Indian Budget Focuses On Job Creation And Economic Growth

An Indian woman buys vegetables from a roadside vendor in Mumbai, India, Tuesday, July 23, 2024. India’s finance minister Nirmala Sitharaman on Tuesday unveiled the first full annual budget of the new

The Indian Prime Minister Narendra Modi's government has presented its annual budget to Parliament, focusing on increasing spending to stimulate economic growth and create more job opportunities. The Finance Minister, Nirmala Sitharaman, emphasized the government's commitment to driving domestic growth through initiatives targeting job creation, training, and support for small businesses.

India's economy has shown strong performance, with a growth rate of 8.2% in the last fiscal year and stable inflation moving towards the government's target of 4%. The budget includes a $24 billion package for job creation over the next five years, increased funding for small and medium-sized businesses, and support for agriculture and farm technology.

Emphasis on domestic growth through job creation, training, and small business support.

Annual budget presented by Indian government for economic stimulus and job creation.

Increased spending to boost economic growth and create job opportunities.

Budget includes $24 billion package for job creation over the next five years.

Allocations for housing, infrastructure, tax cuts, and support for states like Andhra Pradesh and Bihar.

Plans to invest in airports, medical colleges, tourism facilities, and nuclear reactors.

Initiatives to address unemployment, climate change, and flood damage.

Key allocations in the budget include $18 billion for the construction of thirty million homes for the poor, infrastructure development such as schools, airports, and highways, as well as tax cuts for large corporations. Special financial support has been earmarked for states like Andhra Pradesh and Bihar, crucial coalition partners of the ruling Bharatiya Janata Party.

The government plans to invest in building new airports, medical colleges, and tourism facilities in Bihar and provide financial assistance to Andhra Pradesh. The budget aims to propel India towards becoming the world's third-largest economy, with a projected annual growth rate of 6.5% to 7% by 2025.

To address rising unemployment, the government will offer 12-month paid internships to 10 million young people in top companies, with training costs covered by the companies. The budget also includes measures to tackle climate change, such as setting up a new coal-fired thermal power plant and supporting the development of small nuclear reactors.

Furthermore, the budget allocates funds to address flood damage, a critical issue for a country vulnerable to climate impacts. Despite challenges such as income inequality and high emissions, the government aims to achieve a fiscal deficit of 4.9% of GDP by 2024-25.

The budget, which requires parliamentary approval, is expected to be enacted given the ruling coalition's majority. The government's focus on economic growth and job creation reflects its commitment to steering India towards a prosperous future.