'India budget focuses on job creation and skilling'

AN industry body has said that the Indian budget is inclusive, with a strong emphasis on creating jobs and enhancing skills.

Indian finance minister Nirmala Sitharaman on Tuesday (23) unveiled billions of dollars in new spending to create jobs and satisfy key coalition partners.

Despite this new expenditure, India has reduced its fiscal deficit target to 4.9 per cent of GDP for 2024-25, down from 5.1 per cent in February's interim budget.

Dr Anish Shah, president of the Federation of Indian Chambers of Commerce and Industry (FICCI), has commended the budget for its growth-oriented approach.

In his opinion, the budget provides both short-term demand stimulus and actions aimed at medium to long-term growth, all while maintaining fiscal discipline.

Dr Shah highlighted the budget's inclusivity and strong emphasis on quality job creation and skilling.

"The budget strikes a balance between agriculture and manufacturing, incorporating elements of services," he said in a statement.

He noted that the policy announcements show continuity, focusing on simplification, ease of doing business, boosting manufacturing, research and innovation, public capital expenditure, technology use, and support for women, farmers, and small businesses.

According to the industry body, other major proposals in the budget include accelerating agricultural research, enhancing women’s participation in the manufacturing workforce, implementing factor market reforms to boost manufacturing competitiveness, and promoting a green economy.