India to raise spending on job creation ahead of election
Indian Prime Minister Narendra Modi’s government plans to ramp up capital spending by 33% in a $550 billion annual budget designed to spur economic growth and create jobs ahead of a general election next year
By KRUTIKA PATHI
Published - Feb 01, 2023, 07:01 AM ET
Last Updated - Jun 22, 2023, 11:53 PM EDT
NEW DELHI (AP) — Indian Prime Minister Narendra Modi’s government presented to Parliament on Wednesday an annual budget of $550 billion that calls for ramping up capital spending by 33% to spur economic growth and create jobs ahead of a general election next year.
Finance Minister Nirmala Sitharaman said private investment was rising after the pandemic and the government should focus on driving growth.
India’s economy is projected to grow 7% in the fiscal year ending in March. The government forecasts growth of 6%-6.5% next year.
The country's population is expected to overtake China's in size this year, and its economy last year surpassed that of the United Kingdom to become the world's fifth largest.
