced a capital expenditure of Rs 11.11 lakh crore in the financial year 2024-25. Such proposals have been made in the budget, which will boost government as well as private investment in this sector. The government understands how significantly this sector contributes to economic growth and at the same time it also improves the quality of life.

Overall development
The expansion of the Pradhan Mantri Gramin Sadak Yojana to improve road connectivity in villages shows that the Government is committed to inclusive growth.

Research-Innovation
The budget also highlights how important innovation, research and development will be in India's journey towards becoming a developed country. The budget talks about creating a National Innovation Fund. Measures have been taken in it which will promote research and innovation led by the private sector. These measures are aimed at promoting a culture of innovation and technological advancement in the country so that India can compete in the global knowledge economy.

sustainable agriculture
Along with this, emphasis has also been laid on increasing agricultural productivity in the budget. Announcements have been made regarding agricultural research, bringing varieties of crops that can survive bad weather and natural farming. These measures are being taken so that food security increases, farmers' income increases and the agriculture sector can become sustainable in the era of climate change.

A new round of reforms
Finally, the budget also talks about a new round of reforms. These include land reforms, labour reforms and business ease reforms. To accelerate the economic growth rate and these reforms, the government is also going to prepare a framework of macroeconomic policies. Fiscal consolidation is to be continued, which will bring macroeconomic stability. This will increase investment in the country, which is necessary for rapid development.