How budget 2024 can propel India to its next phase of growth

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₹1,000 crore venture fund for startups will further give a fillip to the country’s promising space sector, encouraging deeper public-private relationships. Changes to the Insolvency and Bankruptcy Code (IBC) are on the cards, with the setting up of additional tribunals to tackle pending cases and enhance the speed of the resolution process.

This move bodes well for investors as well, bringing in more certainty and transparency. The reduction of corporate tax on foreign companies from 40% to 35% will also spur multinational corporations to participate in the India growth story, further generating employment in the country.

A recent report from the think-tank Centre for Monitoring the Indian Economy (CMIE) showed that the unemployment rate in India stood at a concerning 9.2% in June 2024, compared to around 8% in January and 6% before the global pandemic. With calls for immediate action to address rising unemployment growing louder, the government has taken tangible steps to boost employment under the aegis of the Union Budget 2024-25.

With three specific employment-linked incentive schemes announced and an allocation of ₹2 trillion focused on job creation over the next five years, there is a clear aim to assuage concerns surrounding shrinking job opportunities. The scheme for direct benefit transfer of one month’s salary to promising freshers joining the workforce and registering for the Employees' Provident Fund Organisation (EPFO) for the very first time is sure to bring confidence and smiles to many a youngster just starting out their professional journeys.