Building Atmanirbhar Bharat

The world's perception of India has shifted dramatically in recent years. India is now seen as a powerful nation. After the COVID-19 pandemic, a new global order has emerged. Hence, it is important for India to move ahead at a quick pace by strengthening its Economy.

Along with this, it is crucial for the country to develop into a self-sufficient and modern nation. Owing to this, the prime minister - Mr Narendra Modi - came up with a self-sufficient India plan called Aatmanirbhar Arthvyavastha.

In this post, let's learn everything about what this initiative is, its goals, features, and more.

Making India Self-Reliant

Atmanirbhar Bharat, which means "self-reliant India," was a phrase first used and popularized by the PM and the Indian government in regard to the country's economic vision and development.

It intends to make India a larger and more active part of the global economy. The main idea is to promote such policies that are self-sustaining, self-generating, efficient, competitive, robust, and those promoting equity.

Since 2014, the PM has been using this phrase in regards to national security, poverty, and digital India. The latest mention of this phrase was in the union budget for 2022-23.

Key Features Atmanirbhar Bharat Mission

Atmanirbhar Arthvyavastha is a way forward to be a self-sufficient economy to attain major goals. Here are its features listed down for better understanding:

• Acts as an economic weapon
• Meant to uplift the Indian economy after the serious distrust caused by the corona pandemic
• Includes 12 new economic solutions
• Designed to cover various sectors, like Manufacturing, supply, employment and so on

Objectives

Listed down are the objectives to focus on:

• India must prioritize skilling its youth since, according to statistics, a significant portion of the Indian population, particularly women, faces barriers to accessing Information Communication Technologies (ICTs)
• Micro, Small, and Medium-sized Businesses (MSME) are the backbone of the Indian economy's growth and development. Yet these businesses are mired in a financial crisis, owing to a lack of access to formal financing
• A significant amount of money should be allocated to R&D in order for continuous innovation of the economy's engine

PM Modi's Take on Atmanirbhar Arthvyavastha

Jotted down below are some glimpses of this programme's vision:

• Budget 2022 is a major step forward in turning a crisis into an opportunity
• It is crucial to establish a new India on the foundation of self-sufficiency
• The focus of Budget 2022 is on providing fundamental needs to the poor, middle class, and young
• India's exports were Rs. 2.85 lakh crore in 2013-14. As of 2020-2021, it has a Market capitalization of Rs. 4.7 lakh crore
• The budget includes funds to establish "vibrant communities" along the border to prevent migration from border villages
• The Ken-Betwa River interlinking project, which spans Madhya Pradesh and Uttar Pradesh, is destined to transform the look of Bundelkhand
• The budget proposes a 2,500-kilometre-long natural farming corridor along the Ganga banks, which will aid the Clean Ganga initiative

Major Highlights of Union Budget 2022-23

On Tuesday, February 1st, 2022, Finance Minister Nirmala Sitharaman presented the Union Budget 2022-23 to Parliament. According to the FM's statement, India's economy would grow at a rate of 9.2% in FY22, the most among all major economies.

India is well-positioned to deal with the consequences of higher Immunization rates. The highlights of the Union Budget 2022 are as follow:

• India has the highest growth rate of any major country, well prepared to Handle future challenges
• Micro-inclusive welfare, digitalization and fintech, technology-enabled growth, energy transition, and climate change are all envisioned as ways to augment macroeconomic growth
• The ECLGS coverage has been enhanced by 50,000 crores, bringing the total coverage to Rs. 5 lakh crores
• From 5.54 lakh crores to 7.50 lakh crores, the CAPEX objective was boosted by 35.4%. For FY23, the effective CAPEX is likely to be around 10.7 lakh crore
• Government investment and Capital spending are assisting in the revival of the economy. The Economic Growth will be aided by this budget
• Productivity-linked incentive schemes have aroused a robust response in 14 industries, with capital plans exceeding Rs. 30 lakh crore.
• PM is a priority in this year's budget: Inclusive growth, increased productivity, the potential for sunrise, energy revolution, carbon reduction, and investment financing

Future Perspective of Atmanirbhar Arhtavyavastha

To help you grasp the objective of this initiative better, here are some future perspectives to follow:

• Research and innovation are essential; thus, appropriate emphasis will be directed there. The major focus will be on examining and analyzing the finest practices of other nations that can be replicated in India
• In the same manner, as Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA), a new plan for skilled employees will be established, along with the necessary infrastructure, so that it becomes a formal state medium mechanism through which the citizens can be trained
• The government will create demand to ensure the engine runs smoothly
• The combination of the private and public sectors is critical because economic shocks can be readily neutralized in the case of a disaster or an unusual circumstance
• Four multimodal logistics parks will be built around the country. To facilitate these logistics, 100 PM Gatishakti Cargo Terminals will be created. This will shorten the time it takes to carry goods for Industry and trade and will increase India's exports

The Way Forward

In the difficult times of COVID-9, India faced the pandemic strongly. The foundations of the Indian economy are solid; the direction and pace are correct. However, self-reliance does not imply that India will cut itself off from the rest of the world.

It implies avoiding competition and meeting the benchmarks set by the finest countries in the world. It also symbolizes the planned cohabitation of the public and private sectors so that economic reliance in the event of an emergency or tragedy is reduced.