India is one of the countries that has been hit by covid over the past 3 years. The country’s GDP growth is estimated at around 7 percent in the financial year 2023. Which is the fastest growing among the world’s major economies. But the question is, will India be able to show or sustain such a strong growth in the economy? At the same time, another question is, will India be able to fulfill its promise of becoming a developed country by 2047? Keeping this view in mind, Finance Minister Nirmala Sitharaman has very intelligently presented a balanced budget. This budget has focused on massive investment in infrastructure sector, skill development among the youth. One of the big facts about the inclusive development that the Finance Minister talked about in the budget is that technology will play a big role in this. The IT sector currently generates $250 billion in revenue for the country and employs 5 million people. A special point is that 36 percent of these 5 million people are women. In the current position of the information technology sector, the question is how to maintain this condition?
The country’s large youth population can be harnessed. We can create a globalized labor market. India is expected to become the largest workforce in the world by 2030. Then more than 60 percent of our population can work. While many countries around the world are aging, this is a particular positive for India. In this case more skill is required among the workers to reap the benefits. This young generation needs to be developed in such a way that they can work anywhere in the world.
Budget update
There is a shortage of professional people
Currently the IT sector of the country is not getting good professional staff in many cases. There is a shortage of professional people especially in fields like robotics, automation, AI, machine learning, data and analytics. The IT sector, the academic sector and the rocker have to work together to improve this situation. It also requires a great plan. Under the Pradhan Mantri Kaushal Bikas Yojana, the government has decided to provide on-the-job training to lakhs of youth. For this, joint work will be done with the IT sector. The plan also includes coding, AI, robotics and drone technology. I am very thankful to the government for this.
In the budget, the government has also emphasized on the infrastructure sector. 3.3 percent of the country’s GDP will be invested in infrastructure. This will also benefit the IT sector. Even small towns can be brought under development with good roads, electricity, good housing, improved rail and air connectivity. Our big cities are densely populated and have many facilities and services that need to be improved. For a long time, the people of the country are forced to go to other places for the need of jobs. Now we have to actually take the employment to where it belongs.
Emphasis is placed on overall development
The budget has also emphasized on the development of all without any discrimination. The Finance Minister spoke about taking the benefits of economic development to all sections of the country. For this, every citizen should have access to equal, high-quality education and health care. Our education system should be such that children develop logical thinking. They should have problem solving, leadership and good communication skills. This is only possible when the teachers are good. For this we need the help of academics and administration. It must also be ensured that lack of funds does not become a hindrance in achieving this goal. For this, the government has taken the idea of a new teacher training program. Apart from this, changes are being made in the district education and training institutions. Which is an important step to achieve this goal. It must also be remembered that if a child is hungry or malnourished, it would be foolish to think of educating him. We hope that the government’s promise to increase the expenditure in the education sector in the National Education Policy will be fulfilled. At the same time, the resolution taken in the budget to eliminate sickle cell anemia by 2047 is also commendable.
(Author – Wipro Chairman)