On this backdrop, it provides the right ingredients for laying the foundation to help propel India to the next decade of growth aligning with the goal of Viksit Bharat. The budget outlines nine priorities including growth and employment. It is a balanced mix of progressive policies aimed at fostering job creation, boosting infrastructure, supporting agriculture and simplifying the tax structure.
The Union Budget has walked the fine balance between productive expenditure and fiscal consolidation. The targeted central fiscal deficit is set at 4.9% as compared to 5.1% set in the vote on account.
More importantly, the government continues to move on the path of fiscal consolidation seeking to bring down the fiscal deficit to below 4.5% of GDP [gross domestic product] in the 2025–26 financial year with the guidance to reduce debt-to-GDP ratio in the future.
The government announced lower net (Rs 11.6 lakh crore versus Rs 11.8 lakh crore) and gross (Rs 14 lakh crore versus Rs 14.1 lakh crore) market borrowing estimates compared to the interim Budget, led by the lower fiscal deficit estimate. At these levels, net market borrowing is likely to fall 1.5% year-on-year, at a time when nominal GDP is meant to grow 10.5% year-on-year keeping the supply-demand dynamic favourable.
Jobs And Skills
Esta historia es de la edición August 2024 de Outlook Business.
Comience su prueba gratuita de Magzter GOLD de 7 días para acceder a miles de historias premium seleccionadas y a más de 9,000 revistas y periódicos.
Ya eres suscriptor ? Conectar
Esta historia es de la edición August 2024 de Outlook Business.
Comience su prueba gratuita de Magzter GOLD de 7 días para acceder a miles de historias premium seleccionadas y a más de 9,000 revistas y periódicos.
Ya eres suscriptor? Conectar
From Chandni Chowk to Global Recognition
For Manish Aggarwal, director at Bikano, Bikanervala Foods, the family business was not just a responsibility but a passion he took to the global stage
Spotting AI Scams
Al has become an integral part of our lives, from customer service no insurance claims. But it is also becoming a tool for fraudsters who use it to scam individuals and corporations
Let a Hundred Flowers Bloom
On the banks of the Ganges in industrial Kanpur, a start-up has blossomed that turns waste flowers into incense
BATTERY LOW
India produces enough green energy to power many of its largest cities yet lacks the storage to use it efficiently. A nation blazing forward must leap ahead in battery technology to stay on course
We Have Everything Going for Rajasthan
Rajyavardhan Singh Rathore, Rajasthan’s industry and commerce minister, tells Pushpita Dey why the state is suited to become a hub for investments.
Dairy and Other Dilemmas
India’s refusal to open its dairy market has complicated trade negotiations for years. As global partners demand concessions, is the cost of protectionism outweighing benefits?
Riding in a Maze
As gig workers ride into an uncertain future with little more than a smartphone and a bike, the government is struggling to arrange a socialsafety net. But millions without social security is recipe for disaster
BIRLA'S BIGGEST BATTLE
As Kumar Mangalam Birla completes 30 years at the helm of the Aditya Birla Group, he has a battle to defend his businesses and conquer new ones
THE INNOVATION LEAP
India dreams of becoming a product nation. But unless the corporate sector significantly increases spending on R&D, the country will continue to lag behind global peers
EDUCATION BUDGET MUST DOUBLE EVERY 3 YEARS
Veezhinathan Kamakoti, a renowned academic and director of Indian Institute of Technology Madras, tells Deepsekhar Choudhury on what technology sovereignty means for India and how it can propel the country towards its vision of becoming a developed nation by 2047.
