All eyes will be on the approaching Budget 2025 as India gets closer to realizing its goal of being a "Viksit Bharat" by 2047. This budget will be crucial in determining the course of the nation's progress.
The budget is anticipated to prioritize long-term solutions targeted at economic growth, job creation, and poverty alleviation, with an emphasis on tackling major economic issues while exploiting possibilities.
Purpose for Creation and Skill Development
India has enormous potential due to its demographic advantage, especially its young population. The government is supposed to keep emphasizing job creation and skill development in order to capitalize on this.
Measures to further support vocational training, promote entrepreneurship, and incentivize companies to hire young people may be announced in the budget. This will probably have a knock-on impact, boosting economic expansion and improving consumption by raising incomes.
According to Bharat Dhawan, Managing Partner of Forvis Mazars in India, "India's youth have opportunities and the country's strength lies in its people." In order to capitalize on India's demographic advantage, we anticipate that the government will keep placing a strong priority on job creation and skill development. This will boost economic growth and raise consumption through higher earnings.
Strengthening Infrastructure and Addressing Inflation
Many households continue to worry about inflation, particularly food inflation. To relieve the strain, the government is probably going to implement supply-side policies, which might include better storage facilities, more productive incentives, and more effective farming methods.
Direct benefit transfers (DBTs) have the potential to mitigate the impact of increased prices in the short term by promoting rural consumption. With ongoing investments in highways, logistics parks, and multimodal transportation, infrastructure development is also expected to continue to be a top priority, bolstering the logistics industry as a whole.
In order to boost the agricultural value chain and encourage production, we anticipate an emphasis on long-term solutions. Direct benefit transfers (DBTs) might encourage rural consumption in the near future. With ongoing investments in highways, multi-modal logistics parks, and general logistics, infrastructure development will also continue to be a top priority, according to Dhawan.
Prioritizing Healthcare, Education, and Innovation
Enhancing vital industries like healthcare, education, and skill development may also be given top priority in the budget. Making investments in these fields is essential to building a society that is more equitable and inclusive.
Additionally, the government is probably going to give the use of cutting-edge technology top priority in order to encourage formalization, transparency, and inclusivity. Policymaking is also anticipated to prioritize the development of digital infrastructure.
The Budget 2025 will play a crucial role in accomplishing India's vision of a prosperous and sustainable future. It can create new opportunities for growth and change by focusing on long-term solutions and inclusive growth.
