Lok Sabha Question No. 67 (UNSTARRED), answered on 2022-07-18
Subject: Blueprint for Economy
Ministry: FINANCE
Asked by: Raghu Ramakrishna Raju Kanumuru

## MINISTRY OF FINANCE DEPARTMENT OF ECONOMIC AFFAIRS ECONOMIC DIVISION

## LOK SABHA UNSTARRED QUESTION NO. 67 TO BE ANSWERED ON 18 JULY 2022

## BLUEPRINT FOR ECONOMY

## 67. SHRI KANUMURU RAGHU RAMA KRISHNA RAJU:

Will the Minister of FINANCE be pleased to state:

(a) whether the Government has worked out a blueprint to steer the economy over the Amrit Kaal of the next 25 years - from India at 75 to India at 100 and it continues to build on the vision  drawn  in  the  Budget  of  2021-  22  and  its  fundamental  tenets,  which  included transparency  of  financial  statement  and  fiscal  position,  reflect  the  government's  intent, strengths,  and  challenges  which  is  futuristic  and  inclusive  to  directly  benefit  the  youth, women,  farmers,  Scheduled  Castes  and  Scheduled  Tribes  along  with  attracting  big  public investment for modern infrastructure, readying for India at 100 years; and (b) if so, the details thereof along with the progress made/results yielded so far?

## ANSWER

## MINISTER OF STATE FOR FINANCE (SHRI PANKAJ CHAUDHARY)

(a) & (b) Since independence, India has been steadily building its economic strengths and is now  prepared  to  launch  the  economy  during  the  Amrit  Kaal  to  become  one  of  the  most prosperous nations in the world by 2047. The blue print to steer the economy builds on the past strengths and this government has continued with its implementation through undertaking of important broadbased measures whose positive impact on the economy is seen in growth of income with inclusivity of the poorest section of the society. The positive impact of these futuristic measures on the economy will increase during the Amrit Kaal.

Some  of  the  critical  measures  in  this  regard  include  Goods  and  Services  Tax  (GST), Insolvency and Bankruptcy Code (IBC), reduction in Corporate Tax Rate, Rationalization of Labour  Laws,  among  others,  which  have  also  improved  Ease  of  Doing  Business.  Digital support became stronger in implementing measures, particularly in upscaling Direct Benefit Transfer programme that linked mobile technology with Jan Dhan bank accounts in reaching out  benefits  to  the  targeted  beneficiaries  and  in  doing  so  significantly  reduced  leakage  of resources.  As  part  of  Atmanirbhar  Bharat  Mission,  Government  has  also  implemented National  Infrastructure  Pipeline  of  projects,  GatiShakti  Yojana  and  Production  Linked Incentive  Scheme  to  drive  economic  growth  in  the  coming  years.  Increase  in  capital expenditure  of  the  government  for  building  critical  physical  infrastructure  while  providing more economic space for the private sector to grow, is the integral part of the blueprint.

Government's  inclusive  growth  strategy  in  the  blueprint  is  based  on  the  commitment  of 'Sabka Sath Sabka Vikas', in respect of which several schemes have been implemented to uplift the backward sections of the society. These comprise development of SC/STs including Swachhta Udyami Yojana, Credit Enhancement Guarantee Schemes for SC entrepreneurship, PM-DAKSH yojana, Venture Capital Fund for SCs and STs, among others. Further, with a view  to  promoting  welfare  of  farmers,  a  slew  of  measures  has  been  introduced  including Pradhan Mantri Kisan Samman  Nidhi  Yojana (PM-KISAN),  Pradhan Mantri Kisan Maandhan Yojana, National Mission on Edible Oils - Oil Palm (NMEO-OP), among others. Measures  have  also  been  introduced  for  Youth  including  Pradhan  Mantri  Kaushal  Vikas Yojana  (PMKVY), National Apprentice Promotion scheme (NAPS), DAY-NULM, among others.

One of the vehicles for India's future growth will be digital and technological advances. The recently  launched  India  Stack  program,  which  is  a  global  repository  of  key  projects  like Aadhaar, UPI, DigiLocker, Cowin Vaccination Platform etc. will help position India as the leader  in  building  Digital  Transformation  projects  at  a  population  scale. 'Digital  India Bhashini'  will  enable  easy  access  to  the  internet  and  digital  services  in  Indian  languages, including  voice-based  access. 'Digital  India  GENESIS'  is  a  start-up  platform  to  discover, support, grow and make successful start-ups in Tier-II and Tier-III cities of India.

Such  steps  are  instrumental  in  making  the  growth  and  development  broad-based  and equitable in the next 25 years of Amrit Kaal. Based on evolving needs of the economy, the Government will continue undertaking important measures and introducing inclusive reforms which will sustain high growth during the Amrit Kaal.