Budget 2024-25: FM Proposes New Economic Policy Framework for Facilitating Employment Opportunities and Sustaining Growth [Read Bill]

The Union Finance Minister Nirmala Sitharaman presented the full – budget 2024 today before the parliament. The FM announced that the Centre will develop an economic policy framework aimed at steering next-generation reforms to facilitate employment and accelerate economic expansion. 

“We will formulate an economic policy framework to delineate an overarching approach to economic development and set the scope of next-generation reforms for facilitating employment opportunities and for sustaining high growth,” Sitharaman stated. 

The government plans to initiate and incentivize reforms to enhance the productivity of production factors and enable markets and sectors to become more efficient. The next-generation reforms will encompass various aspects related to production factors, including land, labor, capital, entrepreneurship, and technology, all aimed at refining total factor productivity and addressing inequality. 

Sitharaman also emphasised the nine priorities of the Modi government, designed to transform India into a developed nation by 2047. These priorities reflect the government’s dedication to long-term economic growth and sustainable development: 

1. Enhancing productivity and resilience in agriculture 

2. Creating employment opportunities and promoting skill development 

3. Inclusive human resource development and social justice 

4. Advancing urban development 

5. Ensuring energy security 

6. Building robust infrastructure 

7. Fostering innovation, research, and development 

8. Implementing next-generation reforms 

The new economic policy framework is intended to drive growth through a series of comprehensive reforms and strategic initiatives, fostering collaboration between the Centre and States to create a conducive environment for sustained economic development. 

Next Generation Reforms: 

– Accelerating the digitalisation of the economy by utilising technology.  

– Introduction of the Jan Vishwas Bill 2.0 to enhance the Ease of Doing Business. 

– Incentivizing states to implement Business Reforms Action Plans and digitization efforts. 

– Establishing a sectoral database to improve data governance and management. 

– Forming a committee to review the New Pension Scheme and develop solutions that address relevant issues while maintaining fiscal prudence. 

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