At a time when global food supply is stressed by market vulnerability to war, weather and volatility, the situation in India is conspicuously comfortable both for consumers and farmers.

On Thursday, the Union cabinet raised the fair and remunerative price (FPR) of sugarcane by 8%, to benefit farmers, who are already getting the highest cane price in the world, while Gol ensures that Indian consumers get the cheapest sugar in the world. The ex-mill price of sugar has fallen 3.5-4% after the start of the new cane-crushing season. The ethanol-blending programme has boosted the viability of the industry, helping millers clear about 99.5% sugarcane dues in 2022-23. This is the lowest-ever pendency of dues, demonstrating this government’s focus on farmer welfare.

There is a series of such initiatives that combine farmer welfare with con- sumer interest. Earlier this month, the PM once again ensured the supply of grains for citizens at affordable prices with the launch of Bharat Rice’ at 29 a kg, carrying forward his mission to provide nutritious food to every citizen. Thanks to our farmers, Gol is providing free food grains to over 80 crore people under the Pradhan Mantri Garib Kal- yan Anna Yojana (PMGKAY), and very reasonably priced food products for the rest of the population.

The Modi government has always acted swiftly to counter any abnormal rise in prices of sensitive food commodities. Last year, it launched ‘Bharat Dal’ at the highly subsidised rate of 60 a kg, and ‘Bharat Atta’ at 27.50 a kg. Similarly central agencies sell affordable onions. It even supplied tomatoes when prices were soaring, with Gol picking upa large bill for the differential. Sale of ‘Bharat food items has been quickly scaled up and is available at more than 18,000 outlets.

Never before has Gol sold food grains or pulses in the retail market. Last year, as soon as unseasonal rains disrupted tomato supply Gol swung into action and reversed the rise in prices. It has ensured that good quality dal, rice and atta are supplied at moderate rates. These mea- sures are implemented without discrimi- nation, to help every section of society.

Gol has also introduced a dedicated price stabilisation fund to create a buffer of agri-horticultural commodities for prompt market intervention. It took the landmark initiative to ensure availabili- ty and affordability of major pulses and onions with a cumulative budgetary sup- port of 27,489 crore.

Gol has given a strong message that any attempt to hoard supplies or manipulate the market will backfire. While a record wheat harvest is expected in a few mon- ths, Gol is not taking any chances. It has imposed stock limits on wheat and is ready to increase supply in the market.

Every day retail and wholesale prices of 22 essential food commodities are monitored. With inputs from 550 price- monitoring centres in 34 states/UTS, price trends are analysed for taking ap- propriate decisions for release of stocks from the buffer to cool down prices, and imposition of stock limits to prevent hoarding.

Cooking oil prices are at a two-year low following proactive steps, including ch anges in import duties. In the past year, retail prices of mustard oil are down 18.3%, soyabean oil 17.1%, sunflower oil 23.8% and RBD palmolein 12%. Gol is also tak- ing effective steps to control wheat pri- ces. All-India average prices of wheat and atta in the retail and wholesale markets are showing a declining trend.

Gol has restricted exports of wheat, rice and sugar to ensure adequate domestic supply and moderate prices, while mak- ing sure that farmers get remunerative prices. It has stepped up sales of rice and wheat under the ‘Open Market Sales Sch- eme’ to increase domestic supply Laun- ch of Bharat Rice’, which follows a seri- es of other measures, will go a long way in moderating rice prices.

The free-food scheme had helped Indi- ans withstand the pandemic. Post-Covid Gol’s generous welfare schemes conti nue. Gol has already committed 11.80 lakh crore in the next five years under PMGKAY. This scheme carries forward the PM’s record of running welfare sch- emes without compromising on fiscal discipline. Similarly, Gol ensures ethics and discipline in the market for essential food commodities.

As a result, the past decade has been India’s best in inflation control, despite the twin shocks of pandemic and war in Ukraine. This has been achieved despite inheriting a ‘Fragile 5’ economy with double-digit inflation.

Interim Budget proposals will accelerate the process of India achieving developed country status by 2047, aided by PM’s proven approach of sabka saath, sabka vikaas, sabka vishwas, sabka prayas. For this and for the Budget’s special emphasis on garib, yuva, annadata and nari. FM should be applauded.

Welfare with fiscal discipline – What is truly remarkable about the Budget is that generous, targeted welfare measures, a big increase in capital expenditure and fund allocation for work opportunities and employment generation will go hand in hand with fiscal discipline.

Targeted welfare increases purchasing power of beneficiaries and therefore consumption demand. And on fiscal discipline, it must be noted that this remains the focus even when the nation is preparing for general elections. Globally, most investors brace for fiscal recklessness when a country heads for elections, because govts often resort to reckless populism.

Investors cheer – Modi govt is different. Its strict adherence to fiscal discipline ensured that despite the twin shocks of the pandemic and Ukraine crisis, India emerged as the bright spot globally, by combining compassion with sensible economics. This year’s Budget is in the same spirit. Investors recognise this, and it is reflected in global interest in doing business with India. India’s stock markets also reflect this enthusiasm. India’s markets recently overtook Hong Kong to become the world’s fourth largest with a valuation of $4.33 trillion.

No 1 all the way – Capital expenditure has been raised by 11.1 percent to a historic high of Rs 11,11,111 crore. This will further improve and modernize India’s infrastructure, which is already dramatically better than what it was 10 years ago. Higher capital expenditure and implementation of large projects will create numerous opportunities for India’s young.

Modi Guarantee – PM has correctly observed that this year’s Budget is guaranteed to boost India’s Viksit Bharat ambition. The key part of this journey is the empowerment of poor by setting ambitious targets, achieving them and then encouraging even bigger aspirations.

This is evident in Modi govt’s approach to building homes. Govt has already built more than four crore houses for the poor in villages and cities. Govt has now set a target of building another two crore homes for the middle class.

Women-led development – Similarly, the target of creating 2 crore Lakhpati Didis has been increased by 50% to three crore. ASHA and Anganwadi workers will also get the benefit of Ayushman Bharat. Govt has also empowered women with 30 crore mudra loans. Enrolment of women in higher education has increased 28% in the past decade. In education, women constitute 43 percent of students in Science Technology, Engineering and Mathematics (STEM) courses, among the highest in the world.

FM also announced that govt will encourage preventive vaccination against cervical cancer for girls in the 9-14 age group, demonstrating again Modi govt’s compassionate approach. And for synergy in implementation, various schemes for maternal and child care will be brought under one umbrella.

Middle-class gains – In line with govt’s strategy on making life easier for people and prevent harassment, the Budget announced withdrawal of some tax demands in cases where there are disputes. This will provide relief to one crore people. Previous govt had kept these disputes alive for decades. The middle class will also gain from improved infrastructure and the expected sharp increase in job creation.

Golden era for youth – India’s youth have the most to gain from PM’s vision of making India a developed country by 2047. The Budget has emphasized the importance of youth and announced measures to help them with employment opportunities. It has also supported start-ups and announced easy credit for innovators.

FM rightly said that for India’s tech-savvy youth, this will be a golden era. Govt will establish a corpus of Rs 1 lakh crore to give interest-free loans for 50 years. This will encourage private companies to scale up research and innovation. FM highlighted the importance of programmes that combine the powers of India’s youth and technology.

Clean and Green – Modi govt is also focused on clean and green development. The Budget takes a giant leap in this direction. The Rooftop Solar Scheme will help one crore families get free electricity up to 300 units. What’s more, people will earn up to Rs 20,000 by selling excess power to the grid. It will also provide opportunities for entrepreneurship.

In many ways, PM has launched the era of sunshine after centuries of struggle. The Budget is an important milestone, laying the foundation of a strong, self-reliant, and confident Bharat 2047.