India's Modi to focus on jobs, incomes in first budget after election setback
NEW DELHI - Indian Prime Minister Narendra Modi will seek to mend his relationship with voters in the federal budget to be announced next week, economic analysts said, citing possible steps to boost jobs and incomes as growth in the economy remains uneven and food prices continue to surge.
Finance Minister Nirmala Sitharaman will table the government's first budget of Modi's third term on July 23, which will provide the first glimpse of any change in the government's economic policies. "This would mean the government using the windfall from the RBI dividend and higher tax revenues to fund higher spending, rather than reducing the deficit," Sodhani said, referring to the central bank, the Reserve Bank of India.
It plans to spend 11 trillion Indian rupees on such projects this year and some economists expect an added push to manufacturing in the budget. According to a Reuters report, the budget may lower personal income tax for some categories in the upcoming budget. Gross market borrowing will be retained at 14.13 trillion rupees, according to a Reuters poll, but some economists say there is scope to reduce the amount.
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