FOR a first-timer as the country’s Finance Minister, it was a challenging task for Ms. Nirmala Sitharaman to prepare and present the annual budget and she appears to have passed the muster. She has proved that the trust and faith Prime Minister Mr. Narendra Modi has placed in her abilities to discharge difficult and complex tasks with equanimity was well-founded. After over 48 years a woman Finance Minister has had the honour of presenting the national budget the earlier occasion being Mrs. Indira Gandhi, the former Prime Minister, who had presented the 1970-71 budget. But Ms Sitharaman has been tasked with much more complex job of imparting momentum to the economy which for the past one year or so has been showing signs of sluggishness. The causes for this are both internal as well as external. And it is in this circumstances that the new Finance Minister has been called upon to take the reigns of the economy which, without doubt, is full of promises but is waiting for a new thrust. And the manner in which Ms. Sitharaman has charted the course of her budget it appears she will do justice to the cause she has undertaken.

 

In the first essay of its regime, the National Democratic Alliance (NDA) Government had taken several initiatives for unshackling the economy and realise its true potential to become one of the top economies of the world. Global leadership, including multilateral institutions like International Monetary Fund (IMF), World Bank and Asian Development Bank were unanimous in their appreciation of India’s potential as a top global economy. This in spite of the fact slowdown was visible for the past few months. The huge mandate that the NDA got in recent Lok Sabha elections also cast a heavy burden of expectations of the people from the Government. The NDA itself, led by Prime Minister Mr. Narendra Modi, has set some ambitious targets for the country’s inclusive development.

 

Ms. Sitharaman has taken over the very complex portfolio in the new stint of the NDA under these circumstances and the manner in which she has dealt with the expectations as also challenges that stare the Government in fulfilling is indeed remarkable. Through her multi-sectoral presentations she has raised high hopes of the economy’s new take-off under her stewardship. Of course the challenges and multifarious expectations are there but she has shown the willingness to confront those.

 

For instance she has taken care of the housing sector by offering some sops on interest burden so that demand for houses would be revived. The housing sector is considered one of the growth engines of the economy with a potential to create jobs. She has also ensured that the infrastructure projects that were planned in the last tenure of the Government get continued support. This sector of course is dependent on huge investment and it would be only prudent to involve the private sector in a big way through the Public Private Partnership model as she has acknowledged that the corporate sector is the creator of jobs and wealth.

Thereby the Finance Minister has indicated that time has come for the private sector to play its part in the country’s growth. Thereby the Finance Minister has sought to revive private sector investment and open up avenues for employment generation because that is one of the prime concerns of the Government apart from reviving rural sector demand that would be key to giving fillip to manufacturing.

More importantly it appears that through various initiatives like bringing farm reforms the Government would be giving a major thrust to these areas for achieving inclusive growth. The budget, thus, symbolises the philosophy of ‘Sabka Saath, Sabka Vikas, Sabka Vishwas’.