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Ajay Banga, right man for the moment

Climate finance, funding private entrepreneurship, rebuilding war-torn Ukraine apart from democratizing World Bank should be priority K.A.Badarinath Ajaypal Singh Banga, nominee of US President Joe Biden to head the multi-lateral World Bank, has his task cut out. Banga may not turn out to be a traditional banker in the sense like many of his predecessors. Nor does he have experience of the US treasury like the present incumbent David Robert Malpass who would complete his term by June end. But Ajay Banga, 63 and son of a former Indian Army officer has all the credentials to flaunt and take charge of the World Bank at a very crucial juncture on geo-political front and the world of finance, banking and markets. God willing and other stakeholders support, Banga will head the bank beginning July 1 this year. Banga does not mince words to say that he’s ‘made in India’ referring to his modest Indian origins. He’s for long been poster boy of the Wall Street and a brilliant mind who as a naturalized US citizen is considered ‘compassionate banker par excellence’ by the democratic White House. His eventful innings at Master Card, Citibank, KFC, Pizza Hut and Nestle provider the requisite experience to lead the World Bank that’s considered ‘a big boys club’ which is either inaccessible or provides limited linkages to the least developed or developing small economies. Democratizing leviathan World Bank may be a daunting task for even Banga who admits to making ‘easy friends’ all over. Biggest challenge may come from the most powerful industrial countries that are unwilling to let go of their strangle hold on this Bretton Woods institution of 1944 vintage which came into being as post-world war workhorse. Turning the World Bank relevant and expanding its footprint in today’s world of development finance sans apprehensions by humanity is a challenge which Banga may have to face once he occupies the corner room. Providing ‘humane development face’ to the institution largely regarded rudderless and seen as one that pushes the countries it engages into unsustainable indebtedness is yet another challenge. Reforms at World Bank that progressed at sluggish pace or rather not taken off must be hastened. These reforms and World Bank’s governance must get aligned to current realities where large developing countries like India emerged with formidable economic strength and on way to achieve $5 trillion size. Both voting rights and actual shareholding in World Bank institutions like IBRD, IDA, MIGA and IFC must reflect the change agent that the organization aspires to achieve lifting itself over narrow powerful coteries. India may not be the only country that would look for better foothold and say in World Bank’s governance. Countries like South Africa and Brazil have periodically aired their grievances. Toughest nut to crack for Banga would be to deny US the veto vote on World Bank board thereby delinking shareholding from vote share. Reformed World Bank should kick off restructuring in the other multilateral organization, International Monetary Fund (IMF). Yet another vintage institution that’s incorrigible and invokes more of fear and scare for countries seeking restructuring support rather than turning a helping hand without hassles. Litmus test for Ajay Banga will be when the war torn Ukraine seeks the support of World Bank and IMF to rebuild itself after having engaged in a conflict with Russia. Non-NATO forces are bound to resist World Bank support to Ukraine that may try and pick up pieces to build a new country. In case Russian side continues to veto proposals for ending the conflict, then rebuilding Ukraine may turn that much difficult as well. Committing World Bank to climate finance for countries that seek to go full throttle in energy transition and address climate change issues is something that Ajay Banga can take lead in. Financing technology development, transfers and providing cost-effective funds to facilitate this transition is something Banga can push big time. Prime Minister Narendra Modi flagged the issue with finance ministers and central bank governors from G-20 group that met in Bengaluru recently. Countries like India will alone need a whopping $2.5 trillion in green finance to achieve national development goals and another $ 10 trillion by 2070 to achieve net zero emissions. Climate finance is huge business that cannot be foregone by World Bank under Ajay Banga. And, he has to gear up to meet the opportunity and challenges to finance greening of economies. Given his inroads into corporate world and private equity markets, evolving IFC as the largest financing avenue for both private sector debt and equity can be enlisted as a priority. (author is Director & Chief Executive at New Delhi based non-partisan think tank, Centre for Integrated and Holistic Studies)

Disinformation Fact Sheet Hindus Human Rights Misinformation

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Explainer: Ulterior Equality Labs, a controversial council member and Seattle City’s absurd anti-caste discrimination law

The Seattle City Council enacted an amendment on February 22, 2023, which added “caste” to its anti-discrimination statutes. This makes Seattle the first city outside of South Asia to pass anti-caste discrimination legislation. According to the ordinance (now the legislation), caste is a system of social stratification that has been prescribed by law, traditions, and religion. In contrast, the passage of this Act is predicated on the discrimination of Hindus under the guise of an effort to abolish discrimination. In the West, motivated and agenda-driven organisations like the Equality Labs and contentious council members have used the opportunity to rally support to malign Hindus and Hindu practises, furthering falsehoods about Hindus and fueling hatred towards Hindus. The legislation derives its rationale from a 2016 report by the United Nations Special Rapporteur on minority issues, which asserts that caste is a global issue and cites Equality Labs which provides a local context and sees it as a human rights issue. However, the hasty ordinance rests its reasoning on the phenomenon, but fails to give statistical or scientific data to support its reasoning. As a result, the ordinance promotes institutionalise prejudice against a specific Hindu minority group. In this explainer, we analyse the anti-caste discrimination ordinance, its backers, and their possible reasoning for supporting an anti-Hindu and anti-Indian legislature.

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NYT, BBC fall into the pattern

Anti-Hindu, India propaganda unleashed with intent, based on agenda. Their journalistic pursuits come under scrutiny It is not India’s proud tradition of a free press that is at stake. It’s anti-India and anti-Hindu propaganda unleashed with impunity by certain media houses that has taken centre stage. First, it was the BBC that went whole hog against Hindus and India. Now, The New York Times has joined the bandwagon of some international media outlets that have been on campaign mode against India, Hindus and Prime Minister Narendra Modi as their whipping boy. If the NYT editorial board claims of ‘shrill Hindu nationalism’ being the culprit for anything purportedly to have happened to press freedom in India, it’s grossly wrong. The New York Times editorial board comment in its edition of February 12, 2023 on the issue of press freedom in India is completely flawed seeking to set a particular narrative. Sweeping remarks on purported ‘Intimidation, Censorship, Silence or Punishing independent news media in India’ is not factually correct, untrue and a figment of Imagination. India toeing an independent alternative line on issues different from left leaning self-proclaimed liberalists cannot be dubbed as anti-press freedom. Hindus worldwide and in India believe, profess and push for an open, transparent and clean diverse society governed sans corruption, nepotism and exclusivity. India celebrates oneness in its diverse amalgamation of cultures, religious faiths under the Sanatan Dharmic umbrella. Thousands of years of classical civilizational heritage is testimony to Hindus ‘all embracing’ nature and spirit. Not understanding Hindus from their perspective leads to a false notion of ‘shrill nationalism’ kind of narratives that are superficial and erroneous. Neither France based Reporters without Borders (RSF) has the means, bandwidth, methodology or credible data to prove that press freedom was at stake in India. NYT justifying its editorial comment on the questionable World Press Freedom Index report of this organization seems to be fuelled by anti-India and anti-Hindu agenda nursed carefully to meet its objective. If hitting at the famed growth story is the objective, then The New York Times should definitely know that India is invincible and the fake narratives may not work. Leave alone the downgrading India on Press Freedom Index, even the Indian map has been displayed wrongly by the Reporters Without Borders. NYT’s editorial comment is based on reports that depict Kashmir without acknowledging the illegal occupation by Pakistan and China’s occupation of Aksai Chin areas of the North Eastern Indian region. The New York Times editorial backed a BBC documentary that was aggressively anti-Hindu and anti-India in nature. This was called out by British Member of Parliament Bob Blackman who described the BBC documentary as ‘poor journalism, badly researched’. Leave alone The New York Times, even the BBC cannot deny its left wing bias and accept an alternative, independent philosophy of Hindus based on ‘Vasudhaiva Kutumbakam’, world as one big family. BBC’s left wing bias is known to Britishers. In Margaret Thatcher’s government of ‘80s, several members of the British Parliament brought home this point. Conservative MP Tebbit had aptly described the BBC as ‘stateless person’s broadcasting corporation’. Another conservative MP Peter Bruinvels termed the BBC as ‘Bolshevik Broadcasting Corporation’ pointing to Leftists control over the news coverage. To say that press freedom came under attack after 2014 following Narendra Modi’s ascent to be Prime Minister and Hindu nationalist shrillness is again grossly misguided and propagandist owing to a colonial mind-set of extreme nature. Late Prime Minister Smt Indira Gandhi had banned BBC from India coverage on two occasions owing to its ‘biases’ in its earlier documentaries also. Perhaps, NYT may not have a plausible explanation for such a ban in late ‘70s. The BBC was in trouble in India in the early 1970s. Even at that time, the Indian diaspora was outraged by BBC documentaries named Calcutta and Phantom India. Louis Malle directed French documentary mini-series Phantom India painted a biased picture of India by emphasising the underdeveloped regions as opposed to the developing ones. If Press freedom was under attack as propagated by BBC and NYT, how’s it that the editorial in The New York Times was not taken down? Thousands of stories filed by a strong network of foreign media professionals based in India that are critical of the government have hit the wires, newspapers and TV outlets freely each day. So, the charge that India, Hindus and by extension Narendra Modi have suppressed ‘free media’ is only agenda peddling by some media houses.

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Make the best with change in mind-set

Cooperatives can deliver $ one trillion economic expansion; provide work opportunities to millions and fuel boom in grassroots firms K.A.Badarinath Fourth pillar of Indian economy is on the resurrection mode. From state-owned public undertakings, private and foreign companies, cooperative enterprises considered as fourth engine of economic growth are in for a big makeover. Taking cooperatives seriously as grassroots enterprises to spur rural economy, create jobs and add rural wealth to India’s growth heft was something long overdue. And, this government seems to have got its heart and soul at the right place to revive the cooperative enterprises and help achieving double digit growth and take Indian rural people global. A year-long drive to rejuvenate these enterprises with huge potential across a dozen sectors in the spirit of ‘antyodaya’ as envisaged by Maharshi Arbindo and Vinoba bhave of ‘Godan’ fame is timely. Narendra Modi government’s two decisions in cooperatives sector last one year stand out especially the the rural enterprises that are mostly agricultural primary credit societies. As per government’s own data, over 36,000 such societies have turned dysfunctional with many of these enterprises unviable. Its decision to shut down cooperatives that are untenable is a good beginning to reform the sector that can boast of only half a dozen large multi-state enterprises that are really successful. But, 13-crore members’ network across 99,000 primary credit societies has every chance to add economic muscle to the Indian growth and bring about fundamental change in rural hamlets across the country. Revival of the primary credit societies also will have cumulative effect with balance sheets of 352 district central cooperative banks improving and 34 state cooperative banks getting healthier. These banks have had refinanced or recapitalized thousands of primary credit societies with Nabard’s funding support. Many of these banks were also in doldrums owing to losses or unrealized funds lent to the societies. Integration of these credit societies with focus on core agricultural lending with dairy cooperatives with 1.5 crore membership in two lakh cooperative enterprises would help diversify the risk and open up new business opportunities. Bringing in over 25,000 fisheries cooperatives with 38 lakh members would culminate into the grass roots enterprises taking up multi-modal business activities. This week’s decision to set up two lakh such multi-modal primary credit societies in agriculture, fisheries and dairy sectors over next five years would be an ice-breaker given that they can be carved out into sustainable companies and help reach out to last man standing. These new enterprises would help spread the cooperatives to 1.6 lakh panchayats without primary agriculture credit societies and two lakh villages or clusters without dairy linkages. Multi-ministerial coordination, phasing out overlap of infrastructure and judicious utilization of meagre resources making the new age cooperatives as enterprises for different products and services marks shift in economic pendulum. Harvard bred economists like Dr Manmohan Singh, Montek Singh Ahluwalia or Palaniappan Chidambaram had never believed that cooperatives and rural economic activity could be a game changer. These market and corporate protagonists may actually be irked by the policy shift relating to cooperatives. But, there’s no point in making them believe that cooperatives can deliver big time at grassroots. In fact these ‘highly respected western educated minds’ made fun of the Atal Bihari Vajpayee’s ‘Antyodaya’ anna yojana to feed the perpetually hungry poor people in India’s hinterlands. Their tribe had scoffed at the very thought of taking economic activity to villages in the spirit of anthyodaya as propagated by philosophers – thinkers, Dattopanth Thengdi and Deendayal Upadhyaya. Most significant in the entire strategy to revitalize cooperatives was to rope in successful companies like National Dairy Development Board and National Fisheries Development Board (NFDB) in bringing about sustainable change in the way cooperatives operate on ground zero. Their experience, expertise and reach would only help evolving sustainable grassroots enterprises in cooperatives in the new age. The new policy envisages bringing over 25 business activities under the roof of new age cooperatives. From cooking gas to petroleum products, food grains, fertilizers to seeds, fair price shops to community irrigation have been enlisted as business activities of these cooperatives hitherto segregated under either dairy development or spread of credit. While the new cooperatives policy is yet to take complete shape, setting up a dedicated multi-state enterprise to push grass roots products and services into export markets is yet another milestone in the policy shift heralded by the government. Several countries in Europe like France, Germany; Australia, Canada and Japan have sustainable cooperative models especially catering these countries exports basket. From banking, finance, insurance, pension funds, dairy to agricultural products and services, cooperatives have been the vehicles in these countries exports and domestic consumption. As per World Cooperatives Monitor of 2020, just the top 300 enterprises in this sector account for a whopping US $ 2.146 trillion economic activity. Cooperatives globally provide work opportunities to about 10 per cent of total employed personnel. If one were to go by figures of International Cooperatives Alliance, three million enterprises have over 12 per cent humanity as their stakeholders. A billion members of these cooperatives is what translates to large chunk of economic activity and trade is many countries. In the transformative shift that cooperatives are expected to undergo, a few riders are what matter the most. Hand holding and facilitation by creating conducive environment is what government’s role should be limited to. Allowing them to make most of the opportunities in rural India is what the bureaucracy will have to do. Strangling these new age enterprises with politicians or bureaucrats may not work. Past experiences cannot be forgotten in a hurry. Let’s not ignore what happened to IFFCO. There were several attempts by different governments to effectively make it a state-run enterprise by default. Resistance put up by then Fertilizers minister Ram Vilas Paswan to cut IFFCO’s umbilical cord with the government when the cooperative enterprise made desperate attempt to return the government’s paid up capital cannot be set aside. While IFFCO managed to retain its core cooperative

Disinformation Fact Sheet Insurgency Media Misinformation

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Brief: Qaumi Insaaf Morcha Protests

The Qaumi Insaaf Morcha has been stationed near the Mohali Chandigarh border since January 7, 2023, in order to raise the issue of Sikh political prisoners who have purportedly fulfilled their sentences but are still incarcerated. The majority of detainees are Sikhs who were imprisoned during the 1980s and 1990s when Pakistan backed terrorism in Punjab was at its peak. The Qaumi Insaaf Morcha called for the nationwide release of all Sikh inmates as one of its demands. Other protestors, some armed with swords were also called in gradually by the group including select ed Nihang Sikhs. The protests eventually grew violent and the violent protesters attacked police officers who had been called to the scene for the maintenance of law and order. As per police statements, tractors were used to dismantle the barriers by the protestors.

Disinformation Fact Sheet Hindus Human Rights Misinformation

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Brief: Amazon’s Hindu bigotry challenged!

Anti-Indian and anti-Hindu groups have continually generated systematic and organised campaigns against Sanatan Dharma. Leading technology companies play a prominent part in the same. Amazon, an American multinational technology corporation, routinely builds a negative connotation of Hindutva, a positive and tolerant way of life for millions of Hindus around the world. Amazon’s removal of the book “Modi and Me: A Political Awakening” by Sourav Dutt’s about India’s Prime Minister Narendra Modi-related book citing “Hindutva literature” from its platform is a recent example of its Anti-Hindu bigotry that has come to light.

Disinformation Fact Sheet Hindus Human Rights Misinformation World

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Brief:14 Hindu temples Vandalised in Bangladesh

Bangladeshi Hindus face terror as 14 temples are vandalised and scared Idols broken. In a coordinated series of attacks, an unidentified group attacked at least 14 Hindu temples across several villages in northwest Bangladesh between Saturday night & Sunday morning.

Disinformation Fact Sheet Hindus Human Rights Media Misinformation Policy World

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Explainer: BBC, a repeat offender

India: The Modi Question is the most recent attempt by the British Broadcasting Corporation (BBC) to taint the image of Indian Prime Minister Narendra Modi on a worldwide scale. The documentary tries to revive the Indian Supreme Court decided issue of the 2002 Godhara violence that ensued after the burning of the Sabarmati Express, which killed 59 Hindu Pilgrims on February 27, 2002, and attempts to portrays Modi as a key instigator of the violent Hindu-Muslim clashes and a major source of hatred against Muslims in the country. The Indian Ministry of External Affairs correctly labels this documentary a “propaganda piece” and made with a “colonial mindset” as it misleads viewers, especially a western audience in numerous ways to shape negative “public opinion” about Narendra Modi and the Modi-lead Indian government ground breaking work for the people of India and humanitarian works world-wide.

Bangladesh Hindus Human Rights World

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Pakistan-backed proxies continue to intensify hate crimes against Hindus worldwide.

As of today, Sanatan Dharma, one of the world’s oldest faith, is practised by 1.3 billion people worldwide. It is abundantly known across every region around the world, that those who practise “Sanatan Dharma,” known as “Sanatanis” or “Hindus,” are peace-loving, law-abiding, progressive, open to assimilation, and very supportive of their local communities and neighbourhoods. Since generations, Hindus have a long and storied history of contributing to the well-being of nations to which they have relocated. Not only do Hindus contribute economically, but they also carry forward an admirable and incredibly rich Sanatan tradition, values and history. This can be observed in practices like Yoga and Ayurveda, as well as in Sanatan festivals, dances, food, and music. All of which, bring bliss, joy and happiness to people all over the world. Despite being peaceful, friendly, and contributing citizens in several jurisdictions around the world, Hindus continue to be the most persecuted minority community in the annals of humankind. Most recently, Hindus and their temples faced violence and vandalism at hands of Pakistan’s foreign spy agency, Inter-Services Intelligence (ISI) sponsored and backed Khalistani extremist outfits like “Sikhs for Justice” (SFJ) in Australia. SFJ is notorious for its rhetoric and narrative building activities which glorify Khalistani terrorism and terrorists. The promotion of which became ISI’s mandated work as a part of its K2 (Kashmir and Khalistan) Desk, post having lost the India-Pakistan War of 1971, which led to the creation of “Bangladesh” and landed more than 93000 Pakistan Army Prisoners of War (POW) in Indian Jails. India however, respectfully retuned Pakistani Army POWs as a compassionate humanitarian gesture. Since 2020, ISI-affiliated groups like SFJ have staged worldwide propaganda rallies promoting a fictitious and unqualified “Khalistan Referendum”. The referendum proposes the creation of a new state “Khalistan,” which is to be carved out from within Indian territory and culminating at the Wagah Border (Indo-Pak International border). In this recent global wave of attacks on Hindus, Hindu temples, and anti-Indian activities in US, UK, Canada, and most recently in Canada and Australia by proscribed radical extremist outfits like SFJ appear to be well organised attempts by Pakistan’s deep state to divert attention away from its own economic challenges back home. Pakistan’s economy is in the throes of total collapse. The current exchange rate of 270 Pakistani Rupees to 1 United States Dollar is a record low for the Pakistani currency. Exacerbating the situation, fuel and gas costs have skyrocketed due to surging inflation, leading to black-market deals and shortages of food and other essentials in many areas. However, this has not deterred Pakistan’s backing for its proxy war against India based on their sectarian belief that India is a Hindu state, which in their view contrary to Islamic Pakistan’s interests. So far, in the period of three weeks, four Hindu temples have been vandalised and Indian diaspora discriminated and attacked by ISI backed Khalistani extremists: the incidents can be mapped as the Swaminarayan temple in Melbourne on January 12, the historic Shri Shiva Vishnu Temple in Victoria on January 16, ISKCON Temple in Melbourne on January 23, January 29 violent attack on Indian Australians in federation square, Melbourne, Australia and lastly the vandalisation of a prominent Gauri Shankar temple in Brampton, Canada on January 30. On 30 January 2023, anti-India graffiti was sprayed on a wall of the Gauri Shankar Mandir (temple) in Brampton, Canada. This is the third time in the past nine months that a Toronto-area temple has been vandalised by Khalistani extremists. Similarly in Australia, on January 29, Khalistani extremists assaulted Indian Australians waving the Indian tricolour in Federation Square, Melbourne, Australia as a sign of protest against the illegal “Khalistan Referendum.” According to the Australian Hindu Association, thirty to forty violent Khalistani radicals armed with specialised equipment attacked unarmed Hindus. On January 23, 2023, Khalistani fanatics defaced the Hare Krishna Temple (ISKCON Temple) in Melbourne’s Albert Park . The resident monk at the temple, Arjun Saka, stated, “This was hate speech and religious slander. This was hate speech and religious vilification. The motive is very clear: to gain international attention by targeting places of worship.” The temple’s director of communications, Bhakta Das, stated that both local Hindus and Sikhs were shaken by recent occurrences. He added that “Some people are trying to cause disruption between the Hindu and Sikh community and it has to be found out”. Earlier last month, On January 16, 2023, the historically significant Shri Shiva Vishnu Temple in Carrum Downs, Victoria was vandalised. These cowardly attacks against the Hindu population in Australia accelerated after January 15, 2023, when the Khalistani extremists planned a car rally to drum up support for the failed fictitious Khalistani referendum, to which fewer than 200 individuals showed up. Prior to that, on January 12, 2023, Khalistani extremists damaged the Swaminarayan temple in the Mill Park neighbourhood of Melbourne with anti-Hindu and anti-India graffiti. In view of recent attacks that mirror a global trend, these highly condemnable instances of vandalism of Hindu temples and blatant hate against Hindus and India in global jurisdictions are clearly premeditated and organised attempts to promote hatred and division among the peaceful multi-faith and multi-cultural Indian diaspora, most notably among Hindus and Sikhs. Moreover, individuals who have targeted Hindu temples and been motivated by hatred towards Hindus and India should be held accountable. This includes those responsible for the desecration of four Hindu temples in Canada and Australia and violent attacks on peaceful people of Indian origin. In addition, the local governments in these jurisdictions need to demonstrate corrective remedial efforts as violence anywhere is a threat to peace everywhere. They should consider how such violent extremists operate with impunity and are freely allowed to glorify terrorists and hold illegitimate referendums against other sovereign nations on their territories.

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A responsible budget sans fiscal profligacy!

All inclusive growth strategy is the foundation to an independent developed economy and ready Bharat to play a larger global role K.A.Badarinath Bharat’s finance minister Nirmala Sitharaman presented a responsible budget on behalf of the BJP-led government on Wednesday. It is on expected lines. Conservative in content and spirit, but the budget for 2023 – 24 has grand vision for taking Bharat to big boys club globally. It lays the foundation for Bharat’s centennial run in 2047 by the time it seeks to evolve as an independent, inclusive and developed economy that is sustainable. The Rs 45 lakh crore budget swan song is to best utilize the ‘amrit kaal’, intervening 25-years to get there and get big. It’s in continuation of the Bharat@100 line given in both the Presidential speech and pre-budget economic survey on Tuesday. Women’s empowerment, skilling our vast human resource, expansion of our tourism industry and achieving green growth as areas that have been identified in the grand vision presented for 2047. Seven priorities laid-out by Narendra Modi government in the budget point to reshaping Bharat’s economic and development paradigm. She gave the budget civilizational connect by christening these priorities as ‘saptarishis’ that guided this country for millennia. Nirmala Sitharaman who has now turned a veteran with her fifth budget presentation, tenth for the Narendra Modi government did not lose on basics. She pushed peddle hard staying the course on fiscal consolidation and not going for the easy option of ‘reckless spending’ or profligacy, hall mark of a government that faces polls in a year or so. On most parameters like fiscal deficit pruning it to 6.4 per cent in next financial year and 4.5 per cent by 2025-26 has been projected. Keeping the jobs-led green growth on track at 6.5 per cent in 2023-24 and achieve double digit expansion in medium term is what the government aspires to achieve. Even for current fiscal, the government managed to keep the deficit at 6.4 per cent on strength of tax revenues and expanded the spending to Rs 41.9 lakh crore. Grand standing on global vision and fiscal prudence did not mean that Prime Minister Modi or his protégé Sitharaman lost out on facing Lok Sabha elections in 2024 preceded by assembly elections in seven states this year. Jobs and environmentally sustainable growth was articulated by Sitharaman in the backdrop of ‘rozgar melas’ that Modi has been holding last six months giving out appointment letters to thousands of first time work seekers. Vocal middle-class voters that have been main stray of this government also got their due especially the honest taxpayers with across the board tax concessions, remissions and exemptions with limits rejigged. In the process, Nirmala Sitharaman had to forego Rs 35,000 crore revenue that the government could afford, given the buoyancy in tax mop up. From economic management side, this would spur further demand for goods and services having multiplier effect on growth impulses. But, opposition political formations are bound to criticize the last full budget of this government in present term as ‘election oriented’. Opening line of the budget speech itself was strong on political messaging as it enlisted youth, women, farmers, backward classes, scheduled castes, tribes and economically weaker sections to be targeted in making Bharat’s economy ‘inclusive’, open and prosperous. Budget is the third instance when the government chose to present its report card of nine years in governance. Nirmala Sitharaman’s numbers were impressive at 11.7 crore households getting toilets, 9.6 crore cooking gas connections, 220 crore Covid vaccinations for 102 crore persons, 47.8 crore jan dhan yojana bank accounts, 44.6 crore getting insurance cover and 11.4 crore farmers getting cash support of Rs 2.2 lakh crore. Not just addressing the voters’ class, Nirmala Sitharaman managed to keep the industry and markets trigger positive. Two big decisions that have had positivity include 33 per cent increase in infrastructure investment at a whopping Rs 10 lakh crore in 2023-24, way above Rs 7.3 lakh crore in current fiscal. This is three times what was possible in 2019-20. If one were to take the grants given to support capital assets in states, capital expenditure moves up to Rs 13.7 lakh crore translating to 4.5 per cent of GDP. Capital outlay of Rs 2.4 lakh crores to railways, Rs 75,000 crore to developing critical transport infrastructure and logistics is an addition. Second trigger was that most consumers across tax brackets got relief thereby allowing extra money for investment or purchases. Thirdly, the government managed to keep its public finances in order without making any major demand on industry through corporate taxes. Modi government’s budget also makes sincere attempt at building confidence in populace at large and swell with pride in their Bharat’s citizenship especially while making out a case for momentous G-20 Presidency and economic surge as fastest growing global economy. Formalization and digitization are factors that would be pushed by the government thereby weeding out corruption in government schemes and shrinking the informal economy. For instance, digital payments led to 7400 crore transactions valued at Rs 126 lakh crore in 2022 alone. Jobs in formal sector have also grown and this reflects in EPFO membership that swelled to 27 crore. Agriculture as a big priority is no surprise and shift to millets based natural farming is a big idea that government has sold through the budget. ‘Shri Anna’, an indic name for millets like Jowar, Ragi, Bajra, Kuttu, Ramdana, Kangni, Kutki, Kodo, Cheena and Sama, resonates as an initiative to make Bharat a global hub for these wholesome nutritious grains. Another significant shift is taking economic growth on green pathway. Apart from the dedicated hydrogen mission, Rs 35,000 crore was set aside to enable energy transition from carbon fuels, green credits, 500 waste to wealth projects with Rs 10,000 crore investment and renewable energy evacuation from Ladakh supported through budget resources of Rs 8300 crore. Skills development got a new heft in its 4.0 version with 47 lakh youth getting trained for taking up jobs

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