USISPF President Praises Modi 3.0 Budget as FDI Magnet

US India Strategic and Partnership Forum President Mukesh Aghi has lauded the Modi 3.0 budget for being well-defined and responsible. The budget focuses on job creation, skilling, and attracting foreign direct investment. Aghi believes this will drive India's economic growth and help achieve a $5 trillion economy by 2027.

Describing the maiden budget of Modi 3.0 as a very well defined and responsible budget, the head of an India-centric American business and strategic advocacy group on Tuesday said that it would help in attracting more foreign direct investment and propel India’s growth story.

US India Strategic and Partnership Forum (USISPF) President and CEO Mukesh Aghi praised the prime minister and the finance minister for delivering a comprehensive budget. 'When you look at the preliminary analysis of the budget, one thing is the budget is focused on job creation, skilling, and attracting FDI into the country,' Aghi stated in an interview with PTI.

'The budget is focused on skilling the people and by lowering the taxes for foreign companies that attract FDI into the country. So, I think it’s a very well-defined budget,' Aghi said.

On the macro perspective, Aghi highlighted the budget's impact on reducing the deficit from 5.3% to 4.9%, increasing market capital availability for private companies. He noted the budget’s provisions for infrastructure and defense capital expenditure, which would drive investments, job creation, and exports.

'If you want to develop India, then you've got to build a foundation now by spending on infrastructure, by focusing on making India, by leveraging the service sector to export itself, by basically lowering the deficit to spur up the local consumption,' Aghi added, emphasizing that maintaining economic momentum could help achieve a $5 trillion economy by 2027.