₹11,11,111 CRORE. Earmarked for infrastructure projects, this assumedly auspicious number in this year's budget does have a nice ring to it.
Another expected figure, however, was surprisingly missing-the $4 trillion mark that India's GDP is set to cross this year.
What is not surprising was the absence of the usual hyperbole.
Walking the tightrope between political expediency and long-term 'Amrit Kaal' goals, Finance Minister Nirmala Sitharaman had bigger shrimps (considering their regular appearance in her budget speeches) to fry.
TWO BIRDS WITH ONE STONE
While the political need of keeping the two main coalition partners, from Andhra Pradesh and Bihar, well-fed and happy was taken care of with an unabashed, almost embarrassing, largesse, a bigger issue remained— an economic boom that is not creating enough jobs and seemed to be benefitting only those at the top of the pyramid the pyramid. Sitharaman’s remedy? A two pronged approach of pushing for skilling, education loans and job creation while doubling down on domestic manufacturing and wooing investment. The jobs push has a central outlay of ₹2 lakh crore over a period of five years and it would benefit 4.1crore youth. It includes not just schemes for skilling the young and providing education loans, but an ‘employment linked incentive’, which will pay ₹15,000 to new employees. The aim is to coax entrepreneurs and corporates to offer jobs, and also get more private sector professionals registered in the Employees Provident Fund Office (EPFO), by taking care of a portion of their contribution to the EPFO for a period.
This story is from the August 04, 2024 edition of THE WEEK India.
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This story is from the August 04, 2024 edition of THE WEEK India.
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