From 7 to 9 priorities, India’s turbulent journey towards Viksit Bharat thus far

Nobody wants to know how many poor students go abroad for higher studies by availing themselves of government fellowships. The number is negligible vis-à-vis their population but who gives a damn

The Union Budget 2023-24 spoke of seven priorities – inclusive development, reaching the last mile, infrastructure and investment, unleashing the potential, green growth, youth power and financial sector. These were given the sobriquet of Saptarishi. The Union Budget 2024-25 talks of nine priorities in pursuit of Viksit Bharat: Productivity and resilience in agriculture; employment and skilling; inclusive human resource development and social justice; manufacturing and services; urban development; energy security; infrastructure; innovation, research and development, and next generation reforms.

If all goes as per the schedule, Union Finance Minister Sitharaman will come out with her next Budget estimate for the Financial Year 2025-26 next February 1.

Perhaps, by then we will have more priorities or the Centre could change its focus of development as well. Since the Budget is an annual, but an important exercise, we have some new and exciting announcements, every year.

If we set aside political posturing from different quarters, no Budget is either good or bad. It reflects how the current dispensation wishes to manage the country’s economy, its pace of development and response to the needs of the people and their rising aspirations. In other words, one tends to presume that every Budget – whether of the Centre or the State – is focussed on the people’s all-round development.

It is heartening indeed to see the idea of inclusive development and social justice gaining strong ground in India, which even after almost eight decades of Independence remains a boiling cauldron of socio-economic and political disparities and inequalities. The gap between haves and the have-nots remains colossal. The rich and powerful, despite being miniscule in numerical terms, are privileged to lord over the country’s majority of quality opportunities, facilities and responsibilities in fields ranging from politics, business, administration and education to governance. Those who are in majority are hailed as kingmakers during elections and are forgotten conveniently once polls are done with. The story remains the same irrespective of the colour, creed and caste of the narrator.

So far as inclusive human resource development and social justice are concerned, our report card is not up to the mark. We do talk of gross enrolment ratio (GER) in higher education institutions (HEIs) but none is keen or comfortable to talk and discuss about why the vast majority of SC, ST, and OBC youth are not even able to enroll for higher studies. Forget how many of them, who are enrolled in HEIs, get suitably placed in the job market. The impact of affirmative measures meant for them is rarely a part of political discourse in the country. Nobody wants to know how many poor students go abroad for higher studies by availing themselves of government fellowships. The number is negligible vis-à-vis their population but who gives a damn.

Auditing the classroom teaching outcomes is passé in our country. As a result, our youth have degrees but are not in a position to justify their hard-earned degrees. The end result – they are eligible for unemployment allowance but are not in a position to make meaningful contributions to the country’s development and for no fault of theirs. It is the system which is responsible for this sorry state of affairs. Degrees devoid of relevant knowledge and skills are a brutal manifestation of a cruel joke being cracked in the name of human resource development in the country. Who are the real sufferers? Certainly, those who cannot afford accessing quality education! Near total absence of students from socially and economically deprived and suppressed families in the country’s top private sector HEIs is a testimony to the fact that we are not inclusive in sharing the best of facilities with every social and economic strata.

Do we know how many families in India boast of a graduate or a postgraduate today? What is their social and economic status? Why don’t we have such data? When we can have the data of families in need of ration to survive, then we must also know from them what kind of help they need to produce graduates. If not, then what are the reasons? Unfortunately, we have neither the guts nor intent to face the realities. In such a situation, identifying priorities won’t make much of a difference. We will have to act upon them so that the desired results are achieved within a stipulated period of time.

We need to take cue from China, South Korea, Japan, Germany and Singapore, who rebuilt themselves to emerge as global economic giants, who assure quality life to their people.

Media reports quoting the data of the Union Ministry of Statistics and Programme Implementation (MoSPI) have claimed that Indian households saved a smaller portion of their income in 2022-23 as compared to previous year and net financial savings dropped to a five-year low of Rs. 14.16 lakh crore. Given the rising cost of living, someone earning Rs. 50,000 a month in a metropolitan city and staying in a rented accommodation often faces significant financial strain to meet the needs of their family of four. High rents, coupled with daily expenses such as groceries, utilities, transportation, and education, leave little room for savings or discretionary spending.

Moreover, the rising prices of essential commodities and services continuously erode purchasing power, making it challenging to maintain a comfortable standard of living. The financial pressure is further exacerbated by unexpected expenses or emergencies, which can quickly deplete any savings, leaving the individual in a precarious financial position. While the security and accessibility of a savings account are undeniable, the minimal returns can be disheartening.

However, many people continue to prioritize saving over other investment avenues, possibly due to a lack of financial literacy or an aversion to taking risks.

The peace of mind from knowing their funds are safe and available when needed might outweigh the disappointment of low interest gains, leading to a persistent, yet passive, approach to future financial planning. But who cares? Perhaps none!

(The writer is a senior journalist, author and columnist. The views expressed are strictly his personal)