In the upcoming Budget to be presented by Union Finance Minister Nirmala Sitharaman, key policy decisions on uplifting employment rate, job creation, and skill development schemes are to be made.
Focussing on Job Creation and Skill Development, Union Finance Minister Nirmala Sitharaman is set to present her maiden budget.
It will eventually set the course for monetary and financial reforms over the course of the next five years.
The Budget presentation can set the path of structural policy changes in key areas of Land, Labour, Capital, Investment, and Entrepreneurship. Reforms have been suggested to boost investment, offer incentives to boost consumption, and spend public money on social infrastructure for equitable growth.
With the current demand for more employment generation and social welfare schemes, the upcoming budget may incentivise job-oriented private investment and focus on skill-development initiatives.
The government is likely to persuade banks, particularly public sector ones, to slash interest rates in order to boost consumption, officials from the Finance Ministry have stated.
Reserve Bank of India (RBI) is also said to reduce the repo rate to lower than 5.75%, which is cut on June 6. Repo rate is the rate at which RBI lends money to commercial banks.
The government will continue the policy focus in rural development with schemes like government’s “housing for all” mission.
The government is also projected to invest in the various skill development programs, with special focus on vocational training to rural youth.
Also read: http://diplomacybeyond.com/budget-session-2019-important-bills-lapse-on-last-day/