Emphasis on employment creation and economic development

Prime Minister Narendra Modi held a special meeting with economists on December 24 to discuss the priorities of the upcoming Union Budget 2025. The main focus of the talks was on increasing employment opportunities and reviving the economy. Finance Minister Nirmala Sitharaman will present this budget on 1 February 2025. This budget is coming at a time when India’s GDP growth rate has fallen to 5.4% (second quarter of FY 2024-25).

Employment Generation: Primary Agenda

There was an in-depth discussion on measures to increase employment opportunities in the Prime Minister’s meeting. Economists suggested that the government should focus on sectors where workers are more required.

Key Recommendations:

1. Skill Development and Training:
   • Special training programs to meet the demands of the job market.
   • High quality skill development courses.
2. Focus on labour-intensive sectors:
   • Construction
   • Agriculture
   • Textile and Manufacturing
3. Attracting Private Investment:
   Favorable policies and incentives to promote private investment.

Agricultural Productivity and Economic Growth

Increasing agricultural productivity was also discussed in the meeting. Experts believe that better agricultural productivity will not only boost the rural economy but also improve GDP growth.

Key Points:

1. Promotion of exports:
   • Measures to attract foreign investment.
   • Better policies to increase global competitiveness of agricultural products.
2. Investment in Infrastructure:
   • More spending on infrastructure in rural and urban areas.
   • This will accelerate economic activities and increase employment opportunities.
3. Financial Inclusion:
   • Emphasis on connecting more and more population to banking and financial services.
   • The aim of the government is to ensure that more money reaches the pockets of the general public.

Target of developed India by 2047

Prime Minister Modi in the meeting developed countries by 2047 Reiterated his goal of making. He said that this is possible only when accelerate economic growth be done and in a way of thinking fundamental change be brought.

Steps Required:

1. Fast economic recovery:
   • Emphasis on reforms in economic policies and their effective implementation.
2. Long Term Development Strategy:
   • Investment in basic sectors like technology, education and health.
3. Management of Geopolitical Uncertainties:
   Diplomatic and economic preparedness to deal with global challenges.

Prominent economists attended the meeting

This important meeting was attended by India’s top economists, including:

• Madan Sabnavis
• Surjit S Bhalla
• Ashok Gulati
• Dharmakirti Joshi
• Janmejay Sinha

Expectations from Budget: Possible announcements

1. Schemes for employment generation:
   • Skill development programs for workers.
   • Incentives to MSMEs and Startups.
2. Agricultural Reforms:
   • New policies to double the income of farmers.
   • Schemes to promote agricultural exports.
3. Spending on Infrastructure:
   • Development of infrastructure in rural and urban areas.
   • Focus on transport, energy and water management.
4. Financial Inclusion:
   • Easy access to financial services.
   • Special schemes for women and rural population.