As India's economic growth decelerates to its lowest in years, Finance Minister Nirmala Sitharaman faces the challenge of boosting employment and growth while adhering to fiscal deficit targets. Individuals like Prema Salgaonkar and her son Amar are emblematic of the struggles faced by many in the wake of job losses. Despite Prema’s proactive effort to support her family by cooking and selling food, rising costs are making it increasingly difficult to manage finances. Economists assert that stringent fiscal discipline is necessary to contain the rising fiscal deficit that resulted from pandemic-era spending.
"With no retailers hiring, he eventually took up temporary work, travelling nights on transport trucks, helping drivers negotiate with police and other officials."
"India's gross domestic product (GDP) growth fell to 5.4 percent for the quarter ending September 2024, the latest data available and the slowest in seven quarters."
"We don't sit at home, Prema says, about how they ended in these temporary jobs."
"However, there is no room for fiscal leniency, or increasing government spending to kick-start growth, says Dhiraj Nim, an economist at ANZ Bank."
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