How Budget 2015 will help India attain its full potential

The general Budget for 2015-16 presented by finance Minister Arun Jaitley was the first full year Budget presented by our government. It offered a clinical analysis of the legacy of the deficit in respect of very critical areas of economy inherited by our government.

Further, it contained a bold statement of the road ahead for converting the "recovering national economy" to a "surging economy". The major deficit that our government inherited spanned over infrastructure, transparent governance, stable policy framework, management of public finances, etc. A sincere effort has been made to address these concerns with a clear articulation of the approaches in the years ahead.

The Budget has been formulated in the context of historical devolution of financial resources to the states. Further to the recommendations of the 14th Finance Commission, devolution of divisible tax revenues has been increased by a whopping and unprecedented 10 per cent which resulted in the fiscal scope of the central government by that much.

But still, the Plan Expenditure for 2015-16 has been retained at the level of the Revised Plan Outlay for 2014-15. This Budget ensures social security to the poor and vulnerable sections of people.

Concrete measures to address infrastructure deficit, curb generation of black money, putting in place an enabling regulatory mechanism to enhance ease of doing business and to make PPP model a success, promoting innovation, public debt management, pragmatic fiscal consolidation, spreading JAM (Jan Dhan, Aadhaar and Mobile technology) for efficient delivery of subsidies, rationalisation of taxes, widening social security net etc., strengthening social infrastructure etc. are all aimed at achieving the twin objectives of rapid economic development with a human face.

Urban areas are the engines of economic growth. Building smart cities, empowering 500 cities with essential urban infrastructure and housing for all urban poor are set to take off soon.

Further to what Prime Minister Narendra Modi has articulated over the last nine months and the initiatives taken by our government, the Budget marks the beginning of a full-fledged journey of the people and the national economy unleashing its full potential to attain our due in the global scheme of things. India's steady journey has begun.