NEW DELHI (AP) — Indian Prime Minister Narendra Modi’s newly formed government presented an annual budget to Parliament that raises spending to generate more...
NEW DELHI — India n Prime Minister Narendra Modi ’s newly formed government presented an annual budget to Parliament that raises spending to generate more jobs and spur economic growth , while aiming to appease coalition partners it needs to stay in power.
The proposed budget includes a $24 billion package for job creation over the next five years and raises spending on loans for small and medium-size businesses. It allocates $18 billion to support agriculture and farm technology, such as climate-resilient seed varieties. Modi’s governing Bharatiya Janata Party is relying on those two regional parties to keep its coalition government in power after it failed to win a majority on its own in recent national elections.India’s economy — the fifth largest in the world — is projected to grow at an annual rate of between 6.5% to 7% in the fiscal year ending in March 2025.
The government is aiming for a fiscal deficit of 4.9% of India’s gross domestic product for the 2024-25 financial year, lower than the 5.1% figure in February’s short-term budget, Sitharaman said.
Nirmala Sitharaman Coalition Government Economic Growth Eastern India Southern India Modi Government India Budget Speech Coalition Partners Government
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