If I were FM: Dr Vikas Gupta highlights 7 suggestions for Budget 2023 to boost growth & digital transformation
(As part of a Budget special series by ETMarkets.com, we reached out to money managers seeking their perspective on Budget 2023 with a simple question: What if I were the Finance Minister of India)
Amrit Kaal Vision:
The foremost thing to keep in mind as the FM would be the Amrit Kaal Vision of becoming a developed country. This goal should ideally be achieved within the next 10 years, but definitely within the next 25 years, meaning during the Amrit Kaal.
Power and Electricity:
One of the basic requirements to electrify a fast-growing economy is Power and Electricity. To ensure the availability of ample power and with a focus on renewables, I will be increasing the budget allocation to the power sector. Renewable energy will get higher allocations. The financing will partly be via sovereign green bonds.
Accelerate Growth of Railways:
It wouldn’t be an exaggeration to say that the Railways move India. Except for Waterways, the Railways is the lowest cost mode of transport.
To accelerate the growth of railways under the NRP 2030 I am increasing the budget to INR 2 lakh crore. The focus will be on accelerating the Dedicated Freight Corridors and also increasing the pace of the Bullet Train (high speed) and Vande Bharat (semi-high speed) railway projects.
Besides this budgetary allocation to support Metro rail projects will also be provided. Significant financing will be carried out via the new Railway bonds.
Digital Transformation (DX):
The World Economic Forum estimated that Digital Transformation (DX) would have an impact of nearly $100 Trillion on the World economy over ten years. Large-scale investments are happening in this sector which is experiencing very high growth rates.