Mukesh Aghi Praises India’s Union Budget 2024 for Job Creation and Economic Growth
New Delhi [India], July 24: Mukesh Aghi, President and CEO of the US-India Strategic Partnership Forum, commended India’s Union Budget 2024, describing it as a balanced budget focused on job creation. Aghi noted that the budget aims to reduce the deficit from 5.3% to 4.9% and emphasized the importance of skilling the workforce to attract foreign direct investment (FDI).
Aghi highlighted that a significant portion of the budget is allocated to first-time wage earners and skilling initiatives. He pointed out that only 51% of graduates are currently skilled enough for the workforce, a figure that was 34% ten years ago. The government aims to improve this percentage through substantial investments in skilling and setting up training centers.
Additionally, Aghi mentioned that reducing income tax on foreign companies by 5% will attract more multinational investments, with the goal of increasing FDI from USD 70 billion to USD 110 billion annually. He stressed the need to make the workforce more productive, especially since 65% of India’s population is below 35 and 50% of the workforce is in the agriculture sector, which contributes only 15% to the GDP.
Finance Minister Nirmala Sitharaman presented her record seventh consecutive Union Budget 2024-25, surpassing former Prime Minister Morarji Desai’s record. Her budget focuses on key priorities such as productivity and resilience in agriculture, employment, and skilling.
Doubts Revealed
Mukesh Aghi -: Mukesh Aghi is the President and CEO of the US-India Strategic Partnership Forum, an organization that works to strengthen the relationship between the United States and India.
Union Budget -: The Union Budget is a financial plan presented by the government of India every year, detailing its expected income and expenses for the upcoming year.
Job Creation -: Job creation means making new jobs available for people, so more people can work and earn money.
Economic Growth -: Economic growth is when a country’s economy gets bigger and stronger, usually meaning more jobs, more money, and better living conditions for people.
US-India Strategic Partnership Forum -: The US-India Strategic Partnership Forum is a group that helps improve business and political relationships between the United States and India.
Deficit -: A deficit happens when the government spends more money than it earns, leading to a shortage of funds.
Skilling the Workforce -: Skilling the workforce means teaching people new skills or improving their existing skills so they can get better jobs.
Foreign Investment -: Foreign investment is when people or companies from other countries put their money into businesses or projects in India.
Finance Minister Nirmala Sitharaman -: Nirmala Sitharaman is the person in charge of managing India’s finances and presenting the Union Budget. She has been doing this job for seven years in a row.
Productivity in Agriculture -: Productivity in agriculture means making farming more efficient so that farmers can grow more crops and earn more money.
