• News
  • Columns
  • Interviews
  • BW Communities
  • Events
  • BW TV
  • Subscribe to Print
BW Businessworld

Bolstering Aatmanirbhar Bharat

This Budget is primarily meant to boost the economy, especially in the aftermath of the pandemic, writes Minister of State for Finance Bhagwat Karad

Photo Credit :


Under the guidance of PM Modi, Finance Minister (FM) Madam has declared schemes to further the Aatmanirbhar Bharat initiative. Existing schemes have been further strengthened. The FM has extended the Emergency Credit Line Guarantee Scheme (ECLGS) to March 2023. The guaranteed cover has also been raised by an additional Rs 50,000 crore taking the total allotment under the scheme to Rs 5 lakh crore. Other sectors have also been given importance. While the government has announced the National Tele Mental Health Mission to make 23 mental health centers of excellence, the Ayushman Bharat Health Mission too has been strengthened due to the ongoing pandemic. These two developments along with the development of infrastructure, taking care of the people, and the development of the economy are the most important factors.

Key Stakeholders
This budget is primarily designed to boost the economy, especially in the aftermath of the pandemic. So, the stakeholders kept in mind are MSME entrepreneurs, women, youth, corporates, and other business owners. The government has considered the concerns of all parties and this Budget has catered to all sections of society.

PM Gati Shakti is a crucial scheme to develop infrastructure in our country. In this, seven factors were considered such as roadways, airports, ports, mass transport, logistics, and railways. If we develop these, the people will also be benefitted as it will boost the economy significantly.

Digital India
Our PM’s vision is a Digital India. After I took oath as MoS, the PM told me that I should work hard for three things: literacy, digitalisation, and financial inclusion. Digitalisation is an important part of this Budget. There is also a mention of digital banking which will be governed by the RBI. Further, the government may also introduce the Digital Rupee soon.

Crypto is not currency for India. It is considered as an asset for Indians, as people who have put their money and they have earned money. The government is introducing a 30 per cent tax on the income; also each such transaction will attract a one per cent TDS. This is an important step for the Indian government to make a shift towards its legalisation. It is important for transparency. Transactions become transparent and avoid corruption. If we have to make India corruption-free, digitalisation is essential.

Other Schemes
The PM’s vision is important here. Under his guidance, different schemes have been announced touching upon different segments of society, and it is important to strengthen these existing schemes. This Budget aims to achieve stability and growth in different sectors. For example, the Pradhan Mantri Awas Yojana was allocated Rs 48,000 crore which will provide housing for 80 lakh people. The PM’s motto of Sabka Saath, Sabka Vikas aur Sabka Prayas has been upheld in this Budget, which is focused on taking everyone along for the development and growth of India’s economy.

Disclaimer: The views expressed in the article above are those of the authors' and do not necessarily represent or reflect the views of this publishing house. Unless otherwise noted, the author is writing in his/her personal capacity. They are not intended and should not be thought to represent official ideas, attitudes, or policies of any agency or institution.

Bhagwat Karad

Minister of State for Finance

More From The Author >>