Nirmala Sitharaman Should Target for Sustainable Growth
As India gears up for the Budget 2024, Finance Minister Nirmala Sitharaman faces the crucial task of steering the nation towards sustainable growth. Here are seven structural reforms that should be prioritized:

Budget 2024: 7 Structural Reforms Finance Minister

Revamping the Tax System: Simplifying the tax code and ensuring greater compliance can boost revenue and reduce evasion. A streamlined tax system would make it easier for businesses to operate and for individuals to file taxes.

Strengthening the Banking Sector: Addressing non-performing assets (NPAs) and ensuring robust financial health of banks are critical. This includes recapitalizing public sector banks and improving governance to enhance credit flow to productive sectors.

Boosting Infrastructure Development: Investing in infrastructure projects such as roads, railways, ports, and digital connectivity can create jobs and stimulate economic activity. Public-private partnerships can be encouraged to leverage private investment.

Enhancing Education and Skill Development: Improving the quality of education and vocational training is essential to equip the workforce with the skills needed for the modern economy. This includes updating curricula and expanding access to digital learning.

Encouraging Manufacturing and Exports: Initiatives like the Production Linked Incentive (PLI) scheme should be expanded to more sectors to boost manufacturing. Simplifying export procedures and providing incentives can enhance India’s competitiveness in global markets.

Promoting Green Energy and Sustainability: Investing in renewable energy sources and promoting energy efficiency can reduce dependence on fossil fuels and mitigate environmental impact. Policies supporting electric vehicles and sustainable practices should be prioritized.

Fostering Innovation and Digital Transformation: Encouraging startups and investing in research and development can drive innovation. Digital transformation across sectors can improve efficiency, reduce costs, and enhance service delivery.

Implementing these reforms can pave the way for long-term economic stability and growth. Finance Minister Nirmala Sitharaman’s strategic approach in the 2024 Budget will be crucial in achieving these goals.