New Delhi [India], February 1 : Union Finance Minister Nirmala Sitharaman on Thursday spoke of the 'Amrit Kaal' - the 25-year period till 20247 to make India a developed country - and said the government will facilitate high and more resource-efficient economic growth while working towards energy security.
Presenting the Interim Budget 2024-25 in Parliament today, the Minister said it is an important policy priority for the Government to ensure timely and adequate finances, relevant technologies and appropriate training for the Micro, Small and Medium Enterprises (MSME) to grow and also compete globally.
"Orienting the regulatory environment to facilitate their growth will be an important element of this policy mix. Aligning with the 'Panchamrit' goals, our Government will facilitate sustaining high and more resource-efficient economic growth," she said.
Sitharaman noted that guided by the principle 'Reform, Perform, and Transform', the Government will take up next-generation reforms, and build consensus with the states and stakeholders for effective implementation.
She said many growth and development-enabling reforms are needed in the states to realize the vision of 'Viksit Bharat'.
"A provision of Rs 75,000 crore as a fifty-year interest-free loan is proposed this year to support those milestone-linked reforms by the State Governments," she said.
The minister also said that the Government will form a high-powered committee for an extensive consideration of the challenges arising from fast population growth and demographic changes.
The committee will be mandated to make recommendations for addressing these challenges comprehensively in relation to the goal of 'Viksit Bharat'.
She said the Government stands committed to strengthening and expanding the economy with high growth and to creating conditions for people to realize their aspirations.
"Prime Minister in his Independence Day address to the nation, in the 75th year of our Republic said we 'commit ourselves to national development, with new inspirations, new consciousness, new resolutions, as the country opens up immense possibilities and opportunities'. It is our 'Kartavya Kaal'," she said.
The government, she said, will adopt economic policies that foster and sustain growth, facilitate inclusive and sustainable development, improve productivity, create opportunities for all, help them enhance their capabilities, and contribute to the generation of resources to power investments and fulfil aspirations."
The Minister further stated that to meet the investment needs, the Government will prepare the financial sector in terms of size, capacity, skills and regulatory framework.
The government presented an interim budget with Lok Sabha polls expected to take place in April-May this year.
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