Modi pledges $24 billion for jobs, financial aid for allies in Budget 2024
Narendra Modi pledged 2 trillion rupees ($23.9 billion) to boost jobs and improve education in India, increased spending to his new allies, while also targeting a smaller fiscal deficit for this year. The government will focus on employment, skilling, small businesses and the middle class in the fiscal year through March 2025, Finance Minister Nirmala Sitharaman said in her budget speech Tuesday. She announced a number of employment-linked incentives for businesses to help spur jobs.
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The budget is the first under a new coalition government led by Modi after his party lost its majority in elections. Joblessness and the high cost of living despite India’s rapid economic growth emerged as key voter concerns.
The prime minister is seeking to shore up voter support and balance the demands of his coalition partners without blowing out the budget deficit. Curbing the deficit and government debt will be key to raising India’s credit ratings, which are currently at the lowest investment-grade level.
Just tuning in? These are the biggest announcements from Sitharaman this morning
New income tax slabs announced in new tax regime in Budget 2024
Budget for coalition parties: FM Sitharaman grants 'special' wishes of Naidu's Andhra Pradesh and Nitish's Bihar
Rs 2 lakh crore announced for job creation
More NewsSitharaman said the government will narrow the deficit to 4.9% of gross domestic
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