New Delhi: A “new political reality” has infused Budget 2024, with the focus back on job creation, reports The Economist.
The report, “A weakened Narendra Modi subsidises jobs and doles out pork”, says that Budget 2024 is not like the interim budget, introduced by Modi 2.0 before the Lok Sabha election with the “sureness of victory”.
The interim budget had focused on trimming the fiscal deficit and improving infrastructure more than welfare, but Budget 2024 allocated $24bn for creating jobs over the next five years and introduced a scheme to provide internships to 10 million young people, with the latter “borrowed from the Congress party’s manifesto”.
The Bharatiya Janata Party’s poll setback, “attributed largely to public anger over unemployment, inflation and inequality”, has forced Modi to “compromise”, adds the report.
“As expected, among the biggest winners from the budget were the BJP’s main coalition partners,” the report said, highlighting that the budget promised $3.1bn for road projects and infrastructure development in Nitish Kumar’s Bihar, and for Chandrababu Naidu’s Andhra Pradesh, $1.8bn this year and more in the future.
However, with this, Modi “risks irking allies and voters in other states”, and the budget comes partly at the expense of wealthier Indians, the report adds.
The Budget’s push to reduce unemployment, an issue brushed aside for years, and projects favouring Bihar and Andhra Pradesh is “one of the most concrete indications so far” of how Modi plans to accommodate voters’ concerns and BJP allies, Bloomberg correspondents Dan Strumpf and Ruchi Bhatia write in their report, ‘Modi budget prioritises jobless voters who spurned him at polls’.
The report calls the Budget Modi’s “most high-profile acknowledgement” of India’s changed political landscape, following “a punishing election setback”.
The Bloomberg report, ‘India exempts foreigners investing in some funds based in GIFT city from taxes’, highlights that the budget has exempted investments in foreign currency in exchange-traded funds and other retail plans through PM Modi’s “pet project” from taxes.
“Unlike in the previous two terms when Modi’s personality cult was employed to deflect attention from problems, Modi 3.0 is responding to political pressure. He’s even prepared to borrow a leaf from the opposition parties’ playbook to execute a policy U-turn,” columnist Andy Mukherjee writes in a Bloomberg opinion piece — ‘India’s jobless are finally getting some love — and money’.
The Budget, considering the need for a more direct approach to address youth unemployment, has focused on employment-based handouts and not production-oriented subsidies, writes Mukherjee. It also includes measures such as cutting tariffs on smartphones to curb trade protectionism and integrate India into global supply chains, potentially creating more productive jobs, he adds.
The New York Times report, ‘The gold medalist starring in India’s Olympic dreams’, chronicles the inspiring journey of Neeraj Chopra, India’s first Olympic gold medalist in track and field, and his impact on India’s sports aspirations.
Chopra’s javelin throw success at the Tokyo Olympics in 2021 and bringing home the country’s first Olympic gold medal in track and field marked a landmark moment for India, write correspondents Jeré Longman and Suhasini Raj. This has not only elevated the nation’s hopes for future medals but also ignited a broader ambition to host the games, they write.
With photographs by Atul Loke, the report also underscores India’s challenges in its Olympic bid, including extreme heat, poor air quality, and a history of organisational setbacks.
The Washington Post report, ‘India’s indie films win awards abroad but find no space in theatres at home’, highlights a paradox in the Indian film industry — independent films are winning top awards at international festivals and gaining traction in theatres across the United States and Europe but struggle to find an audience in India.
These films, created by Indians and centered on social justice themes, face resistance from distributors, who fear they lack audience appeal or contain controversial ideas, write correspondents Karishma Mehrotra and Anant Gupta. However, new platforms have emerged for these films, they add, citing multiplexes in the 2000s and online streaming services in the 2010s.
US Secret Service chief resigns, 18 die in Nepal plane crash
Following the assassination attempt on former US president Donald Trump, Secret Service Director Kimberly Cheatle has resigned. To know more about the scrutiny that led to this resignation, read CNN’s report.
Eighteen bodies have been recovered after a Nepalese Surya Airlines flight caught fire. To learn more, read this BBC report.
(Edited by Madhurita Goswami)
Also read: Modi’s allies gain from budget & what Trump-Vance White House could mean for India — global media