Politics
Budget 2024: PM Modi consults economists on comprehensive growth strategy
NEW DELHI
:Prime Minister Narendra Modi on Thursday discussed with economists ways to boost overall growth ahead of his government's first post-election budget, two people familiar with the discussions said.
The discussion focused on ways to accelerate growth and employment across sectors and regions,” which covered all the pressing issues facing the economy, one of the people said on condition of anonymity.
Growth and job creation are top priorities for the Modi government, which faces pressure to create adequate opportunities for the country’s large workforce. According to UN estimates, 67% of India’s population is between the ages of 15 and 64, which is considered working age.
Increasing employment opportunities is also of particular importance due to the impact of climate change on the agricultural sector and increasing automation. Geopolitical uncertainties also pose challenges to growth.
Main themes of the budget
Modi's discussions with economists indicate that jobs and growth will be key themes in the 2024 budget, which will be presented on July 23.
The Indian economy is expected to create around 46.7 million jobs in 2023-24, with the country's total employment rising to 643.3 million in the fiscal year, compared to 596.7 million in 2022-23, according to a Reserve Bank of India (RBI) report released on July 8.
Discussions also focused on the rural economy and ways to increase rural incomes as they boost consumption and manufacturing, the second person said.
“Earlier today, I interacted with eminent economists and heard their insightful views on issues related to promoting growth,” Modi said in a social media post.
Union Finance Minister Nirmala Sitharaman and NITI Aayog Vice-Chairman Suman Beri also participated in the discussions.
Budget expectations
“Apart from focusing on building infrastructure and encouraging manufacturing, one would expect the Union Budget 2024-25 to focus on job creation and possibly improving allocation of funds for health, education and skill training,” said an economist at a consulting giant.
“Also, given the way technology is transforming the nature of work, young people, who make up a large part of the population, need to upskill themselves. This is something the government should focus on,” added the economist, who asked not to be named.
Emailed questions to the Prime Minister's Office and NITI Aayog on Thursday remained unanswered at the time of publication.
After growing at 8.2% in 2023-24, the Indian economy is expected to grow at 7.2% in 2024-25, according to an RBI estimate.
The recovery in private consumption, continued gain in investment activity, the government's continued focus on capital expenditure and improving balance sheets of the banking and corporate sectors are supporting strong economic growth momentum, RBI Governor Shaktikanta Das said in his June monetary policy statement.
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