The vision of Amrit Kaal

• All-inclusive Welfare focus wherein complementing Macro Economic level growth focus with the Micro Economic level;
• Promotion of digital economy and Fintech, technology-enabled development, Energy Transition and Climate Action; and
• Reliance on virtuous cycle from private investment with Public Capital Investment in order to crowd-in private investment.

4 Priorities of Futuristic and Holistic Budget

• PM GatiShakti;
• Inclusive Development;
• Productivity enhancement & investment, Sunrise opportunities, Energy transition and Climate action; and
• Financing of investments

What will be the approach to achieve long term goals?

• The Budget lays a parallel track of a blueprint for the Amrit Kaal, which is futuristic and inclusive, directly benefiting youth, women, farmers, the Scheduled Castes and the Scheduled Tribes.
• The approach is powered by clean energy and Sabka Prayas(everyone’s effort together leading to huge job and entrepreneurial opportunities for all, especially the youth.
• It involved seven engines – roads, railways, airports, mass transport, ports, waterways and logistics infrastructure which will be supported by energy transmission, IT, water, sewerage and social infrastructure.
• The plan is based on “seamless multimodal connectivity and logistics efficiency”. It will also include infrastructure developed by state governments, according to the “Gati Shakti National Master Plan”.
• According to the plan, the key focus would be planning, financing and finding innovative ways through technology and fast implementation.

What is PM GatiShakti?

• Prime Minister Narendra Modi announced PM Gati Shakti on 15 August it was later launched on 14 October.
• Touted as the “National Master Plan for World-Class Modern Infrastructure”, PM Gati Shakti is driven by seven engines, namely Roads, Railways, Airports, Ports, Mass Transport, Waterways, and Logistics Infrastructure.
• The government will formulate the PM Gati Shakti master plan for expressways in the financial year 2022-23 to facilitate the faster movement of people and goods.
• The National Highways network will be expanded by 25,000 km in 2022-23 and Rs 20,000 crore will be mobilised.
• As part of the master plan, contracts for the implementation of Multimodal Logistics Parks at four locations through PPP mode will be awarded in 2022-23.
• In Railways, the ‘One Station-One Product’ concept will be popularised to help local businesses and supply chains.

Conclusion

The Union Budget 2022-23 has stayed true to the long-term goal of complementing macro-growth with a focus on infrastructure digital economy and fintech, tech-enabled development, energy transition and climate action.