India’s interim budget was announced last week and each sector peeks into the policies to see what’s ‘in’ for them. This is a #ThrowbackThursday to India’s Interim budget that fairly focused on the agricultural and rural sector, infrastructure, education, job creation, digital economy among others.
Despite criticism received for inadequate allocation to the agricultural sector, the new government managed to view 2.9 % annual growth rate during 2018-19. The 2019-20 interim budget encouraged women participation in the sector while it puts forward the agri-schemes. The Agri sector Rs 1,30,485 crore and fertilizer subsidy is Rs 79,996 crore for the year 2019-20 through initiatives such as PM-Kisan scheme, Pradhan Mantri Krishi Sinchai Yojana, etc.
High-rated pooled assets of BFCs amounting to a total of one lakh crore during the financial year. Government’s new schemes are expected to boost confidence in the finance industry and help it tide over liquidity issues
The budget 2019 was in talks for its pro-startups approach. Apart from the government’s TV program dedicated to startups, the governments’ budget talks a lot more than the trend. It primarily proposes to help 20 tech businesses set up resources business incubators and 20 tech business incubators by next year. The government estimates it to benefit more than 70,000 skilled startup creators. Governments’ other startup initiatives encourage Foreign Direct Investments and aim to streamline the process for business newbies.
Government plays it safe for the healthcare sector as it hikes finance allocation for the section. However, there has not been any new scheme or initiative dedicated to boosting certain crucial healthcare market segments.
With a great boost to the infrastructure sector, the government plans to support industries such as cement, chemical and other sectors. Despite which, the infrastructure sector may face challenges in overcoming commercial drawbacks. The revisions done in the duties of diverse industrial sectors remained mostly positive.
Government plans to boost commercial development of India through technological advancements, export competitiveness in various industries. It will be interesting to see how the year turns out to be for the Indian economy ahead of execution.
– Written by Gauri Ludbe