Union Budget: Union Minister Mansukh Mandaviya on Monday said the government's infrastructure investment budget should be Rs 15 lakh crore per annum, against Rs 11.5 lakh crore at present, for the next 25 years to achieve 'Viksit Bharat @2047' and social security for all. This assumes significance in view of India's 100 years of independence in 2047 and the government's goal of 'Viksit Bharat@2047'.
Addressing the inaugural of ISSA-ESIC International Seminar 'Formalization & Social Security Coverage for Workers in the Informal Sector Challenges & Innovation', Mandaviya stated that the infrastructure investment budget was Rs 1.2 lakh crore in 2012 and this budget was Rs 2.4 lakh crore in 2014 under the Narendra Modi-led government.
"In 2024, the budget has been pegged at Rs 11.5 lakh crore. We have to take it to Rs 15 lakh crore. When the government will invest Rs 15 lakh crore on infrastructure for the next 25 years, only then India will become a developed country (by 2047)," he said.
He pointed out that the Indian economy is rapidly expanding, increasing the people's purchasing power and creating new jobs in the new sector.
The minister is of the view that the government would have to provide social security to workers in these new sectors.
Mandaviya noted that the social security coverage was 24 per cent a decade ago, in 2014.
Now, he said, it is 48 per cent which excludes food security and if we add food security to this, then the social security coverage in the country is 68 per cent, which is a big achievement.
India has 1.4 billion population and under these circumstances, the government has done unmatched work in providing social security in the last decade, he noted.
Social security means health, pension, livelihood and food security. Today 600 million population have health security in India who get free treatment of up to Rs 5 lakh, he explained.
India has brought 800 million people under the food security ambit. Every citizen gets 5 kg of foodgrains free of cost, he noted.
He said that informal workers are getting benefits from all these schemes in the country.
In the last 10 years of the Modi government, 250 million people have come above the poverty line, mainly because of getting social security, he pointed out.
Today 630 million people are in the workforce in India and the female ratio in the workforce participation has increased from 22 per cent a decade ago to 44 per cent at present, he noted.
India is emerging as a big market with FDI flowing and ease of doing business ranking has improved to 63 rank from 140 a decade ago, he noted.
The number of startups has increased here. Indian companies are going to become global companies, he stated.
Stressing that Social security should be available to all workers, he stated that about 2000 years ago, Chanakya talked about it saying that an ideal government or economy is the one which makes provisions and ensures that the lowest strata of society or people living below the poverty line, live life with dignity.
"Now we see those people as formal or informal sector workers or government employees. Those people who are self-employed also come under the definition of workers and should get social security..." he said.
Source Name : Economic Times