{"id":239915,"date":"2023-04-27T19:38:04","date_gmt":"2023-04-27T14:08:04","guid":{"rendered":"https:\/\/blog.forumias.com\/?p=239915"},"modified":"2023-04-27T19:38:04","modified_gmt":"2023-04-27T14:08:04","slug":"our-budget-speeches-capture-the-evolution-of-government-policy","status":"publish","type":"post","link":"https:\/\/forumias.com\/blog\/our-budget-speeches-capture-the-evolution-of-government-policy\/","title":{"rendered":"Our budget speeches capture the evolution of government policy"},"content":{"rendered":"\n

Source<\/strong>: The post is based on the article\u00a0\u201cOur budget speeches capture the evolution of government policy<\/strong>\u201d published in Mint <\/strong>on\u00a027th<\/sup> April 2023<\/strong>.<\/p>\n

Syllabus: GS 3 \u2013 Budgetary allocation<\/strong><\/p>\n

Relevance: <\/strong>About the evolution of focus areas in the Budget speech<\/strong><\/p>\n

News<\/strong>: The article discusses the focus areas of budget speeches from the 1990s to the present time.<\/p>\n

Budget speeches provide a broad outline of the government focus areas and policies, they are going to follow in the near future.<\/p>\n

What are the focus areas of the budget speeches from the 1990s?<\/strong><\/h2>\n

The budget speeches in India have focused on eight broad themes – (i)<\/strong> infrastructure, (ii)<\/strong> technology and innovation, (iii)<\/strong> social security, (iv)<\/strong> human development, (v)<\/strong> food and agriculture, (vi)<\/strong> demographics, (vii)<\/strong> fiscal policy and (viii)<\/strong> boosting national income.<\/p>\n

How did some of these focus areas evolve during the course of the budget speeches over the years?<\/strong><\/h2>\n

Infrastructure:<\/strong> The announcement of infrastructure projects such as new railway lines, national highways, rural roads and port development has been a key part of the budget speeches.<\/p>\n

Budget speeches of past decades talked of building basic infrastructure like roads and ports whereas now speeches emphasize on connecting and building synergies between existing infrastructure<\/strong>, freight corridors, logistics, etc.<\/p>\n

India\u2019s gross fixed capital formation (GFCF<\/strong>) as a share of GDP (at current prices) has grown from 23% in the 1990s to 28% in the 2000s and to 30% in the 2010s. GFCF is expected to be 29% of GDP in 2022-23.\u00a0<\/strong><\/p>\n

The central government aims to double its capital expenditure<\/strong> to 3.3% of GDP in 2023-24 from an average of 1.7% of GDP in the 2010s.<\/p>\n

Technology and Innovation: <\/strong>Over the last 30 years, the central government has steadily adopted advancements in digital technology to improve administration and the delivery of welfare services.<\/p>\n

The share of electronic payments in total retail payments (in value terms) is estimated to have grown from 11% to 86%.\u00a0<\/strong><\/p>\n

Climate Change:<\/strong> There has been focus on adapting and mitigating the dangers of anthropogenic climate change in the recent budget speeches.<\/p>\n

Efforts to fight climate change increased in the early 2010s and this decade\u2019s budgets extensively talk about increasing solar generation capacity, lowering carbon emissions and encouraging sustainable mobility.<\/p>\n

Demographics:<\/strong> There has also been focus on using the word urban more than rural. It is because the proportion of India\u2019s population living in urban areas has increased from 25% to 35% over the last three decades.\u00a0<\/strong><\/p>\n

Similarly, the mention of items relating to food and agriculture has declined, although budget speeches continue to appeal to \u2018farmers\u2019 as before.<\/p>\n

Social Security and Human Development:<\/strong> The delivery of welfare remains a critical component of budget speeches.<\/p>\n

The emphasis on human development through health and education has grown within welfare services, whereas the emphasis on social security such as pensions and food appear to have diminished.<\/strong><\/p>\n

The most recent budget laid emphasis on skilling and training across industries.<\/p>\n

Must Read: <\/strong>Union Budget 2023-24: Key Highlights – Explained<\/strong><\/a><\/p>\n

What lies ahead?<\/strong><\/h2>\n

Since 2019-20, the government\u2019s narrative has become more focused on building infrastructure, fostering digitization and ensuring targeted welfare delivery.<\/p>\n

Given that India is still developing into an economic power, it is important to continuously monitor and assess the Center’s performance on these fronts<\/strong>.<\/p>\n","protected":false},"excerpt":{"rendered":"

Source: The post is based on the article\u00a0\u201cOur budget speeches capture the evolution of government policy\u201d published in Mint on\u00a027th April 2023. Syllabus: GS 3 \u2013 Budgetary allocation Relevance: About the evolution of focus areas in the Budget speech News: The article discusses the focus areas of budget speeches from the 1990s to the present… Continue reading Our budget speeches capture the evolution of government policy<\/span><\/a><\/p>\n","protected":false},"author":10320,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[1230,9],"tags":[216,11125],"class_list":["post-239915","post","type-post","status-publish","format-standard","hentry","category-9-pm-daily-articles","category-public","tag-gs-paper-3","tag-mint","entry"],"jetpack_featured_media_url":"","views":{"total":0,"cached_at":"","cached_date":1703236951},"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/239915","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/users\/10320"}],"replies":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/comments?post=239915"}],"version-history":[{"count":0,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/239915\/revisions"}],"wp:attachment":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/media?parent=239915"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/categories?post=239915"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/tags?post=239915"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}