The Indian PM will seek to mend his relationship with voters in the July 23 federal Budget, said analysts.
The issues of jobs and cost of living overshadowed Indian PM Narendra Modi’s Hindu nationalist campaign during the general election.
To stay in power, Mr Modi is depending on two fickle regional allies, the Telugu Desam Party and Janata Dal, who control Andhra Pradesh and Bihar states respectively.Interim Budget estimates for the 2024 fiscal year that started on April 1 will be replaced by the new Budget. A record US$25 billion surplus transfer from the central bank will allow the Indian government more room to spend without expanding the deficit. The fiscal deficit target will be retained at 5.1 per cent of gross domestic product, a majority of economists polled by Reuters said.
“We expect the government to maintain its focus on promoting domestic manufacturing,” Nomura economists said in a note, adding that they expect an increase in local procurement requirements and the extension of a concessional tax rate for new manufacturing facilities.
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