The Indian economy has witnessed great transformation in the last 10 years in terms of declining current account deficit as a per cent of GDP, fall in headline inflation, increased tax collections, rising volume of digital transactions, and declining unemployment rate.

With a balanced interim Budget declared today focusing on good expenditure, the government has set a tone for ‘Viksit Bharat’ reflecting a visionary stride towards holistic development, firmly anchored in sustainability and economic growth. The Budget is not just a financial blueprint but a comprehensive roadmap that integrates infrastructure development, green energy initiatives, and socio-economic empowerment, ensuring inclusive growth and prosperity.

Infrastructure has always been the backbone of any nation’s progress, and the commitment of ₹11,11,111 crore, 3.4 per cent of GDP, underscores the government’s resolve to bolster this foundation. The implementation of economic railway corridor programs, expansion of metro rail, and the development of new airports under the UDAN scheme are strategic moves that promise to revolutionize logistics and supply chain efficiency. These developments are not just about physical connectivity; they symbolise an interconnected India, where economic growth is inclusive and reaches every corner of the nation.

Blue economy

A significant highlight of the Budget is the focus on sustainable energy solutions. The rooftop solarisation initiative, providing free electricity to one crore households monthly, is a commendable step towards reducing our carbon footprint. The emphasis on green energy, offshore wind projects, and the expansion of the electric vehicle ecosystem align with global efforts to achieve ‘net-zero’ by 2070. As we witness the galvanization of the aviation sector, the expansion of the electric vehicle ecosystem, and the launch of the ‘Blue Economy 2.0’ scheme, it is evident that the government’s approach is geared towards comprehensive and sustainable growth.

However, what adds depth to these initiatives is the unintended but strategic consequence — the surge in demand for critical metals amongst the core metals and minerals like steel, zinc, aluminium, and silver.

The pivotal role of zinc in infrastructure which aids to circular economy takes centre stage. The use of galvanized steel will help reduce the recurring expenses on maintenance as the versatile metal of the future will protect the structure from corrosion. From a silver perspective, the usage of this precious metal in the solar sector cannot be overstated. These metals, essential for enhancing durability, conductivity, and corrosion resistance, will play a crucial part in the success of our sustainable endeavours. This presents a unique opportunity for the mining and metals industry to contribute significantly to the nation’s sustainable development agenda. As the budget pushes for development through infrastructure, it is imperative for the mining industry to aid the government in meeting the demands of the country and growing simultaneously. The mining boost will also take place with strong alliances with the Middle East and European countries which will secure the critical mineral supply chain for green energy transition.

Lastly, with the impetus on technology and innovation and the corpus being established for the same purpose, industries will adopt digitalisation initiatives efficiently and swiftly. Along with that, this corpus will assist emerging ideas to develop into businesses that will be digital first.

In conclusion, the Union Budget 2024 paints a picture of a progressive India that intertwines economic growth with environmental responsibility and social inclusivity. The ‘Viksit Bharat’ vision for 2047 is becoming a reality through initiatives that not only strengthen the economy but also uplift and empower women, youth, and communities. We look forward to an era of inclusive and sustainable development for our nation.

(The author is CEO and Wholetime Director of Hindustan Zinc)

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