THE sincere effort of the Central Government to expand the philosophy of inclusiveness in the economy is clearly visible in the Union Budget for 2019-20. Considering various components of the budget, it can be said safely that the Government has not increased financial allocations to various sectors claiming political credit for higher spending, but has tried to include various interest segments in the economic agenda in a more cogent manner than ever before, thus expanding the stakeholder range as an integral part of the national vision. This budget also underlines the principle of continuity followed so assiduously by the Modi Government in its second term in office. All the fundamental principles it had used to extend the reach of welfare measures to most segments of the larger Indian society in the previous budgets, therefore, are reflected in this year’s budget as well.
It is obvious that India can be rated as a nation on forefront of the idea of inclusive economy which various global bodies are promoting as welfare philosophy. The budget presented by Finance Minister Mrs. Nirmala Sitharaman emerges as a comprehensive document of inclusiveness. There is little doubt that the budget will certainly push forward the idea of an outreach to the last and the least person on the farthest economic frontier.
This can be understood from the countless thousands of examples of people who got the benefit of smoke-free cooking with the help of Ujjwala Scheme that brought cooking gas to lakhs of homes. Similar examples are also available of countless lakhs of people whose homes now boast of electric connection. These most critical provisions were possible through massive financial allocations and a subsequent implementation of the schemes through diligent governance.
This approach -- of taking welfare to every doorstep in all segments -- is visible also in the current Union budget. Most importantly, the current budget gives a heightened emphasis on rural sector with a view to tackling the agrarian crisis that had been haunting the country for decades. Obviously, the Government has analysed the limitations of farming as a singular pursuit, and has tried to boost rural industry woven around farming. In traditional thinking, India called this overall activity as agriculture that expanded far beyond mere economic considerations. Because that element was overlooked by economic thinkers and planners, India’s rural sector suffered for countless decades.
The current budget demonstrates the a fuller awareness of the gaps in economic thinking, planning and implementation of rural development and welfare. That is the reason why industry captains have expressed satisfaction about the various provisions in the budget to boost rural sector as a critical factor in inclusive economic development. It is obvious that this approach will help larger industry to expand its outreach in rural areas, and also help agriculture to become a more rewarding activity. That explains the specific mention in Mrs. Sitharaman’s statement that the budget aims at stemming population outflow from villages to the cities, highlighting the philosophical thrust of the budget.