The Union budget for the year 2015-16 is termed as a ‘make or break’ fiscal exercise primarily focused on pro-common man measures and one step further to strengthen ‘Make in India’ campaign. The commitment to achieve 8-8.5% economic growth in this year and making Indian economy as the fast growing economy in the world heralds to the optimism in the economy. To achieve higher growth, the government is riding on the core sectors – infrastructure, manufacturing, power which is much needed to revive the sluggish economy. We, at The IET, are very positive about the fiscal prudence reflected in this budget. Government’s all-inclusive focus on MNREGA activities to providing strong infrastructure with an additional investment of 700 billion is a way towards attaining India’s next phase of growth.
The government’s move to establish more AIIMS and IIMs and launch a National Skills Mission to enhance employability of rural youth is great to strengthen the pool of quality technical talent that will enable India’s journey to be a scientific power. The IET’s vision is also to build a strong engineering ecosystem in India that contributes to the society in resolving critical societal challenges. We are happy to note that the budget is aligned with our vision and we see immediate opportunity from each section of the society – government, corporate and academia to collaborate for economic development.
The budget’s special emphasis on encouraging entrepreneurs and SME sector by providing funds will foster the culture of innovation and provide a platform to build the next big global companies from India, many of which will leverage innovative ideas and technology for growth. Significant fund allocation to the solar and power sector is a positive step towards a result oriented transition to a more sustainable energy independent country.
A strong focus on building infrastructure, driving manufacturing through Make in India and support of R&D and innovation through schemes will encourage the start-up sector and innovation in the technology sector.
To sum up, the budget is certainly for the common masses and a step towards the government’s vision to transform India. With investment boost in each sector, it will definitely bring together a holistic growth and the IET, being a professional body to streamline engineering and technology can partner with the government to play a critical role in bringing the change.