The Finance Minister has presented a visionary, futuristic and growth-oriented Budget which is aligned to the Prime Minister’s vision of building a competitive and resilient India. Multi-dimensional and path-breaking measures have been announced that comprehensively address the key issues of livelihood generation, enhancing farmer incomes, and strengthening climate resilience. The impetus to enhance public expenditure will trigger a virtuous cycle of consumption, investment and employment. The thrust on large-scale infrastructure development, digitalising the economy, R&D and innovation will indeed lay the foundations for the next horizon of growth.

The sharp focus on transforming the Indian agriculture sector is laudable and will indeed go a long way in improving the quality of lives of Indian farmers. This is of critical importance given that the agriculture sector, which provides livelihoods to more than 50 per cent of India’s workforce, is in urgent need to enhance farm productivity and yields, as well as the share of high-value added crops, whilst ensuring suitable measures for climate resilience. The wide spectrum of interventions announced in the Budget commendably ushers in NextGeneration Agriculture on the foundations of inclusive development, accelerated digital adoption, climate resilience and R&D. It is heartening that the Finance Minister has envisaged a suite of interventions including post-harvest value addition, focus on lighthouse areas such as aqua, millets, fruits and vegetables, as well as on policies to promote agro forestry, a critical area that can generate significant livelihoods as well as enrich the environment. A welcome step for the agri sector is also the move to promote blended finance to benefit FPOs, which should bring in better cost efficiencies and risk management.

Clearly, a big thrust in the Budget is the push towards accelerated digital adoption by farmers. The launch of a scheme in PPP mode to deliver tech-enabled services to farmers through ag-tech players as well as the promotion of ‘Kisan Drones’ for crop assessment, digitisation of land records, pest management and application of nutrients, are good building blocks to bring the benefits of digital technology to farmers. The focus on expanding the optic fibre network to rural areas will also enable effective digital inclusion.

The Finance Minister must be lauded for the far reaching measures announced to catalyse rapid infrastructure development. Powered by the seven engines of Gati Shakti, the mega investments promise to build the foundation of a new India. Together with this, the Budget rightly recognises that innovation and R&D hold the key to realising the vision of Amrit Kaal. Such future-oriented measures found expression in proposals such as the promotion of agricultural R&D and extension services in PPP mode, promotion of agritech start-ups, promoting Defence sector R&D with 25 per cent of the budget allocated for private sector, start-ups and academia as well as providing government contribution for R&D in sunrise sectors such as AI, Space, Geospatial systems, green energy, clean mobility systems and so on.

Over the years the Government has taken proactive steps to improve the ease of doing business. This continued focus in Budget 2022 will undoubtedly build on the positive outcomes achieved so far in terms of improved ratings as well as growing investor interest.

I am optimistic that the farsighted steps taken in this Budget to substantially enhance public expenditure will spur competitive growth of the economy and also help in crowding in private investment. These, together with the Gati Shakti mega plan for infrastructure, focus on rural connectivity, green livelihoods and climate resilience augur well for a brighter tomorrow, built on the foundation of ‘Sabka Prayas’ contributing to an Atmanirbhar Bharat. Undoubtedly, this Budget has certainly taken giant strides to build an agile, competitive and progressive India.

Sanjiv Puri is Chairman, ITC Ltd

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