India's Path to Viksit Bharat: Leveraging Technology and Transparency for Inclusive Growth

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Government Prioritizes Technology and Transparency to Build a Viksit Bharat

Team Finance Saathi

28/May/2024

Key Points:

Government's focus on leveraging technology and fostering transparency to achieve Viksit Bharat.
Significant expenditure reforms and efficient treasury management have led to substantial savings and enhanced efficiency.
Administration of 108 Centrally Sponsored Schemes with a substantial budget underscores the commitment to inclusive development.

Union Finance Minister Ms. Nirmala Sitharaman recently articulated the Indian government's steadfast commitment to leveraging technology and fostering transparency as foundational pillars for achieving a Viksit Bharat. This vision, aimed at transforming India into a developed nation, hinges on various strategic reforms and initiatives designed to optimize government expenditure, enhance fiscal prudence, and ensure inclusive growth across the country.

One of the cornerstones of this transformative agenda is the significant expenditure reforms implemented by the government. These reforms have not only resulted in substantial savings in interest costs but have also markedly improved the efficiency of treasury management. By streamlining these processes, the government has ensured that taxpayer resources are utilized optimally, contributing to more effective and transparent governance.

A key aspect of these reforms is the administration of 108 Centrally Sponsored Schemes (CSS), which are crucial for promoting inclusive development. For the fiscal year 2024-25, the government has allocated a budget of approximately US$ 60.29 billion (Rs. 5.01 lakh crore) to these schemes, while for 2023-24, the budget was around US$ 57.28 billion (Rs. 4.76 lakh crore). These substantial allocations underscore the government's dedication to addressing various socio-economic challenges and fostering development across all states and Union Territories (UTs).

Ms. Sitharaman emphasized that the transformation in budgetary processes has been pivotal in this journey. The approach has shifted from merely recording expenditures to creating strategic blueprints that guide long-term development initiatives. This shift has empowered state governments to engage in better budget planning, enabling them to align their financial strategies with the overarching goals of Viksit Bharat.

Since the fiscal year 2017-18, there have been notable advancements in the presentation of the Union Budget. These advancements have not only made the budget more comprehensive and forward-looking but have also introduced elements of fiscal prudence and inclusiveness. By focusing on long-term strategic planning, the government aims to ensure that resources are allocated efficiently and that development initiatives reach the most underserved and marginalized communities.

In addition to budget reforms, the augmentation of the Contingency Fund of India represents a significant step towards enhancing treasury management efficiency. This augmentation ensures that the government is better prepared to address unforeseen expenditures and emergencies, thereby maintaining fiscal stability and resilience.

The emphasis on technology and transparency is evident in the various digital initiatives and platforms launched by the government. These platforms aim to provide real-time data and insights into government spending, enabling citizens to hold the government accountable and participate actively in the governance process. By leveraging cutting-edge technologies such as blockchain, artificial intelligence, and data analytics, the government is working towards creating a more transparent and efficient administrative framework.

In conclusion, the Indian government's commitment to leveraging technology and fostering transparency is a significant stride towards achieving Viksit Bharat. Through strategic expenditure reforms, efficient treasury management, and inclusive budgetary processes, the government is laying a robust foundation for sustainable and inclusive growth. These initiatives not only enhance fiscal prudence but also ensure that development benefits reach every corner of the country, paving the way for a prosperous and developed India.

Also Read : Goldman Sachs Raises India's 2024 GDP Forecast to 6.7%, Predicts RBI Rate Cuts Amid Inflation Concer

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Government Prioritizes Technology and Transparency to Build a Viksit Bharat

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