India budget makes fresh bet on manufacturing as it seeks to sustain growth

: India's annual budget made a fresh bet on the country's manufacturing sector as Finance Minister Nirmala Sitharaman laid out priorities for Asia's third-biggest economy and pledged to accelerate growth amid a volatile global environment.



The budget for the next fiscal year will focus on structural reforms particularly in the manufacturing sector, building a robust financial sector and stepping up investments in cutting-edge technologies, including artificial intelligence.



The Modi government has been struggling to raise manufacturing from the current level of under 20 per cent of gross domestic product (GDP) to 25 per cent to generate jobs for the millions entering the nation's workforce each year.



The Indian economy is seen growing at 7.4 per cent in the current financial year, with inflation expected at near 2 per cent.



The government's fiscal deficit for the year is expected at 4.4 per cent of GDP.