BUDGET 2024: We Need a System Thinking Approach to Rescript the India Story

While the nation is caught up in election fever, let us focus on the 2024 interim Union Budget presented by the Union Finance Minister, Nirmala Sitharaman. This could be a game-changing budget to rescript India’s growth story.

- Asit K Barma & Mafruza Sultana

 

Going Back In Time 

Let us go back in time. Since our independence, Indian policymakers and political powers have been grappling with numerous challenges and had to juggle with too many balls in the air. In 194849, food production was low, so self-sufficiency in food grains was the highest priority. Significant expenditure was on refugee relief and rehabilitation. In 1949-50, the post-partition effect, floods in Bihar and cyclone in Bombay, and the famine on the western coast influenced the budget. 1950-53 saw the first budget after India adopted the constitution. It revolved around the public sector and finances and dealt with taxation, public savings, and inflation. Growth in the agriculture sector was the priority. 1955-60 saw a thrust on the education sector and industrial production, increasing the standard of living and reducing poverty. The 1960-65 budget had primary considerations for building the defence sector, and the agriculture output needed to match the investment due to an unfavourable climate. In 1965-70, there were significant concerns about price rises and scarcity of food supplies. The government promoted citizens’ considerable participation in industry growth. 1970-75 stressed employment opportunities, rural and urban development, and nationalising general insurance companies and coal mines.