"If Bharat has to be among top 3 economies then..." Former CEA KV Subramaniam

Highlighting the three key aspects of the budget, he said that Rs one lakh crore for innovation and research (the 'Jai Anusandhan' scheme) and interest-free loans for fifty years "is very important."

"If Bharat has to remain in the top three economies, then it has to be in the top ten innovative countries. It is in the top 50 countries. The country has to march ahead. It will have an impact on the National Research Foundation, which was announced in the 2019 Union Budget," Subramaniam told ANI on Friday.

"I think it is a responsible budget. And a farsighted one. The path of fiscal consolidation shown in the election year suggests that it is a responsible budget," he added.

He also mentioned that capital expenditure has increased by 11 per cent.

On Thursday, while presenting the interim budget, Finance Minister Nirmala Sitharaman said a corpus of Rs 1 lakh crore will be established with 50-year interest-free loans to encourage the private sector to scale up research and innovation in sunrise domains.

The government proposed to increase capital expenditure outlay by 11.1 per cent to Rs 11.11 lakh crore in 2024-25.

A capital expenditure, or capex, is used to set up long-term physical or fixed assets.

The Budget Session of Parliament commenced on Wednesday with President Droupadi Murmu addressing a joint sitting of Lok Sabha and Rajya Sabha.

In her address to Parliament, the President said the year 2023 was a historic year for the country and among other steps, the country kept up the momentum of being the fastest-growing major economy.

The Indian economy is projected to grow close to 7 per cent in the financial year 2024-25 which starts this April, said the Ministry of Finance in a review report.

India's economy grew 7.2 per cent in 2022-23 and 8.7 per cent in 2021-22. The Indian economy is expected to grow 7.3 per cent in the current financial year 2023-24, remaining the fastest-growing major economy. (ANI)