Budget 2024: Growth-oriented blueprint with a focus on employment, says Amitabh Kant

Budget 2024: Amitabh Kant, G20 Sherpa of India, lauded the Union Budget for 2024-25 as a growth-oriented and employment-focussed blueprint that emphasizes financial discipline and urban development. He praised the budget for its strategic initiatives to boost employment, maintain fiscal discipline, and foster long-term growth.

Kant highlighted the budget's remarkable focus on employment generation, noting the various incentives for first-time job seekers, including one month's salary for new employees and EPFO contributions covered by the government for two years. He stressed on the significance of the internship opportunities provided to one crore youth in 500 top companies, underlining the budget's commitment to skill development.

"The fact that the fiscal deficit is coming down from 5.1 per cent to 4.9 per cent, and subsequently to 4.5 per cent, demonstrates a great amount of financial discipline," Kant told Republic Business. He noted that the budget manages to increase capital expenditure as a percentage of GDP while reducing the fiscal deficit, showcasing the government's commitment to sustainable financial management.

Kant expressed optimism about India's growth prospects, citing the budget's focus on research, innovation, and urbanisation. "With a budget like this, we will accelerate the pace of our growth. The emphasis on research, innovation, and urban development shows that India will drive growth with job creation," he said.

He praised the government for setting conservative growth estimates of 6.5-7 per cent, with the potential to achieve higher actual growth rates. "The Prime Minister has always emphasised that delivery should exceed promises, and this budget challenges the dual issues of consumption and exports, driving both forward," Kant added.

Kant described the budget as a reflection of a confident government with a long-term vision for India's development until 2047. He highlighted the budget's focus on energy transition, manufacturing growth, and stability in the development process. "It's a budget by a government committed to accelerating growth, creating jobs, and fostering sustainable development," he asserted.

The budget's emphasis on the MSME sector, research and innovation, and urban development are crucial for long-term growth, according to Kant. He concluded by praising the budget's delivery with immense and supreme confidence, setting the stage for India’s sustained economic advancement.

(Source: Republicbiz)