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(As part of a Budget special series by ETMarkets.com, we reached out to money managers seeking their perspective on Budget 2023 with a simple question: What if I were the Finance Minister of India)
Amrit Kaal Vision:
The foremost thing to keep in mind as the FM would be the Amrit Kaal Vision of becoming a developed country. This goal should ideally be achieved within the next 10 years, but definitely within the next 25 years, meaning during the Amrit Kaal.
Power and Electricity:
One of the basic requirements to electrify a fast-growing economy is Power and Electricity. To ensure the availability of ample power and with a focus on renewables, I will be increasing the budget allocation to the power sector. Renewable energy will get higher allocations. The financing will partly be via sovereign green bonds.
Accelerate Growth of Railways:
It wouldn’t be an exaggeration to say that the Railways move India. Except for Waterways, the Railways is the lowest cost mode of transport.
To accelerate the growth of railways under the NRP 2030 I am increasing the budget to INR 2 lakh crore. The focus will be on accelerating the Dedicated Freight Corridors and also increasing the pace of the Bullet Train (high speed) and Vande Bharat (semi-high speed) railway projects.
Metro Rail:
Besides this budgetary allocation to support Metro rail projects will also be provided. Significant financing will be carried out via the new Railway bonds.
Digital Transformation (DX):
The World Economic Forum estimated that Digital Transformation (DX) would have an impact of nearly $100 Trillion on the World economy over ten years. Large-scale investments are happening in this sector which is experiencing very high growth rates.
