India’s Finance Minister Nirmala Sitharaman presented the budget for the year 2023-24 on Monday, with a focus on job creation, fiscal prudence and economic growth.
The budget includes an increased spending of Rs. 35,000 crore for job creation, with the government expecting to create jobs for 1.5 million people. Additionally, the budget also includes tax savings for young workers and those retiring, as well as a surge in capital expenditure.
The budget also seeks to promote economic growth, with a focus on infrastructure and rural development. The government has allocated Rs. 5.54 lakh crore towards infrastructure projects and Rs. 2.83 lakh crore for rural development.
Speaking to WION, Lekha Chakraborty, professor at the International Institute of Public Finance, said that the budget was “balanced and prudent” and that it was “no surprise” that the government has increased spending ahead of the upcoming election.
The budget also seeks to boost consumption and investment, and reduce India’s fiscal deficit to 5.5 percent of GDP.
Overall, the budget is likely to be welcomed by the public and analysts, with a focus on job creation, economic growth and tax savings.