In a dramatic response to the recently unveiled Union Budget for 2024-25, Congress Chief Ministers have decided to boycott the NITI Aayog meeting scheduled for July 27. This decision marks a significant political move, highlighting the deep dissatisfaction within the party regarding the latest fiscal policies.

The report emphasizes that alongside fiscal support, skilling in the sector and easier visa processes for overseas workers are crucial. It also calls for expediting foreign direct investment (FDI) proposals, particularly those from countries sharing a land border with India. Press Note 3, which governs investments from neighboring countries, mandates additional scrutiny for such FDI proposals.

On July 11, Prime Minister Narendra Modi met with top economists to gather insights and ideas for the upcoming Budget for 2024-25. This crucial meeting aimed at defining the financial roadmap for the Modi 3.0 government was also attended by Union Finance Minister Nirmala Sitharaman, who will present the Budget in the Lok Sabha on July 23.

Sources reveal that ahead of the Council meeting, Finance Minister Nirmala Sitharaman will provide an initial overview of the ‘Viksit Bharat’ vision and action plan in the upcoming Budget later this month. The ambitious goal includes positioning India as a $30 trillion economy by 2047, driven by significant policy reforms and governance changes by 2030.

The report quotes NITI Aayog, stating that in the past decade, India has seen a significant reduction in poverty. The proportion of people living in poverty in "all its dimensions" decreased to 14.96% in 2019-21 from 24.85% in 2015-16. This reduction is attributed to sustained economic growth during the period (6.7% average growth between FY16-FY20) and the implementation of various welfare schemes focused on nutrition, health, education, housing, drinking water, sanitation, skill development, and social protection.

Another critical area Kumar identified was youth skilling and apprenticeship development, noting the lag in India's education system relative to demand. "Our apprenticeship program needs a far bigger push, and access to high-quality education should be ensured. These factors will ultimately determine the employability and employment generation potential of our economy," he added.

Saraswat, a former chief of the Defence Research & Development Organisation (DRDO), highlighted that presently, 60 per cent of India's total arms and ammunition are domestically produced. "Indian defence capabilities have experienced substantial growth in the last 10 years," he said.

"India uses 2-3 times more water for producing 1 tonne of crop compared to several developed and developing nations," Chand said, while emphasising on the need for better water management.

Union Minister Ashwini Vaishnaw launched NITI Aayog's digital public infrastructure platform 'NITI For States' and inaugurated the 'Viksit Bharat Strategy Room' on Thursday. The platform aims to enhance policy and governance by providing robust knowledge and insights to government officials across various sectors.

The Indian Council of Medical Research (ICMR) has witnessed a remarkable surge in budgetary allocation over the past decade, marking a significant commitment by the government towards advancing health research in the country.

India's strides in poverty alleviation have reached a significant milestone, with the poverty rate falling below 5%, according to B.V.R. Subrahmanyam, the CEO of NITI Aayog. The latest household consumer expenditure survey conducted by the National Sample Survey Office (NSSO) indicates a notable improvement in living standards across both rural and urban areas of the country.

With projections indicating a significant rise in India’s elderly population from the current 10% to a staggering 19.5% by 2050, NITI Aayog’s recommendations aim to establish a robust support system tailored to the evolving needs of seniors.