Budget 2024: PM Modi consults economists on all-round growth strategy

livemint.com:

NEW DELHI : Prime Minister Narendra Modi on Thursday discussed ways to augment all-round growth with economists ahead of his government’s first post-election budget, two persons close to the discussions said. The discussion was on “ways to accelerate growth and employment across sectors and regions", which covered all the pressing issues facing the economy, said one of the persons on the condition of anonymity. Growth and employment generation top the priority list of the Modi administration as the government faces pressure to create adequate opportunities for the country's large workforce.

According to UN estimates, 67% of India’s population is between the age of 15 to 64 years, which is considered the working age. The focus on augmenting employment opportunities also assumes significance because of climate change's impact on the agriculture sector and increasing automation. Geopolitical uncertainties, too, pose challenges to growth.

Modi’s discussions with economists indicate that jobs and growth will be key themes in the Budget2024, which will be presented on 23 July. Indian economy added about 46.7 million jobs in 2023-24, with the country's total employment standing at 643.3 million in the fiscal year, up from 596.7 million in 2022-23, showed a Reserve Bank of India (RBI) report released on 8 July. The discussions also covered the rural economy and ways to step up rural incomes as they drive consumption and the manufacturing sector, said the second person.