Eye On 2024, Vision For 2047

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Finance minister Nirmala Sitharaman on Thursday presented an interim budget that promised policy continuity on the back of political stability, exceeded street expectations in terms of fiscal prudence, announced a significant increase in capital expenditure, and continued the Narendra Modi government's emphasis on welfare, especially targeting the poor, women, the young, and farmers in a year when it is seeking a third term in power.

Eschewing populism, and in an implicit display of confidence over the outcome of the mandate, the finance minister indicated that the focus was on making India a developed country by 2047, a goal articulated by Prime Minister Narendra Modi. "In the full budget in July, our government will present a detailed roadmap for our pursuit of Viksit Bharat' (developed India)," she said.

PM Modi termed the budget "inclusive and innovative". Reacting to the budget speech he said it reflected "confidence and continuity". "It will empower all four pillars of Viksit Bharat: yuva (young people), garib (poor), mahila (women) and kisan (farmers). This budget gives the guarantee of making India a developed nation by 2047."

The opposition said the budget "lacked vision and accountability".