Dr. Pamarty Venkataramana, an esteemed International Jurist, Business Strategist, and Author, to delve into the intricacies of the Budget 2024-25. As an influential thought leader with a deep understanding of both global and local economic landscapes, Dr. Venkataramana provides unique insights into the latest budget and its potential impacts.
Our discussion will cover several key aspects of the budget, including its approach to enhancing productivity across various sectors. We will explore how the budget plans to address housing shortages and infrastructure deficiencies, tackle urban development challenges, and foster energy security amidst a rapidly changing global climate. Furthermore, we will examine the budget’s commitment to generating employment opportunities, promoting social justice, and leveraging innovation for contemporary challenges.
He also shares his perspectives on the integration of reforms aimed at ensuring effective and transparent governance, and how these measures align with the broader vision for India’s economic and social progress.
Join us as we uncover the significance of these budgetary measures and their potential to shape India’s future under the guidance of one of the foremost experts in the field.
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How does the Budget 2024-25 plan to enhance productivity across various sectors, and what specific benefits are expected across sectors in light of these reforms?
Productivity is the avowed goal of this visionary budget presented by the Honourable Finance Minister of India. Starting with sectoral reforms including a special focus on urban development, energy security and innovation, the measures are all targeted to generate more jobs thereby bringing about social justice and increased purchasing power in the hands of all consumers of goods and services. Even a layman let alone the economists shall perceive the benefits immediately after hidden talent is nurtured and basic necessities of life become easily affordable to the newly employed human resources. Increased productivity would entail upgradation of existing plants apart from establishing newer units to boost overall economic activity. The tertiary sector will stand to benefit the most through an implementation of this Union Budget.
How does the current budget address the constitutional right to work and what specific measures are being taken to generate employment opportunities across the country?
Employment generation is the much needed impetus to fulfil the dictates of the Constitution of India. The right to work is a fundamental right. This Budget seeks to augment the role of captains of industry as well as wannabe entrepreneurs to offer gainful employment opportunities to the youths and hitherto unemployed people in the country. As any social disparity or inequity that exists among the different sections of society may be dispelled by the turn of a decade. Not necessarily within a year’s time. Policies must be framed to suit the diktat. More importantly, strict instructions should be given to those responsible for administration and implementation to adhere to the intent of the Budget presented today, with farsight.
To the discerning minds,a lakh new jobs would be generated per district on an average basis. Imagine the household income which would be generated by this singular direction given by this Budget.
How does the recent economic strategy address the concept of social justice and promote broader economic participation?
Social Justice is an avowed goal specified in the Preamble to the Constitution of India. Unless and until this is attained, all other economic activity falls short and political justice remains an anachronism of sorts.
Out of the hands-on experience gained by the Cabinet led by the Honourable Prime Minister over the past decade, the need to highlight social justice as a focal area in this Union Budget has been felt. What is ‘social justice’ however needs to be defined and properly understood. Would it mean the uninterrupted continuation of freebies and dole outs to few privileged groups of people with an audacious assumption that age-old discrimination of pre-independence era continues till eternity or will it mean alterations in set criterion to accommodate the under privileged citizens even if they were born into a supposedly higher strata of castes created in society? Is it right to perpetuate the schedules attached to the seven decades plus old Constitution or would it be wiser to create more and more jobs across all spheres of the economic activity in the country so that the monster of ‘ caste based reservation ‘ or ‘ religion based differential treatment ‘ which is being meted out to millions today, can turn redundant?
This Budget aims to eradicate this evil phenomenon stalking our society. All men are equal under it and so should they be in reality as well.
Kudos to Modi 3.0 for harping upon social justice. It will be a harbinger of progress and prosperity for our Nation.
How does the Budget plan to tackle the urban development challenges related to housing shortages and inadequate infrastructure?
Urban development is the key to bringing about harmony and peace in society. Unless and until the ‘housing problem’ and deficiency in the provision of adequate supporting infrastructure in urban localities is addressed, the unchecked migration from villages to cities would turn into a pandemic like horrible situation. Increased building and construction activity will have its ripple effects on every section and strata of society. The more developed and uniform the investment is in these emerging urban centres and dwindling muffosil towns, the more orderly and progressive will be national income as well. This is an endeavour to create a sustainable future for generations to come. A prophetic measure. Supporting amenities, facilities and services would in turn augment the objective of social justice and in generating assured livelihood for educated, the illiterates as well as semi-skilled human resources of the country. Brain drain can be reversed too if urbanisation is uniform and scientific.
It costs more to acquire land parcels adjoining an existing main road of a metropolis. Instead invest that sum into a larger undeveloped parcel of land to develop at least a hundred townships away from the current trend of haphazard growth in urban areas. Only then can this budgetary diktat be meaningful.
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What are your views on the current budget to enhance energy security, and how will these initiatives impact the country’s overall energy landscape?
Energy security is the mantra for sustainability of every society in modern times of alarming climate change and fallacious policies. Good governance will need to address the huge problems of power shortages, irrational pricing of electricity supplies, failure to tap huge resources of coal our country is endowed with by Nature and the urgent need to promote alternative forms of fresh energy or alternative energy forms( not restricted to wind energy and solar energy systems). How best to conserve and utilise Nature’s sources to power our fuel, lighting and factory-commercial-domestic-agricultural production needs is the conundrum facing every world government. The present Union Budget has emphasized this aspect for world peace. Green energy is the call of the hour and every organisation in the country, be it from the government sector or the private sector must be encouraged to adopt best practices for energy conservation and security via mass campaigns for dissemination of awareness as well as through counselling.
How does the current Budget plan to enhance infrastructure development, particularly in terms of expanding healthcare facilities, building community centers, and improving rural infrastructure?
Infrastructure is the backbone of every societal growth. Recognising this time-tested truism, the Union Budget has mentioned this aspect as being a main driver of growth-engine. More and more hospitals, community centres and factory units need to be built along with the rapid growth in the number of bridges, roadways and burgeoning populations. This has many facets and includes infrastructure development in rural areas such as promoting farmland ventures, oxygen parks as lungs for industrial zones and in agriculture oriented regions of the country. In particular reference to the healthcare sector, more and more centers of treatment using alternative systems of medicine and cancer speciality hospitals that follow the allopathic medicinal system are an urgent need. Infrastructure building should also consider advanced technology of precast blocks and safer structural construction.
How does the budget plan to leverage innovation as a tool for addressing contemporary challenges and enhancing governance?
Innovation is the secret of the success of advanced societies. We in India are proud of a rich heritage and long bygone age of being a Viswa Guru. Yet,unless we compete and better the current times and challenges being posed in a divided world scenario of strife and undeclared wars, we will continue to be resting on those laurels. Hence and therefore the call for innovation research and application of such newer techniques in both industry and agriculture. Innovation one dares say, should be brought into the spheres of administration, governance and public policies as well: only then can law and order be real.
Innovation is not only the creation of an atmosphere conducive to the formulation of right solutions in a better manner but also to enable application in a smooth, economical and happy manner. Budget is a political tool to translate aspirations of countless capable youth and experienced citizens of the country. We all,industry,profession as well as political workers must work shoulder to shoulder in this arena of economic development.
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What’s your views on planning to integrate these reforms to ensure effective and transparent governance?
Reforms is an endless task enjoined by the constitution of India upon those who are elected to govern. This Government more than ever before it’s predecessors did and the first one after the Narasimha Rao Government unveiled progressive reforms in the country, has embarked upon such measures. Red-tapism and corruption still raise their hydra head leading to a general sense of ennui among all classes of citizens, be it industrialists, Non resident investors or even a common citizen who wants to obtain a copy of a death certificate, land title document or even a simple bill of demand from any department. Structural reforms cannot be effective unless administrative reforms are made. Good governance requires visionary statements like this Budget document but it also needs able, wise men and women of integrity as well as knowledge with a passion for national welfare to be roped in with adequate powers of dictating errant officials and enforcing the right policies. Police reforms are essential too and false complaints often destroy the lives of families. All of this can however be rectified only if judicial reforms are brought in. It is an open secret that the criminal justice system of the land has collapsed leading to an urgent ushering in of a new set of criminal law. A lot requires to be done on this front too but it is heartening to notice the quest for reforms in today’s Union Budget. All in all, a wise statement of purpose has been presented by Ms. Nirmala Seetharaman in Parliament today. Jai Hind!
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