What Economic Survey says on 'Amrit Kaal', and how Budget 2024 is linked to it

'Amrit Kaal' is a reference to the 25-year period culminating with the 100th year of India's Independence in 2047. In the Economic Survey 2024 released on July 22, the long-term strategies required to achieve the Amrit Kaal goals were listed.

"The policy reforms that the Government of India has been following over the past decade have laid the foundation for sustained moderate to high growth in the coming years. To sustain growth for nearly a generation up to 2047 or more and to ensure that it makes people’s lives better and fulfills their aspirations, bottom-up reforms are necessary," the Economic Survey said.

The pivotal pre-Budget document then listed the six-pronged growth strategy that can guide the bottom-up reform process going forward.

This includes "boosting private sector investment", "strengthening India’s MSME sector", "removing the growth impediments in the agricultural sector", "bridging the education-employment gap", "building state capacity and capability", and securing the "financing of green transition in India".

How Budget 2024 is linked to Amrit Kaal vision?

The government has linked the Union Budget 2024 to the Amrit Kaal vision, stating that the annual financial policy document will lay the foundation of a 'Viksit Bharat' or developed India by 2047.

"This budget is an important budget of Amrit Kaal. We have got an opportunity of five years and this budget will determine the direction of our work for those five years and also lay a strong foundation for fulfilling our dream of a 'Viksit Bharat' in 2047, when we will celebrate 100 years of independence," Prime Minister Narendra Modi said on July 22.

"The government will introduce its first budget for this term. This budget will be an impressive document of the far-reaching policies and futuristic vision of the government. In this budget, along with major economic and social decisions, many historical steps are also to be seen,” the President said on June 27.