DRAFT FOR ECONOMICS PROJECT

AMRIT KAAL

TOPIC: AMRIT KAAL

NAME: NAVYA ARORA

CLASS: XI D

ROLL NO : 10
 Contents
Amrit Kaal - Realising New India’s Vision 2047...........................................................................2
The Fundamentals of Amrit Kaal................................................................................................2
The objective of Amrit Kaal is to :..............................................................................................2
Origin of the word........................................................................................................................3
The Vision of Amrit Kaal............................................................................................................3
Amrit Kaal - Blueprint for Next 25 Years.......................................................................................4
Direct Beneficiaries of Amrit Kaal Scheme................................................................................4
Key Priorities of Amrit Kaal........................................................................................................4
1. PM GatiShakti :.................................................................................................................4
2. Investment Financing........................................................................................................5
3. Inclusive Development.....................................................................................................5
4. Productivity Enhancement and Investment, Sunrise Opportunities, Energy Transition
and Climate Action...................................................................................................................6
Present Day World Economy and Challenges................................................................................6
Covid-19 Pandemic:.................................................................................................................7
Russia-Ukraine War:................................................................................................................7
Climate Change and Natural Disasters....................................................................................7
Indian Economy uplift: First Budget of Amrit Kaal.......................................................................8
1. Inclusive Development9
2. Reaching the Last Mile:....................................................................................................9
3. Unleashing the Potential...................................................................................................9
4. Youth Power.....................................................................................................................9
5. Green Growth..................................................................................................................10
5. Infrastructure Investment................................................................................................10
6. Financial Sector..............................................................................................................11
Amrit Kaal - Realising New India’s Vision 2047

Hon'ble Prime Minister Shri Narendra Modi introduced the concept of Amrit Kaal or ‘The Era
of Elixir’ to the entire nation on India’s 75th Independence Day.

Amrit Kaal is the Prime Minister’s vision 2047 for ‘New India’, a new dawn for the country
which will bring with it the chance to fulfill the nation’s aspirations.

He envisioned the coming 25 years to restructure all fragments of the Indian economy through
rapid profitable growth, better living conditions for all, infrastructural and technological
advancements, and re-awakening the world’s trust in India.
 The Fundamentals of Amrit Kaal
The Panch Pran or the 5 fundamentals of Amrit Kaal
include the
1. goal of developing India,
2. elimination of any trace of the colonial mindset,
3. honour and pride in our roots,
4. development of unity, and
5. a sense of duty among citizens.

The objective of Amrit Kaal is to :

● enhance the lives of the nationals of India,

● reduce the divide in development between villages and cities,

● lessen the government's interference in people's lives and

● embrace the latest technology

As stated by Prime Minister Narendra Modi, "Starting from here, the journey of the next 25
years is the Amrit Kaal of a new India. The fulfilment of our resolutions in this Amrit Kaal will
take us till 100 years of independence."

By accomplishing specific goals during the Amrit Kaal, the government strives to achieve the
vision India@100. They are:

● Complementing the macroeconomic level development focus with a microeconomic level all-
inclusive welfare principle.
● Boosting the digital economy and fintech technology-enabled evolution, energy transition, and
climate action.
● A virtuous cycle of private investment with public capital investment, supporting crowd in
private investment.
Origin of the word
The term “Amrit Kaal" comes from Vedic astrology and refers to a crucial period when the
portals to greater pleasure for humans, angels, and other creatures open. Amrit Kaal is regarded
as the most fortunate time to begin any new work.

The Vision of Amrit Kaal

It is a unique plan for the country's next 25 years. The focus area of this initiative is:

● Enhancement of the lives of Indian citizens

● Bridge the development gap between rural and cities

● Eliminate government intrusion in people's lives

● Embracing cutting-edge technology

The following are Amrit Kaal's visions:

● A microeconomic focus on all-inclusive welfare supports the macroeconomic focus on
growth
● Advancing the digital economy and fintech technology-enabled evolution, energy
transition, and climate action
● A virtuous cycle of private investment supported by state Capital investment
Amrit Kaal - Blueprint for Next 25 Years

The Hon'ble Finance Minister, Ms Nirmala Sitharaman, delivered the Union Budget 2022 amid
the Covid omicron wave. The purpose is to implement the government's vision of
macroeconomic growth, technology-enabled development, and developing a digital Economy.
The 2022 budget relies on a large Capex push in the expectation of stimulating private
investment, which will fuel economic development. The budget aims to provide the groundwork
for the economy to guide itself over the next 25 years, from India at 75 to India at 100, while
continuing to build on the vision of the budget. The several topics encompassed by Amrit Kaal
are covered in this article..

Direct Beneficiaries of Amrit Kaal Scheme

Listed are the direct beneficiaries of Amrit Kaal yojana:

● Youth Women

● Farmers

● Scheduled Castes

● Scheduled Tribes.

Key Priorities of Amrit Kaal

The Budget 2022-23 puts forth a vision for the Amrit Kaal that is both futuristic and inclusive
Furthermore, massive public investment in modern infrastructure will equip India. This will be
led by PM GatiShakti and will benefit from the synergy of the multimodal approach.

Moving forward on this parallel track, the administration has established the following four
priorities:
1. PM GatiShakti :
PM GatiShakti is a game-changing Economic Growth and development approach. Seven
engines direct the strategy:
a. Roads
b. Railroads
c. Airports
d. Ports
e. Mass Transportation Waterways
f. Logistical Infrastructure
The economy will be propelled ahead by all seven engines working in tandem. These engines
are supported by the complementing responsibilities of energy transmission, IT communication,
bulk water and sewage, and social infrastructure.

The strategy is fueled by clean energy and Sabka Prayas — initiatives implemented by the
federal government, state governments, and the private sector – ushering in huge job and
entrepreneurial opportunities for everybody, particularly the youth.

2. Investment Financing

In addition, the Union Budget for 2022 included a number of direct tax breaks to boost
disposable Income and encourage corporations and cooperatives to participate in private
projects that create jobs.

Parents of children with impairments have received special tax breaks. Cooperatives will
benefit from tax savings as well. Cooperative societies' Alternate Minimum Tax Rate has
been lowered from 18.5% to 15%.

3. Inclusive Development

The government has completely revamped the Ministry of Women & Child Development
programs, recognizing the significance of Nari Shakti as the herald of a hopeful future and
for women-led development during the Amrit Kaal. As a result, three initiatives were
recently launched to provide women and children with integrated benefits:
g. Mission Shakti Mission
h. Vatsalya Saksham Anganwadi, and
i. Poshan 2.0

The new generation of anganwadis "Saksham Anganwadis" have state-of-the-art infrastructure

and audio-visual aids.
These are powered by renewable energy and provide a better environment for early childhood
development.
Under the project, two lakh anganwadis would be refurbished
 4. Productivity Enhancement and Investment, Sunrise Opportunities, Energy Transition and
Climate Action

The Amrit Kaal will be the focus of the next phase of Ease of Doing Business 2.0 (EoDB 2.0)
and Ease of Living. To increase the productive Efficiency of capital and human resources, the
government would pursue the objective of "trust-based governance."
The following principles will govern this next phase:

● States' active participation

● Digitisation of manual procedures and intervention strategies

● Integration of central and state-level systems via IT bridges, single-point access

to all citizen-centric services
● Standardisation and elimination of overlapping compliances

Recently, over 25,000 compliances were reduced, and 1486 Union Laws were repealed. This
results from the government's strong affirmation of ''minimum government & maximum
governance,'' trust in the public and Ease of Doing Business (EoDB).

.
With the active participation of citizens and companies, crowdsourcing ideas and ground-level
inspection of the impact will be encouraged.

Present Day World Economy and Challenges

it is important to understand how the major events of the past three years have impacted the
world economy.
Covid-19 Pandemic:

● Following the once-in-a-century pandemic, the World Bank projected the growth of the
developing world, much like Covid-19 vaccine accessibility, to be quite uneven. As a
result, Low-Income Countries (LICs) have fallen into extreme poverty due to rising food
 and energy insecurity. As per the Bank’s projections[2], LICs with extreme poverty over
50% will rise to a positive figure by 2024, as opposed to the pre-pandemic expectation of
poverty reduction. The strict, yet poorly managed, lockdowns in China have also
impacted supply chains and global trade even as the world starts to recover from the
pandemic.
●

Russia-Ukraine War:

● The conflict has had significant spill over effects on both the South Asian and global
economy due to disrupted supply chains and increased food and energy prices. The
impact was further magnified due to increased energy requirements, owing to climate
change and disrupted energy supply following the war. As median inflation [3] reached a
new high of 9% in the second half of 2022, central banks around the world tightened
monetary policy, reducing inflation but temporarily slowing down growth as well.

Climate Change and Natural Disasters

● Even as the world was reeling from the post-Covid impact on local, regional, and global
economies, it was further shaken up by grave climate change-induced disasters in the
form of hurricanes, cyclones and floods. The ‘State of the Global Climate 2021’ [4],
published by the World Meteorological Organization, reported loss and damages worth
USD 100 billion in 2021. In 2022, the floods in neighbouring Pakistan devastated the
country’s economy[5] – with total damages at USD 15 billion, total economic losses at
USD 15.2 billion, and the cost of rehabilitation and reconstruction at USD 16.3 billion,
Over 33 million people were affected and almost 9 million were pushed below the
poverty line. India also witnessed more frequent extreme weather events, as storms and
flooding alone cost the country over USD 7.5 billion in 2021. Once the loss and damage
from weather events in agriculture and other sectors are quantified, the figure will be
much larger.

Indian Economy uplift: First Budget of Amrit Kaal

Hon’ble Finance Minister, Smt. Nirmala Sitharaman announced Union Budget for 2023-24, the
first budget of Amrit Kaal, as the way forward for an empowered and inclusive economy.
The budget aims to establish a robust foundation for macroeconomic stability, with an emphasis
on the empowerment of women by including a technology-driven and knowledge-based
economy for New India.

It provides the roadmap for promoting sustainable development through greener and futuristic
(tech-driven) methods.
It further aims to bring prosperity through the allocation of funds to all micro and macro-
segments of the economy.

The objective is to lay the building blocks for the forthcoming 25 years of the Indian economy
and bifurcate principal policies into 7 co-dependent departments- termed as Saptrishis or 7
sages.
This year’s budget is historic for two major reasons: first, it seeks to lay the foundation for the
next 25 years to ensure continuity and stability in development decisions and, second, it divides
policy priorities into seven interdependent, yet holistic ‘saptarishis’ (seven sages). Together,
they make the budget people- and development-friendly. They are:
1. Inclusive Development:
Equal benefit to all sections of society through investments in agriculture and farmers’ welfare,
as well as medical infrastructure.

● Agriculture (BE 2023-24 = Rs 1,25,036 crore or a 5% increase over last FY RE): The
proposed additions under the Budget will cater to the entire agricultural supply chain.
Enhanced agriculture credit to the tune of Rs 20 lakh crore for animal husbandry, dairy,
and fisheries aims to improve the quality and care of farm resources. The proposed
Digital Public Infrastructure will revolutionise agricultural practices in India by
providing open-source access to solutions, inputs, credit, and insurance to farmers.
Decentralised storage capacity for farmers will help them realise competitive prices, and
additional cooperative dairy and fishery societies will further organise the sector and
bring in more formal agricultural employment. Finally, in line with the Atma Nirbhar
Bharat vision of the Hon’ble Prime Minister, the Agriculture Accelerator Fund will reach
young entrepreneurs in rural areas and give them an opportunity to innovate and
revolutionise agricultural practices.
● Health (BE 2023-24 = Rs 89,155 crore or a 12% increase over last FY RE): Post the
Covid-19 pandemic, the focus of the health sector has shifted to infrastructure
development. The Budget speech announced the establishment of 157 new nursing
colleges, introducing multidisciplinary courses at medical colleges on technology,
allowing private players to access the Indian Council for Medical Research (ICMR)
 facilities, and pushing R&D in the pharmaceutical sector. In addition, health
infrastructure via the old and new All India Institute for Medical Sciences (AIIMS) has
received an increased outlay, and additional expenditure under Ayushman Bharat shall
further the mission of achieving universal healthcare.
●
2. Reaching the Last Mile:
To ensure inclusivity of tribal groups, the Budget lays special emphasis on schemes for their
benefit, specifically through the new Pradhan Mantri PVTG (particularly vulnerable tribal
groups) Development Mission, and by increasing the number of teachers in the Eklavya
Residential Model Schools for tribal children in remote areas. Education has received a
significant boost this year of 8.3% as compared to last year.
3. Unleashing the Potential
Micro, Small and Medium Enterprises (MSMEs) form a core part of the Indian economy. India
has over 63 million MSMEs, contributing 30% to its GDP, 40% to its manufacturing output, and
48% to its exports. One of the biggest challenges of the sector has been the provision of safe
credit opportunities. The Standing Committee on Finance [6], in our ‘Strengthening Credit Flows
to the MSME Sector’, had noted that more than 60% of the MSMEs currently avail credit from
informal sources, depending on costly and unreliable credit. The Budget provides additional
support to MSMEs through the infusion of Rs 9000 crore under the revamped Credit Guarantee
Scheme. This will potentially lower the cost of capital and allow MSMEs to avail collateral-free
credit guarantee of Rs 2 lakh crore. Access to reliable credit will significantly boost their output,
accelerate formalisation, and increase creditworthiness.
Additionally, the Standing Committee also recommended bringing MSMEs into the digital
ecosystem both for credit access and formalisation, especially given India’s UPI success story.
The Government further establishes an enterprise DigiLocker for MSMEs, other businesses and
trusts as a one-stop solution for foundational identification and digital safe-keeping of
documents.
4. Youth Power
With a strong belief in the power of the youth and their ability to take our nation forward
through the Amrit Kaal, the Budget aims to enhance the layout for skilling. The PM Kaushal
Vikas Yojana 4.0 (PMKVY 4.0) will focus on technical skills like robotics, artificial
intelligence, and coding to provide a stimulus to India’s already booming start-up industry.
Previous editions of PMKVY have provided over 10 million certifications, out of which a
quarter have materialised into meaningful employment. The increased outlay for school and
higher education, coupled with the National Education Policy, will provide an impetus to
infrastructure-oriented, multidisciplinary, and skill-based education. The power of India’s youth
will be unleashed by providing them with high-quality modern education with a special focus on
skill development and entrepreneurship.

New India also professes equality of all genders. The leaders of the nation are promoting equal
participation and representation of women at all workplaces by providing them fair and equal
opportunities and ensuring their upliftment through various schemes and programs such as ‘Beti
Bachao Beti Padhao’

To turn India’s massive population into its biggest asset, the focus has been shifted to investing
in education and multiple child welfare schemes, that ensure access to basic education. New
India strongly believes in its youth and empowers them to perform to the best of their capability
and allows them to nurture their interests and state their opinions.
5. Green Growth
The Hon’ble Prime Minister’s commitment to net zero by 2070 at COP26 laid the foundation for
India’s green growth. With the announcement of the target, India also committed to utilising
renewable power for 50% of its energy requirements, reaching 500 GW of non-fossil energy
capacity by 2030, reducing the total projected carbon emissions by one billion tonnes by 2030,
and reducing the carbon intensity of the economy by 45% by 2030. The announcement came at a
crucial juncture for the world, as the United Nations Environment Programme [7] projects a 2.8
degrees Celsius rise in temperature by the end of the century, as opposed to the target of capping
it at 2.0 degrees Celsius by 2100. It is estimated that by 2070, over 75% of greenhouse gas
(GHG) emissions will come from countries from the Global South (developing countries).
India is one of the few Global South countries that has declared a net zero target for itself. The
2023-24 Budget takes this vision forward with Rs 35,000 crore allocated for capital investments
into the green transition and net zero. Additionally, support shall be provided to set up battery
storage systems with a capacity of 4000 MWh. The Green Credit Programme, along with the
additional outlay to the National Green Hydrogen Mission, will provide further momentum to
the green transition in India. The Government is also planning to introduce an Emissions
Trading System unique to India, based on buying and selling of credits earned from reducing
emissions intensity, as opposed to absolute emissions reductions.
At COP26, the Hon. Prime Minister announced a requirement of $1 trillion from developed
countries for climate finance.[8] India’s Budget proves that it is on track to achieve its Nationally
Determined Contribution (NDCs) and achieve net zero, which shall also require mobilisation of
finance from the developed world, in line with the principle of common but differentiated
responsibilities (CBDR).
The launch of ‘Mission LiFE’- Lifestyle for Environment, further pushed all Indian citizens to
come forward and take steps towards an environmentally conscious life setting a fertile base for
India to grow sustainably in the coming future.
Infrastructure Investment:
The last nine years have been extremely positive for India’s infrastructure story. For example,
the Government doubled the number of airports to 146, added close to 43,000 kilometres to the
national highways, and tripled the capital expenditure on higher education institutions like
AIIMS and IITs. The budget streamlines the investment pipeline for the country across sectors.
Firstly, it simplifies the administrative structure for investments. It creates an Infrastructure
Finance Secretariat for more private investment in public-dominated sectors like urban
infrastructure, power, and others. It creates a ‘Harmonised Master List of Infrastructure’, with
recommendations from experts on classification and financing requirements for the Amrit Kaal.
Secondly, the Budget lays great emphasis on city and urban planning through the ‘Sustainable
Cities of Tomorrow’ mission, focusing on resource efficiency and enhanced availability and
affordability. It creates the foundation for significant investment opportunities in urban
infrastructure through the introduction of municipal bonds. Urban investments also get a
renewed push through the Urban Infrastructure Development Fund worth Rs 10,000 crores.
Lastly, regional connectivity, railways, and logistics have been given a boost via enhanced
allocation of Rs 2.4 lakh crore to the railways.
6. Financial Sector:
To reduce the cost of compliance, regulators shall be expected to review regulations through
public and private consultation. Further, in order to enhance the governance of public sector
banks, the Government shall propose amendments to the Banking Regulation Act, the Reserve
Bank of India Act, and the Banking Companies Act. Additionally, the focus will be on setting up
better digital infrastructure for payment security by using PAN as the common identifier on
platforms and providing subsidies to banks on UPI payments.
7. Technology and Innovation
India is taking huge leaps and making advances every day in the field of healthcare not only
through infrastructure development but also by employing Artificial Intelligence (AI) to its best
use. At the same time, Indian doctors and scientists are on a continuous hunt for further
sustainable and affordable medical services and technologies. The use of AI in agriculture has
proved to be a game-changer. Over 7000 farmers are using AI to monitor the health of their
crops, control quality and test their yield.
Way Ahead

● Looking at the times ahead, the Amrit Kaal is a vision well-balanced and planned, which
lays the roadmap for India’s bright future by nurturing new possibilities, realizing new
resolutions, and moving ahead with confidence. Efforts and participation from all
sections of society will make India a shining star of the world economy in times to
come.

● “Amrit Kaal, leading to the 100 years of Indian Independence, will determine the future
of our children and generations to come. India is a bright spot in the world today as other
countries have slipped into recession, the world is seeking to engage with India because
it is a growing economy.

● Our current economy is about 3.5 trillion USD as against less than 300 billion USD
three decades ago. We have reached that inflection point, we are at the cusp, where we
are going to take off. If we have the ambition to grow at least ten times in the next 25
years...we are looking to cross the USD 30 trillion economy with a per capita GDP of
15,000 dollars.”
Foreign trade will be a truly defining feature that would help India become a USD 30 trillion
economy in the Amrit Kaal over the next 25 years. Indian economy has grown 11.8 times in
terms of dollars in the last 30 years.
“Free Trade Agreements, Political stability, decisive leadership and deft handling of the
economy have made the world look up to India. As we go into a developed economy status, our
imports and exports are going to increase manifold. We have to have seamless foreign trade,
movement of goods and services,

The Bottom Line

According to the government's "Amrit-Kaal" vision, start-ups will play a critical role in
promoting innovation, employability and employment, and wealth creation – all in the pursuit of
India's goal of the richest economy.