While presenting the interim budget on February 1, 2024, Finance Minister Nirmala Sitharaman had stated that, “In the full budget in July, our Government will present a detailed roadmap for our pursuit of ‘Viksit Bharat’.” If India does aim to become a developed country by 2047 as per Prime Minister Narendra Modi’s vision of Viksit Bharat, the Union Budget 2024 which will be presented on July 23 must prioritise the education of children, who are the future of the country. Read on to find out what experts from the education sector shared with us at Higher Education Plus about their expectations from the Union Budget 2024.
In the lead-up to the Union Budget 2024, Finance Minister Nirmala Sitharaman’s presentation of the Economic Survey offers a revealing snapshot of India’s industrial landscape. This annual document, a vital precursor to the budget, not only reflects on the current state of the economy but also sets the tone for future fiscal policies. The 2024 Economic Survey, with its focus on the industrial sector, highlights both achievements and challenges, providing a roadmap for India’s economic trajectory.
The Economic Survey underscores the resilience of India’s industrial sector amid a global landscape marked by uncertainty and transformation. Despite facing significant headwinds—including supply chain disruptions, fluctuating raw material costs, and evolving international trade dynamics—the industrial sector has shown remarkable adaptability. The survey reports a steady recovery in industrial output, buoyed by government initiatives and private sector innovation.
One of the key takeaways is the sector’s robust performance in high-value industries such as pharmaceuticals, electronics, and renewable energy. These industries have not only contributed significantly to GDP growth but have also enhanced India’s global competitiveness. The focus on promoting advanced manufacturing and technological integration is particularly noteworthy, as it aligns with the government’s vision of transforming India into a global manufacturing hub.
However, the Economic Survey does not shy away from addressing the sector’s challenges. Issues such as infrastructural bottlenecks, regulatory hurdles, and the need for skill development remain pressing concerns. The survey highlights that while there has been progress, substantial work is needed to improve logistics, streamline regulations, and foster an environment conducive to industrial growth.
To address these challenges, the survey recommends a multi-faceted approach. Key strategies include accelerating infrastructure development, simplifying regulatory frameworks, and investing in skill enhancement programs. The government’s focus on creating industrial corridors and special economic zones is expected to alleviate some of these issues by providing dedicated spaces for industrial growth and reducing operational complexities. The Economic Survey also presents a forward-looking vision for the industrial sector. It emphasizes the need for embracing digital transformation and sustainability as central pillars of industrial strategy. The rise of Industry 4.0, characterized by automation, data analytics, and the Internet of Things (IoT), offers opportunities for increased efficiency and innovation. Moreover, the push towards green technologies and sustainable practices reflects a growing recognition of environmental responsibilities and the potential for creating new markets.
Investment in research and development (R&D) is highlighted as a critical factor for sustaining long-term growth. By fostering an innovation-driven ecosystem, India can enhance its competitive edge and adapt to emerging global trends. The survey’s call for increased public and private sector investment in R&D is a timely reminder of the need to support technological advancements and maintain industrial dynamism.
Dr Rajat Gera, Professor, Cluster Dean, Management, Economics, Commerce, Liberal studies, Director School of Management, OMBR, CMR University, Bangalore
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In the lead-up to the Union Budget 2024, Finance Minister Nirmala Sitharaman’s presentation of the Economic Survey offers a revealing snapshot of India’s industrial landscape. This annual document, a vital precursor to the budget, not only reflects on the current state of the economy but also sets the tone for future fiscal policies. The 2024 Economic Survey, with its focus on the industrial sector, highlights both achievements and challenges, providing a roadmap for India’s economic trajectory.
The Economic Survey underscores the resilience of India’s industrial sector amid a global landscape marked by uncertainty and transformation. Despite facing significant headwinds—including supply chain disruptions, fluctuating raw material costs, and evolving international trade dynamics—the industrial sector has shown remarkable adaptability. The survey reports a steady recovery in industrial output, buoyed by government initiatives and private sector innovation.
One of the key takeaways is the sector’s robust performance in high-value industries such as pharmaceuticals, electronics, and renewable energy. These industries have not only contributed significantly to GDP growth but have also enhanced India’s global competitiveness. The focus on promoting advanced manufacturing and technological integration is particularly noteworthy, as it aligns with the government’s vision of transforming India into a global manufacturing hub.
However, the Economic Survey does not shy away from addressing the sector’s challenges. Issues such as infrastructural bottlenecks, regulatory hurdles, and the need for skill development remain pressing concerns. The survey highlights that while there has been progress, substantial work is needed to improve logistics, streamline regulations, and foster an environment conducive to industrial growth.
To address these challenges, the survey recommends a multi-faceted approach. Key strategies include accelerating infrastructure development, simplifying regulatory frameworks, and investing in skill enhancement programs. The government’s focus on creating industrial corridors and special economic zones is expected to alleviate some of these issues by providing dedicated spaces for industrial growth and reducing operational complexities. The Economic Survey also presents a forward-looking vision for the industrial sector. It emphasizes the need for embracing digital transformation and sustainability as central pillars of industrial strategy. The rise of Industry 4.0, characterized by automation, data analytics, and the Internet of Things (IoT), offers opportunities for increased efficiency and innovation. Moreover, the push towards green technologies and sustainable practices reflects a growing recognition of environmental responsibilities and the potential for creating new markets.
Investment in research and development (R&D) is highlighted as a critical factor for sustaining long-term growth. By fostering an innovation-driven ecosystem, India can enhance its competitive edge and adapt to emerging global trends. The survey’s call for increased public and private sector investment in R&D is a timely reminder of the need to support technological advancements and maintain industrial dynamism.
Dr Rajat Gera, Professor, Cluster Dean, Management, Economics, Commerce, Liberal studies, Director School of Management, OMBR, CMR University, Bangalore
The post appeared first on .