Govt plans to invite financial bids for Shipping Corp of India by mid-May: Report
India as the 5th largest economy has two major issues to focus on in the coming budget of 2023-24, that is, inclusive growth and sustainable quality employment for its young population below the age of 35 which constitutes 65 per cent of the total population. This budget is to lay the principles clear as the window to equip and take advantage of young India in this decade so that they are gainfully employed in the growth story otherwise they will be laggards and a liability adding to the issues related to inclusive growth like poverty, malnutrition, hunger index, stunting etc.
To achieve the goal of a $5 trillion economy (having missed the first target of 2022) there is no other option than focusing on the 63 million MSMEs of which 99 per cent are micro-enterprises while small and medium enterprises constitute about 0.52 per cent & 0.1 per cent respectively. They contribute 30 per cent to the GDP and most importantly employ 111 million individuals as the working force. Thus, an assured path to accelerate the pace to achieve the $5 trillion economy goal lies in the growth of SME/MSMEs. That will enable the dual goal of not just accelerating growth but ensure ‘no one is left behind’ in the success story. This budget should not miss to address the concerns of this section.