Union Finance Minister (FM) Nirmala Sitharaman on Tuesday rose to present the Union Budget for a record seventh consecutive time. The political and economic conditions, however, were very different from five years ago when she presented her first Budget. It is for the first time in the past 10 years that the ruling Bharatiya Janata Party depends on its allies from the National Democratic Alliance to run the government. Changed political reality and the new composition of the Lok Sabha were evident in Sitharaman's Budget speech, which lasted nearly 90 minutes. First, there was considerable focus on Bihar and Andhra Pradesh. The Union government depends on the support of Janata Dal (United) and other regional parties from Bihar and the Telugu Desam Party from Andhra Pradesh.
Second, the Budget focused on employment, agriculture, and micro, small and medium enterprises (MSMEs). It is now well accepted that issues related outcome of the last Lok Sabha elections. While a politically elected government is expected to course correct, the shift in focus also makes economic sense. Even though the headline numbers suggest the unemployment rate has come down over the past few years, the quality of employment has remained a concern.
Since employment has to be created in the private sector, the FM announced various measures, with the aim to incentivise hiring in the formal sector, including providing a one-month wage for new entrants in the workforce and supporting Employees Provident Fund Organisation contribution in the manufacturing sector. The government will also support an internship programme in the top 500 companies, which is expected to benefit 10 million youth over the next five years.
この記事は Business Standard の July 24, 2024 版に掲載されています。
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