
Foreign Ministry cancels 10 Service passports issued between 2023, 2026
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1st February 2024 10:37:30 AM
2 mins readBy: Chris Kodo

The Indian Prime Minister, Narendra Modi's government, has shown its final budget before the country's upcoming general elections. The temporary budget will start on 1 April until the new government makes a complete budget. It's no surprise that Finance Minister Nirmala Sitharaman is still supporting the building of infrastructure, which has been a big reason for India's economic growth. This year, over $130 billion will be spent on building things like roads and ports. This is an 11% increase from last year. However, it is not as much of an increase as India has seen in previous years. Ms Sitharaman said the government will make 20 million cheap houses in the next five years, on top of the almost 30 million built already. Shubhada Rao, an economist and founder of QuantEco Research, said that this will help the rural economy by creating jobs and building things. It will also help the government's plan for society and the economy. The government plans to spend a lot of money, which should keep India's economy growing at around 7%. The fast growth has helped the government to collect more taxes and reduce its fiscal deficit by 0. 5% to 51% This would mean less borrowing from the market, which caused a rise in India's bond markets. "According to Ms. Rao, the finance minister has set a goal to reach a 4. 5% fiscal deficit by 2026. " No new tax breaks were announced for the middle class workers and Mr Modi's spending plan before the election did not include big increases in social programs. The only exception was a program to give free electricity to 10 million households through rooftop solar projects, which was meant to attract voters. India will continue to give free food to 800 million people for the next five years. Many people expect that the ruling Bharatiya Janata Party (BJP) will stay in power because they won three provincial elections last year and Mr. Modi is very popular. Although the government's desire to please the general public has decreased, people are increasingly criticizing the government for not spending enough on health and education. Dr Raghuram Rajan, the former governor of India's central bank RBI, said that India has focused too much on building things and not enough on developing its people. This was a concern because India has a lot of people without jobs. "We don't have good data on jobs, so we don't know what's going on," Dr. He also said that in some parts of India, many people don't have enough food to eat which is not okay because India's economy is doing better than most others. Economists are worried because private investment is not growing fast enough, and India's consumption is showing uneven growth. The rich in cities are buying expensive things, while the poor in rural areas are spending less.
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