New Delhi

Mukesh Aghi, President and CEO of the US-India Strategic Partnership Forum, praised India’s Union Budget 2024, calling it balanced and geared towards job creation. Aghi highlighted that the budget aims to reduce the deficit from 5.3% to 4.9%, marking a responsible fiscal approach.

He noted that a significant portion of the budget is allocated to support first-time wage earners and enhance skills development. Aghi pointed out that currently, only 51% of graduates are adequately skilled for the workforce, up from 34% a decade ago. The budget’s emphasis on skilling aims to further improve this rate.

Additionally, the budget includes a 5% reduction in income tax for foreign companies, which Aghi believes will attract more multinational investments. The goal is to increase foreign direct investment (FDI) from USD 70 billion to USD 110 billion annually, boosting job creation.

Aghi also remarked on India’s demographic advantage, with 65% of the population under 35 and 50% of the workforce in agriculture, which contributes only 15% of the GDP. He stressed that focusing on these areas will be crucial for sustaining economic growth and job creation.