Budget 2024: Chief Economic Advisor Nageswaran Says Job Creation Will Boost Consumption
The incentives offered in the five schemes announced in the budget will help in bulk job creation, he said.
The government's move to boost employment generation will in turn help increase consumption, said Chief Economic Advisor V Anantha Nageswaran, adding that "with more jobs, there will be more income generated and it will help in the growth of consumption.".
"The job creation agenda in the budget is extremely comprehensive," the Chief Economic Advisor told NDTV Profit. All five schemes announced in the budget will collectively lead to a significant jump in the economy. The incentives offered in these schemes will also help in bulk job creation.
Massive assistance is being given to the informal sector, according to Nageswaran. "The schemes in the budget are an incentive for the informal sector to become part of the formal sector. The schemes will offer support and massive assistance to the informal sector," he said. The boost in the formal sector will also spill over to the informal sector.
On the income tax rate tweaks, Revenue Secretary Sanjeev Malhotra told NDTV, "Any change in the lower tax slab impacts everyone beyond the tax slab (also)." Explaining further, he said that if there is an increase in the slab, it offers benefits to everyone with an income above Rs 7 lakh.
"By reducing the income tax rates in the new tax regime, we are leaving much more in the hands of taxpayers and consumers, which will help boost consumption," Malhotra said.
