The country's general budget is to be presented on 1 February. In such a situation, former Governor of Reserve Bank of India D. Subbarao has given a surefire mantra for economic growth. He has said that in the upcoming budget the government should focus on promoting employment opportunities. For this, one should use his huge political influence to implement structural reforms.
Finance Minister Nirmala Sitharaman will present the Union Budget for the financial year 2025-26 in Parliament on February 1. This budget is coming amid global economic uncertainties and slowing domestic growth. Subbarao has said that this is the first full budget of the Modi 3.0 government. He said that the first objective of the budget should be to make the economy sustainable. Apart from this, it will have to be brought on the path of high growth.
Subbarao further said that merely making the economy sustainable will not suffice. We have to ensure that the benefits of this increase reach everyone widely. That means we have to focus on reducing inequality. He said that the lower half of India's population is the biggest driver of the country's growth. If they earn more, they will spend more. This will promote more production and more employment.
The former RBI Governor said that if the US-China trade war increases. In such a situation, investors will look for alternative destinations. We have to make India suitable for them to invest. He stressed the need to focus on MSME sector to boost employment generation.
