Union Budget Prioritizes Employment and Manufacturing Industry Growth

During a consultation discussion with Finance Minister Nirmala Sitharaman, top economists stressed the importance of a strategic focus on job creation and strengthening the manufacturing sector as a precursor to the Union Budget for fiscal year 2024-25. Notable figures such as National Co-convenor of Swadeshi Jagran Manch Ashwani Mahajan, Director and Chief Executive of the Institute for Studies in Industrial Development (ISID) Nagesh Kumar, and renowned economist TCA Anant, among others, attended the gathering in New Delhi.

Addressing the media after the meeting, Ashwani Mahajan emphasized unemployment as a significant issue that the forthcoming Budget should address by increasing work possibilities. He voiced optimism about consumer demand, citing the economy's current pace. The discussions also focused on how to boost the expansion of the manufacturing sector, with a particular emphasis on motivating the MSME and textile industries to do so.

Nagesh Kumar argued for the expansion of the Production Linked Incentive (PLI) scheme to help drive manufacturing growth. This approach aligns with the larger goal of boosting India's industrial base in order to stimulate economic development and job creation.

The Ministry of Finance revealed details about the consultation process in a post on X, revealing that the meeting was not only chaired by Sitharaman but also attended by Union Minister of State for Finance Shri @mppchaudhary, as well as key officials from various departments such as Economic Affairs, Revenue, Financial Services, and Corporate Affairs. The Chief Economic Adviser to the Government of India was also there, demonstrating the high degree of engagement and collaborative effort to shape a progressive Budget.