In an exclusive interview with One India, Dr. Satyapal Singh, Associate Professor at Deendayal Upadhyaya University, offers a penetrating analysis of the Union Budget 2024. Renowned for his expertise in economics, Dr. Singh delves into the budget's implications, shedding light on its impact on various sectors and the broader economy. His insightful commentary provides a fresh perspective on the fiscal policies and economic strategies outlined in the budget, making this interview a must-watch for anyone seeking a deeper understanding of the latest financial developments.
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00:00Today, the budget of the central government, or any government, whether it is the budget of the central government or the budget of the state government,
00:07through that budget, the government has to prepare the road map for the future and through that it has to give a direction to the development of the country.
00:19If I talk about today's budget, then this budget is focused on women, on youth, on the poor,
00:31so that today our central government can move forward with a very high goal.
00:40Today's government is seeing 2047. In 2047, our country will be in the hands of developed nations.
00:49So, how will the land of that developed nation be prepared?
00:54With that land, from today, through this budget, an Aadhaar Bhuta Samrachana has been made.
01:02And we feel that it will have a positive impact on the country.
01:07If I talk about the youth of any country, the backbone of the economy is the youth.
01:18How can the youth get employment? How can the youth develop their skills?
01:25How can the government help financially in the education and writing of the youth?
01:30With all these things, the government has made some arrangements in its budget.
01:37On the other hand, if I look at urban development, the government has also focused on urban development.
01:44If we talk about the field of medicine, when a person is healthy, the society will be healthy and when the society is healthy, the nation will be healthy.
01:57So, even to fight cancer, the government is giving a positive impact to the citizens of the country through this budget.
02:10So, we feel that this is a good way to show the country.
02:14As far as employment is concerned, not every person born in India can get government employment.
02:22A person can get government employment.
02:26A person can get employment in the private sector.
02:30A person can develop his skills and start all kinds of start-ups.
02:39So, in this budget, let me tell you, about 5 crore jobs have been talked about.
02:47Approximately 5 crore jobs have been talked about.
02:501 crore youths will get skilled development through internships.
02:58And there is a provision of 5,000 rupees per month.
03:01So, the government is trying to do a lot in the field of employment.
03:05And we also have to think that not everyone can get government employment.
03:09If you want employment, there is a private sector.
03:12You can develop your skills.
03:14You can start a start-up.
03:16And in this way, you can develop your economy.
03:19And when you develop your economy, the economy will also develop.
03:25Without your development, the development of the country is not possible.
03:28So, along with government employment, there are private jobs.
03:31Along with private jobs, skill development is also an important role.
03:36If we talk about 1 crore jobs, 5 crore jobs, then half the population is also included in that.
03:42Without that population, no development can be done.
03:45The skill development of 1 crore, the internship of 1 crore, half the population is also included in that.
03:52So, half the population, everyone is included in this.
03:55Half the population, the entire population, including the entire economy.
03:58And this budget will have a negative effect on the economy.
04:03There will not be a single budget in the economy.
04:05You see, see from the beginning.
04:07Since the independence of India, from the independence of India till today,
04:12in the entire budget, there is a focus on poverty.
04:16There is a focus on youth.
04:18There is a focus on villages.
04:19So, we are coming from there.
04:21And every year, we are achieving something.
04:24Every year, we are taking some steps forward.
04:26And the road map that is being tried to make by India till 2047,
04:32this is a good budget.
04:34This is a good budget.
04:35We have to take it forward.
04:37You understand the system.
04:39The education system that we have,
04:42we have to look at two types of systems.
04:45One is the system of the rich class,
04:49and the other class which is far away from those resources.
04:53So, for the rich class, education is not a problem.
04:57No matter how the child is,
04:59they invest on it.
05:01They teach it anywhere in the country.
05:03There is no problem for them.
05:05But the government's focus is on the children of the poor class.
05:10How to raise the students of the poor class?
05:13Because of the wealth, because of the financial situation of the family,
05:18if there is any obstacle in their education,
05:22for that, the education loan,
05:25this 3%,
05:27it is probably 3%,
05:29it has been tried to do this on 3%
05:31that the children of the poor
05:33take a loan,
05:35take a cheap loan and do their education.
05:37And after that, when their education is done,
05:39they will also move forward in the development of the country.
05:42They will also develop. The country will also develop.
05:44It is a uniform budget.
05:45It is a budget that gives direction to the country.
05:47And we feel that the dream of the central government of 2047,
05:52it is being tried to give it a foundation.
05:56The four pillars of any country,
06:00keeping these four in mind,
06:02I feel that a budget has been prepared.
06:04This is the budget of the third government of the Modi government.
06:08The seventh budget was presented by Nirmala Sitharaman Madam,
06:12which I feel has been done by any minister,
06:14most of it has been done by her.
06:16The special things that I found in this,
06:19the four things that I told you,
06:21like there is a lot of talk about employment,
06:24so for those who will get employment,
06:26the government will continuously deposit some amount,
06:29like 300 rupees in their PF for two years.
06:32I feel that it will work for motivation,
06:34for other people,
06:35maybe they will be able to make an effort.
06:37Now you all know about the National Education Policy,
06:40and in that, the gross enrollment ratio of higher education was very low.
06:43I think it was around 27% at that time.
06:46Its target of 50% has been kept till 2030.
06:50Now how to increase the number in higher education,
06:53for that the government has,
06:55people have studied in good institutions,
06:57so in higher education institutions,
06:59to study in the country,
07:00a loan of up to 10 lakh rupees,
07:02an education loan has been prepared by the government.
07:05I feel that this is a very good step in the field of education.
07:10As you know,
07:12along with education,
07:14if the skill is not developed,
07:16then maybe their personality will not be fully groomed,
07:19and they will not be able to achieve their goal.
07:23For skill training,
07:25the government has allocated 2 lakh crore rupees
07:29to train 1.4 crore youth in this budget,
07:33and I think this will prove to be a milestone.
07:37In the coming time,
07:39five schemes whose focus will be education, employment and education,
07:444.1 crore youth will be given training.
07:49I feel this is a youth-focused budget.
07:54Along with this,
07:55if you see,
07:57if a youth goes to any company for education,
08:02he looks for an internship.
08:04A target has been set in this budget,
08:06that in the coming time,
08:09in the next year,
08:11the maximum number of youth will be given an internship in 500 sheets companies.
08:18They will do the internship in the sheets companies,
08:21and they will be given Rs. 5000 per month as internship remuneration.
08:26I feel this is a very big thing in itself.
08:29I was talking about the poor.
08:31Under the Prime Minister's housing scheme,
08:333 crore extra houses have also been allocated in this budget.
08:38A new tax lab has also been provided.
08:41We were expecting more,
08:44but it did not happen.
08:46Still, the standard deduction has been increased from Rs. 50,000 to Rs. 75,000.
08:50The 5% tax has been increased by Rs. 1 lakh.
08:54This has been done,
08:56but it should have been done a little more.
08:58It would have been better,
08:59but it has been done after understanding it.
09:01Along with this,
09:02as you know,
09:03the Prime Minister had said that
09:05he puts a lot of emphasis on technology.
09:07He said that IT plus IT is equal to IT.
09:10If we combine information technology with Indian talent,
09:13India will be ready for the future.
09:16So, mobile will be used more.
09:19As you know,
09:20UPI has been the most successful in our country,
09:23according to the scheme.
09:25A 15% reduction in mobile and mobile chargers
09:29has been made in this budget.
09:32I feel this is also a very good step.
09:35Whatever it is,
09:36whether it is online education or anything else,
09:38we cannot do anything without mobile.
09:40So, in total,
09:41the budget will help a lot
09:43in the concept of a developed India
09:46by the Prime Minister.
09:48It will benefit from youth to every class.
09:51As you know,
09:53unemployment is the biggest problem
09:55and also a challenge for the government.
09:57But in this budget,
09:59under the Prime Minister's package,
10:02some schemes are being started
10:04which are mainly focused on employment.
10:07So, I feel that in this budget,
10:09special measures have been taken
10:11regarding employment
10:12and in the future,
10:13it will benefit the youth a lot.