Investment in Social Capital crucial for Viksit Bharat@2047
– Prof PB Sharma
As the momentum for Viksit Bharat @2047 is gaining great propulsive thrust from the policies and programs of the Government of India under the visionary leadership of Shri Narendra Modiji, the union budget 2025 holds a special significance to win over the hearts and minds of the people of our great democratic republic. For this, we require massive investment in Social Capital to accelerate the people’s development at the same pace at which the physical infrastructure and economy grows.
It is un-denying that the continued thrust on infrastructure push and investment in new and innovative technologies such as AI, Robotics and ML is laying a sound foundation for the realization of the Viksit Bharat vision, and is gaining great appreciation from not only the people of India but also from the investors both at home and also from abroad, the enabling environment for accelerated growth and development along pathways of inclusive and sustainable development requires massive investment in Social Capital. This is becoming all the more important as we are in an age in which the capability and maturity of our people and their participation in Nation’s Development matters most. In this respect the integrity, truthfulness, righteous conduct of our people and their abiding commitment to practice the ethos of sustainability in their professional, social as well as personal life shall determine the success of our national missions and goals. There is no denying of the fact that we are on the threshold of great opportunities for accelerating our march towards making India, the Bharat one of the greatest and most vibrant economies of the world in the next ten to twenty years. But we need to achieve our developmental goals along with the attainments of SDGs and the Net Zero Targets that we have committed to as one of the fastest growing economies of the world.
Social Capital and the National Budget:
Social capital, the collective worth of a nation’s human resources, social infrastructure and its enabling environment to involve people with head, heart and soul in the nation’s developmental agenda, has emerged as the necessary condition for developing a happy, healthy and prosperous human society. A nation’s development tomorrow shall be singularly judged, not by its economic strength alone, but by the civic sense of its people and how law abiding and responsible its citizens are and how caring its government is for its people. The civic engagement plays a pivotal role in shaping the effectiveness of government spending and overall economic development. A nation’s budget allocation can either strengthen or weaken social capital, impacting everything from education and public health outcomes to economic growth. As India, the Bharat marches along the pathways of development, investment in education, training, skilling, upskilling alongside with investment in creating facilities that improve the overall wellbeing of our people will ultimately create a happy and healthy society.
A nation with strong social capital is more likely to have an effective and efficient government, which can then invest in programs that further strengthen social capital. Conversely, a nation with weak social capital may struggle to allocate its budget effectively, leading to further erosion of social capital. High levels of social capital foster trust between citizens and their government. This trust encourages transparency and accountability in budget allocation and ensuring that public funds are used most efficiently.
Green Infrastructure Development:
Investments in green infrastructure, such as transportation and strengthening connectivity and cyber security and secured networks, can connect communities and facilitate social interaction, strengthening social ties, while at the same time allowing people at large to contribute their share of innovative and creative outcomes to strengthen both the economic growth and social wellbeing. A greater investment in the treatment of wastewater both from industries as well as from municipalities would go a long way to solve the twin problem of water pollution and public health. Likewise, investment in renewable energy including incentives for rooftop solar installations, incentives for Electric Vehicles, effective training of motor vehicle drivers and traffic management shall strengthen green infrastructure and also result in overall wellbeing of people. In the same way investment in the creation of public parks, development of river fronts and recreational facilities, besides creating green jobs shall go a long way to win over the faith of the people at large in government polices and social capital investment.
The union budget-2025 needs to recognize this interconnectedness of social capital and budget allocation. By prioritizing investments that strengthen social capital, governments can create a virtuous cycle of development, leading to more equitable, efficient, and prosperous societies, ultimately leading to realization of the vision of Viksit Bharat@2047 for accelerated economic growth, social transformation, environmental sustainability, and good governance.
The author, Prof PB Sharma is an eminent academician, Past President of Association of Indian Universities, founder Vice Chancellor of DTU & RGPV, President of World Academy of Higher Education and Development (W-AHEAD) and currently is the Vice Chancellor of Amity University Haryana. The views expressed are the personal views of the author.
