27 Jan 2024 : Indian Express Editorial Analysis
Indian Express Editorial Analysis
27- January-2024
1. The quality of growth
| Topic: GS3 – Indian Economy- Government Budgeting This topic is not much relevant in the context of Prelims but more for Mains in the context of economic policies, government priorities, and the overall fiscal direction of the country. |
| Context: |
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1. Fiscal Consolidation:
- Addressing India’s high general government debt-to-GDP ratio of 82%, the budget should prioritize fiscal consolidation.
- With limited scope for productive government spending, achieving the fiscal deficit target for 2023-24 is essential.
- Robust direct tax collections and higher dividend transfers are expected to compensate for lower divestment, aligning with a sustainable debt trajectory.
2. Capital Expenditure:
- Capital expenditure has been pivotal for post-pandemic growth, with the government increasing its focus on infrastructure development.
- The budgeted increase in the government’s capital expenditure to GDP ratio to 3.4% in 2023-24 indicates a continued emphasis on infrastructure.
- Interest-free loans to state governments for capital expenditure further underline the commitment to propelling growth through capital investments.
3. Consumption Boost:
- Reviving consumption demand is imperative, considering the relatively weak revival and skewed growth towards the upper-income category.
- While the government has focused on capex-led growth, measures to spur domestic demand are essential.
- The budget could explore avenues like a small cut in excise duty on petrol/diesel to stimulate consumption without significant fiscal disruption.
4. Investing in Human Capital:
- India’s demographic dividend can be fully realized by investing in human capital.
- A higher allocation to health, education, and skilling is necessary to equip the working-age population for meaningful employment.
- Despite an increase in spending on social services, the government must enhance efforts to align with global peers and address the needs of a population reliant on these services.
5. Rural Sector Development:
- With 65% of the population residing in rural areas, the budget should prioritize agriculture and rural development.
- Improving agriculture productivity through technology adoption, boosting rural infrastructure, and facilitating the transition of the rural workforce to manufacturing and services sectors are crucial for sustaining India’s growth story.
Conclusion:
- While the aforementioned areas represent key priorities, the budget must also address enabling business environments, environmental concerns, and the upliftment of marginalized sections.
- Emphasizing the quality of growth that is equitable, sustainable, and green becomes paramount.
- As India navigates economic uncertainties and heads towards elections, the budget’s policy direction will play a vital role in shaping the country’s economic trajectory.
| PYQ: One of the intended objectives of Union Budget 2017-18 is to ‘transform, energize and clean India’. Analyse the measures proposed in the Budget 2017-18 to achieve the objective. (250 words/15m) (UPSC CSE (M) GS-3 2017) |
| Practice Question: Discuss the challenges and opportunities in aligning economic policies with demographic realities and the imperative for inclusive development. (150 words/10 m) |
2. BUILDING ON TRUST
| Topic: GS2 – International Relations- Bilateral Relations This topic is not much relevant in the context of Prelims but more for Mains in the context of India- France relations. |
| Context: |
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Defense Industrial Cooperation Roadmap:
- One significant outcome of the visit is the adoption of a roadmap for defense industrial cooperation.
- This collaboration seeks to establish supply chains that not only cater to Delhi’s security needs but also provide the flexibility to negotiate partnerships with other countries.
- The agreements on clean energy and technology build upon engagements initiated during the Paris Climate Pact in 2015, with the International Solar Alliance standing out as a tangible outcome.
- The focus on green hydrogen and commitments to enhance student exchanges and strengthen educational ties deepen the collaboration.
Strategic Autonomy and Trust:
- France’s acknowledgment of the United States’ role in the global order aligns with India’s evolving foreign policy.
- Simultaneously, the emphasis on strategic autonomy, especially in the aftermath of India’s nuclear tests in 1998, has earned Delhi’s trust.
- Unlike some Western powers, France recognized India’s strategic importance and even blocked China from raising the Kashmir issue at the UN Security Council in 2019.
- The reliability of French defense partnerships, free from the unpredictability associated with US deals due to Congressional interventions and export control regimes, adds to the strategic appeal.
Multifaceted Collaboration:
- Beyond defense, Modi and Macron exchanged perspectives on global issues such as the situation in Gaza, Red Sea turmoil, and the conflict in Ukraine.
- The Red Sea’s significance as a conduit for Indo-European trade and the uncertainties surrounding a US-led defense against Houthi attacks underscore the complexity of global geopolitics.
- Indo-French collaboration could play a crucial role in ensuring stability in these volatile regions.
Conclusion:
- President Macron’s visit has reinforced the multifaceted collaboration between India and France, particularly in defense, technology, and global affairs.
- The strategic autonomy and trust in the partnership make France a reliable ally for India, especially in times of geopolitical uncertainties.
- The visit’s outcomes contribute to strengthening bilateral ties and positioning France as a key partner in India’s pursuit of strategic goals.
| PYQ: What can France learn from the Indian Constitution’s approach to secularism? (150 words/10m) (UPSC CSE (M) GS-2 2019) |
| Practice Question: Evaluate the Strategic Significance of Indo-French Relations in the Evolving Global Geopolitical Landscape. (150 words/10 m) |
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