NEW DELHI (Reuters) – Indian Prime Minister Narendra Modi’s first post-election budget unveiled on Tuesday plans to raise spending to create jobs and provide relief to the middle class, Finance Minister Nirmala Sitharaman said.
The government will allocate 2 trillion rupees ($24 billion) for job creation over the next five years, Sitharaman said.
Modi’s Hindu nationalist Bharatiya Janata Party (BJP) failed to secure an outright majority in the general election last month, making it dependant on allies to form a government for the first time since he swept to power a decade ago.
Here are the highlights of the budget:
JOB CREATION
* Budget proposes to allocate 2 trillion rupees for job creation over 5 years
* Allocates 1.52 trillion rupees for agriculture and allied sectors
*To launch 3 schemes for employment-linked incentives
INFLATION
* Finance minister says inflation remains low, moving toward 4% target
* Global economy still in grip of policy uncertainties