Indian Prime Minister Narendra Modi plans to raise spending to create more jobs and spur economic growth
Indian commuters leave the Dadar train terminus in Mumbai, India, Tuesday, July 23, 2024. India’s finance minister Nirmala Sitharaman on Tuesday unveiled the first full annual budget of the newly elected government following the national election. Indian Prime Minister Narendra Modi’s newly formed government presented an annual budget to Parliament that raises spending to generate more jobs and spur economic growth, while aiming to appease coalition partners it needs to stay in power.
“India’s economic growth continues to be the shining exception and will remain so in the years ahead,” Sitharaman said. It also would raise spending, to $133 billion, on construction of thirty million homes for the poor, schools, airports, highways and other infrastructure. The budget would cut taxes on big corporations and allocate more funds to two states, Andhra Pradesh and Bihar, that are governed by the Modi government’s biggest coalition partners.
Modi’s governing Bharatiya Janata Party is relying on those two regional parties to keep its coalition government in power after it failed to win a majority on its own in recent national elections.“Today’s budget will act as a catalyst in making India the world’s third largest economy,” he said in a speech, reiterating his pledge to make India one of the top three economies during his third term in office.
According to the Center for Monitoring the Indian Economy, youth unemployment was at 9.2% in early July, underscoring the challenge of delivering jobs in the world's most populous country, where millions graduate every year.
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