India’s growth and development challenges in context of February 2023-2024 budget

India has biggest population (about 140 crore) wise market after China (about 141 crores) in world. But India is facing huge challenges to exploit its population potential as a market due to its inability to provide job and income generating sources to large masses. India does not require looking for outside world for an export market if develops its own domestic market of 140 crore peoples. 

Here grey area from 2022-2023 financial year budget will be discussed which require attention in coming budget of 1^st February for financial year 2023-2024.

      

Food subsidy 2 lakh crore (2 trillion)

In this subsidized food is provided to 80 crore peoples. Government needs to plan and launch such programs in which such a large amount of peoples should be able to earn money on their own.  

Fertilizer subsidy 1 lakh crore (1 trillion)

In this subsidized fertilizer is provided to farmer. Government should find the substitute of such high costs fertilizers.  

Work subsidy 73,000 crore under Mahatma Gandhi National Rural Employment Guarantee Program

In this 100 days’ guaranteed wage employment work support is provided. When Government will be able to plan and launch programs like mentioned above in point 1 then Government will not require providing any such work subsidy type of programs.  

PM Kisan Samman Nidhi Yojana (68,000 crore)

In this yojana 6,000 Rs is provided to farmers in a year. When Government will be able to plan and launch like mentioned above in point 1 then Government will not require providing any such PM Kisan Samman Nidhi Yojana type of programs.

 

All above components clearly shows that a large number of populations are yet not have that much purchasing power to achieve self-sufficiency economically. India is also facing huge challenge in the form of increasing debt like America, China, Britain, France, Germany. A worldwide evaluation of all major economies like mentioned above also shows that debt economics cannot serve the purpose of growth and development in all fields except infrastructure development. India needs to focus on decreasing debt with developing new fields, for earning, for about 80 crore peoples. So that subsidy burden of the government should be ended. Then only real growth and development will be realized on ground level.

If Government can work on point one in which a large number of peoples should be able to earn money on their own then Government’s four issues will be solved automatically. Government will be able to save more than 4 lakh crores which will have positive impact on Indian currency as debt will not be present.