Budget 2024: FM Sitharaman announces new economic policy framework to drive next-generation reforms

Budget 2024: Finance Minister Nirmala Sitharaman announced the government's new economic policy framework aimed at ushering in next-generation reforms to drive economic growth. Presenting the 2024-25 Budget, she emphasized the need for collaborative efforts between the Centre and States to sustain high growth.

Focus on Comprehensive Reforms
Sitharaman highlighted that the upcoming reforms will cover all factors of production, including land, labour, and capital. "We will formulate an economic policy framework to delineate the strategy for sustaining high growth with next-generation reforms. These reforms will cover all factors of production, including land, labour, and capital. This will require collaboration of the Centre and States," she stated.


Support for Odisha's Tourism
The government has pledged to provide assistance to Odisha to boost its tourism sector. Specific initiatives for the development of tourism infrastructure will be outlined, aiming to attract more visitors and enhance the state's economy.

Development of Religious Corridors
In line with successful projects like the Kashi Vishwanath Temple corridor, Sitharaman proposed the development of corridors at Vishnupad Temple and Mahabodhi Temple. These projects aim to improve access and amenities for pilgrims and tourists, promoting cultural heritage and tourism.

Anusandhan National Research Fund
To support innovation and research, the finance minister announced the operationalization of the Anusandhan National Research Fund. This fund will play a crucial role in advancing research capabilities and fostering innovation across various sectors.

Overall, she highlighted the Modi government's nine priorities aimed at transforming India into a developed country by 2047.

These priorities underscore the government's commitment to long-term economic growth and sustainable development.

The nine priorities for generating ample opportunities for Indians included:

• Productivity and resilience in agriculture
• Employment and skilling
• Inclusive human resource development and Social justice
• Urban development
• Energy security
• Infrastructure
• Innovation, research and development
• Next generation reforms

The government's new economic policy framework aims to drive growth through comprehensive reforms and strategic initiatives. With a focus on collaboration between the Centre and States, the framework seeks to create a robust environment for sustained economic developments.