Every Budget for a particular Financial Year is mutually exclusive and unique in most cases. Still, it connects the past to the future about the Nation’s Finances like a going concern as an infinity; it will have implied implications on Nation’s Economy. This Budget 2023-24 will be a comprehensive and cumulative impact of 8 years of the Narendra Modi administration’s influence on the future. Hence, I analyze all critical aspects in three parts for Budget 2023-24 and each article of these we have interconnected. The Upcoming Union Budget period will be concluded just before the 2024 General Elections. Hence, an eagle eye focus exists on it from both ruling and opposition parties.
The appraisal of financial and economic analysts at domestic and International levels will be due to prevailing conditions, such as the Ukraine war disruption of the supply chain of goods and services, the Global Economy slowing down, and the Covid-19 impact. Hence, the next Budget cannot overlook all these aspects and as well as, Important Governance decisions of Prime Minister Narendra Modi-led Union Government as it planned strategically NAMO 1.0 between 2014 to 2019 and continuing it along with new schemes and projects at present in NAMO 2.0 for basic needs and amenities for the poor and needed and pays attention for creating all kind of Infrastructure facilities. As far as the Growth rate is concerned, when Narendra Modi took charge as Prime Minister was 5.1% and 6.9% for the financial years 2012-13 and 2013-14, respectively, based on 2011-12 prices as the base year.
Suppose we observe the sequence of the programs of the Narendra Modi-led Union Government from its inception. The infinity of schemes and programs appear as evident, such as achieving 100% ODF as the utmost priority; the program was initiated on October 2 2014, by the Union Government, and sanitation had been covered under Swacha Bharath Mission (Grameen), up to 1,34,396 villages in our country had declared as 100% ODF as on December 2, 2022. Housing for the poor under Pradhana Mantri Awas Yojana (PMAY) Urban as a flagship Mission of the Union Government in Urban areas had commenced on June 25 2015, and sanctioned 1.23 Crore houses for the entire country till now with a total investment of 8.31 Lack Crores, in which approved fund by the Union Government was for Rs 2.03 Lack Crores, out of which 1.30 Lack Crore has been disbursed so far, and 1.07 Crore houses have been grounded. Construction of the houses has been completed to the extent of 65.50 Lacks so far, which means more than a 60% dropped has been completed.
PM Narendra Modi announced Ayushman Bharath Pradhana Mantri Jana Arogya Yojana (PM-JAY) on September 23 2018, with a motive to facilitate 10.74 Crore families consisting of 50 Crore individual’s health cover for Rs. 5 Lacks per family to improve the quality health services for the BPL families. As of 31st march 2022, nearly 18 Crore individuals had received Ayushman cards and 3.63 Crore hospital admissions worth around Rs. 40,000 Crores from more than 25,800 Network of Empaneled Health Care Providers have complied. Union Government-led PM Narendra Modi took an initiation for PM Jandhan Yojana to open the bank accounts for those beneficiaries who avail of government schemes and subsidies to connect their funds for the transfer of Direct Benefit of schemes into their accounts; there were 47.51 Crore beneficiaries benefitted till December 2, 2022. As per the details, the amount of Rs 26.02 lack Crores has been transferred under Direct Benefit Transfer from Financial Year 2014-15 to December 2 2022. Apart from this, the Number of Loans under Pradhan Mantri MUDRA Yojana (PMMY) provided for 37.76 Crores till December 2, 2022, for non-corporate micro-enterprises up to 10 Lacks since April 8, 2015.
In addition to the above, Narendra Modi-led Union Government gave utmost “priority to assist for Farmers and Rural Bharath Development “simultaneously. Union Government bore a subsidy of more than 4.50 Lack Crore between 2014 and 2019. After that abnormal rise, the prices of fertilizers leaps and bounds have been forced to increase in the Fertilizers Subsidy, 83 Thousand Crore, 1.28 Lack Crore, 1.55 lack Crore and 1.65 Lack Crore subsidy for the financial years 2019 – 20, 2020 -21, 2021-22 and 2022 -23 respectively for the Quality and Timely supply of Fertilizers at affordable prices by neem oil quote for farmers without the interference of black market. Union Government has raised in MSP for agricultural products for the benefit of the farmers as MSP for paddy fixed for Rs 2,040 per quintal for the year 2022-23, which is 50% higher when compared with the year 2014-15. As far as Wheat is concerned, MSP for 2023-24 has been fixed for Rs 2,125, which is 57.4% higher when compared with the year 2013-14 and MSP for Sun flower Oil seeds fixed at Rs 6,400/- for the year 2022-23 with 71% increase.
Further, Fasal Bhima Yojana, for crop insurance, registered more than 11.42 Crores of farmers from 2018 till December 2, 2022. Rs 25,186 crore has been paid by the farmers as the premium, whereas Rs 1,25,662 crore to the farmers against their claims as of October 31, 2022. Central and state governments have been bearing the maximum compensation under this scheme for the last six years. Apart from this, through PM Kisan Samman Nidhi Yojana, Rs. 6,000 per year for each farmer, a total of 11.37 Core number of Farmers benefiting for Rs 2.16 Lack Crore in 12 instalments till now. To improve the rural connectivity infrastructure total of 3.38 Lack Kilometres length of roads have been sanctioned under PM Gram Sadak Yojana since 2014-15, and expenditure incurred for 1.72 Lack Crores for the last eight years.
To provide rural guarantee employment Union Government has been continuing MNREGA uninterruptedly, and GOI spent around Rs 2.70 Lack Crore between 2014 – 2019, after that Rs. 68,266 Crore, Rs 1,11,671 Crore, Rs 1,00,399 Crores for 2019 – 20, 2020 – 21, and 2021-22 respectively. Further, Rs 73,000 Crores allocated in the current financial year Budget 2022 – 23 to employ a 15.49 Crore Workforce for 211 Crores person days to benefit the 5.38 Crore rural households and expected to reach the program outlay for above 1 Lack Crore in terms of actual payments by the end of the current financial year. As per the National Food Security Act (NFSA), Union Government released the Food Subsidy for the benefit of 80 Crore BPL individual beneficiaries for Rs 5,54,871 Crores between 2014 and 2019 for the first five years of Namo 1.0 governance, whereas it was 5,15,963 Crores between 2004 and 2014 for ten years of UPA governance. It means Namo 1.0 government for five years spent on Food Subsidies, more than ten years paid by the UPA government.
Apart from the above, 9.57 Crores LPG connections under PM Ujjwala Yojana till December 2, 2022, for ease of cooking for women in BPL families, 2.82 Crores Households electrified under Saubhagya – Pradhana Mantri Sahaj Bijili Har Ghar Yojana with free metered connections for poor in villages since Oct 2017 with an aim for 100% electrification of village households, 36.87 Crores LED Bulbs distributed under Unnat Jyoti by Affordable LEDs for All (Ujala). Further, Start Up India has become a successful program to encourage the upcoming entrepreneurs as Union Government admits various benefits such as Lower Income taxes.
Further, Post Demonetisation impact on finance can be analyzed sensibly by tracking the black money and control of counterfeit currency is evident as Bharath stood in the No 1 position in Digital Currency Transactions in the world, and there has been significant growth in the filing the Income Tax Returns at a record level. If We observe, the implementation of remarkably long waiting for GST has yielded benefits to the Nation as almost close to 1.45 lack crore per month collection registers favorable growth. Both Direct and Indirect Taxes collections have been reaching the targets favorably as per the estimations as Narendra Modi-led Union Government intends more reforms in Direct and Indirect Taxes procedures for the benefit of the taxpayers and so on as well as confidence reposed on Bharath among the mindset of the other Nations and Brand Image of Bharath in the International fraternity has become super positive due to successful strategic and diplomatic approach with other countries.
Prime Minister Narendra Modi always gives importance to Qualitative Human Resources Upgradation from Primary Education to till Post graduation; for New Education Policy bring to upgrade the conceptual and technical knowledge and skills of the students at the choice of them to avail option of medium, including professional courses in the regional languages. Now a day, funds allocation to Samagra Shiksha Abhiyan & UGC is evident in the upgradation of infrastructure for schools, colleges and universities to create an environment with best practices for the benefit of students. Prime Minister Narendra Modi’s perception of Skill India and Digital India is for upgrading the Quality on par with International standards and even better for our products and services with Make in India as a model for generating employment opportunities. Subsequently, all these have been useful for our Atmanirbhar Bharath.
Before Namo 1.0, global challenges impacted the economy along with the compromised coalition government policies during the Manmohan Singh-led UPA Government with huge corruption charges against the ministers and other representatives of their coalition government. Besides the existing challenges, Brexit and European Countries’ economic slowdown have been the most significant challenges to our economy.
Though Narendra Modi led the opponents of Demonetization and GST criticised Union Government, facts were distinct as the average GDP between 2009 – 10 and 2013 – 14 was around 6.70%, Whereas it was 7.38% between 2014 – 15 and 2018 – 19. After examination of the Narendra Modi-led Union Government while performance evaluation on the implementation of Welfare schemes based on Antyodaya and implementation of the Projects for Economy Growth continues till saturation for achieving inclusive, sustainable growth. Hence, Welfare schemes and Projects have been continuing uninterruptedly, extending during the Namo 2.0 along with the additional programs per the time and situation demands. Most notably, NAMO 1.0 Governance Influence Exists On Budget 2023-24.