TRADE, TECH & SUSTAINABILITY: ENGINES FOR LONG-TERM GROWTH

INANCE and Corporate Affairs Minister Nirmala Sitharaman is poised to set a historical precedent.

- CHANDRAJIT BANERJEE

When she presents the complete Union Budget for 202425 on July 23, she will become the first finance minister to present seven consecutive budgets.

The Interim Budget of February underscored the government's commitment towards realising the goal of being Viksit Bharat or a developed country by 2047. The full Budget is expected to further strengthen these initiatives and drive the growth momentum while presenting a comprehensive strategy for long-term economic growth.

As India's development partner, the Confederation of Indian Industry (CII) has been actively engaged in providing constructive policy recommendations to the government and has submitted key proposals for the 2024-25 Budget. Here, I would like to focus on three critical areas-trade, technology and sustainability, which play catalytic roles in fostering inclusive, sustainable and long-term economic growth and are pivotal in charting India's path towards becoming a developed nation.

Trade

India's external sector has recorded robust growth in the recent past. Despite a challenging global environment and trade slowdown, India recorded its highest export of $776.68 billion during 2023-24. This can be credited to government programmes such as Make in India, production-linked incentives, export promotion schemes and introduction of WTO-compatible schemes.