Budget should focus on citizens' welfare, mfg sector: WB's chief economist

The Modi government needs to focus on welfare of ordinary citizens in the upcoming Budget and earmark more funds for the manufacturing sector to boost small businesses and create more jobs, former World Bank chief economist Kaushik Basu said on Tuesday.

In an interview with PTI, Basu further said it is critically important for the government to shift some of its attention to ground-level economic welfare.

"I hope that, starting with the Union Budget this month, the government will turn its attention to the welfare of ordinary citizens and not just to climbing up the chart of aggregate GDP," he said.

Union Finance Minister Nirmala Sitharaman is scheduled to present the Budget for 2024-25 in the Lok Sabha on July 23.

"I believe that the rich can afford to pay higher taxes and using this money to incentivize the manufacturing sector can go a long way in boosting demand for labour, helping small businesses and raising the income of ordinary people," the eminent economist suggested.

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