Blueprint for developed India, inclusive growth
budget builds on the interim budget and sets the tone for next year's exercise. It aligns with the vision of enabling India to achieve a developed economy status by 2047. This statement of intent is supported by a future-oriented plan and backed by specific allocations in employment generation and skilling, startups, research and innovation, MSMEs and climate action to support India's ambitions.
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What's in Sitharaman's Budget for you?
The budget comes in the backdrop of a resilient economy with healthy macroeconomic fundamentals. The Economic Survey estimated that India's real GDP will grow at a pace of 6.5-7% in FY25, reflecting the rising global confidence in India's economic prowess. Fiscal deficit for 2024-25 is estimated to be 4.9% of GDP, indicating a commitment to fiscal prudence while supporting growth.
The budget has paid attention to employment generation, skilling, entrepreneurship and the startup economy. To address this crucial need, FM has allocated ₹2 tn over the next five years to benefit 41 mn young people. The scheme to provide 10 mn young Indians with internships at large companies with government- and CSR-backed stipends over the next five years is the right approach to employability and jobs for the future. 21 mn youngsters are expected to benefit from the employment-linked incentive scheme for first-time employees, wherein GoI will provide a month's wage to all new entrants in formal sectors.
