Laying bedrock for development, growth: Dilip Shanghvi, MD, Sun Pharma

The interim budget exemplifies the government’s unwavering dedication to realising its ‘Viksit Bharat’ vision. It articulates a forward-thinking and comprehensive approach to development, indicative of the wisdom and foresight of the government. The primary emphasis is on fortifying our economy, with increased capital expenditure and a significant boost to infrastructure. Innovation and research also find due consideration, all while maintaining a steadfast commitment to fiscal consolidation. We see the budget steering India towards a future of comprehensive and sustainable growth.
The government has announced further steps to expand universal health coverage. Extending the Ayushman Bharat Yojana to all ASHA (accredited social health activists) and anganwadi workers is a commendable step. It ensures that essential healthcare is provided to frontline workers. Additionally, the introduction of the cervical cancer vaccination programme represents a vital shift towards preventive healthcare, aiming to safeguard the health of future generations.

For promoting green growth, a new scheme of bio-manufacturing and bio-foundry has been announced. This includes bio-pharmaceutical products and may positively impact the pharmaceutical sector.

Equipping and empowering the youth is pivotal for sustained growth, as our prosperity depends on adequately preparing the younger generation. The National Education Policy 2020 is ushering in transformational reforms aimed at accelerating skill development and job creation. The government’s Skill Development Cell has shouldered the responsibility of training the youth by providing them with skills through various schemes. It is encouraging that through the Skill India Mission, successful training has been imparted to 14 million youths and 5.4 million youths have been upskilled or reskilled.
In this contemporary era, technology and innovation serve as the bedrock of development, particularly in this golden age for our tech-savvy youth. A corpus of ₹1 lakh crore coupled with a 50-year interest-free loan aims to provide long-term financing or refinancing, thereby encouraging the private sector to scale up research and innovation. It is crucial to design programmes that effectively harness the combined potential of our youth and technology. These investments are essential for India to remain competitive in the global technology race.A robust infrastructure is the backbone of any growing economy. The government’s move to hike the capital expenditure outlay by 11.1% is commendable. We have seen a tripling in this outlay in just four years, which is impressive. This is also a strong growth move and can enhance the quality of India’s growth and boost numerous sectors, leading to more jobs and, ultimately, a healthier economy.The government is committed to its vision of Viksit Bharat and promises to make India a globally competitive and inclusive society. In the years to come, adapting economic policies that foster and sustain growth, investments in human capital and technological innovation will play a catalytic role in realising the country’s true potential.

(You can now subscribe to our Economic Times WhatsApp channel)