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India: Govt may seek $7.5 billion extra to Project growth

India: Govt may seek $7.5 billion extra to Project growth

New Delhi: India may aim parliamentary approval to spend about $7.5 billion more on roads, railways and other public programmers over the next five months, two govt sources said, as Prime Minister Narendra Modi looks to move growth & create jobs.

The new spending, details of which are yet being worked out, would come at a time when private investment has jumped, leading to a slowdown.

It would also conflict with the runup to a crucial state election early next year in Uttar Pradesh, Indian`s most populous state that is home to more than 200 million people.

At $7.5 billion, the further spending would represent about 2.5 % of the total budgeted so far for the current fiscal year.

The polls of UP is forming up to be one of the most important exams for Modi`s ruling Bharatiya Janata Party, with effects both for the smooth functioning of govt and his hope of winning a second term in 2019 national elections.

Modi has promised to generate 250 million jobs over the next decade, still Asia`s third-largest economy is not growing fast enough to absorb around 1 million young people who enter the job market each month.

Unemployment rose to 5 % in 2015/16, from 3.8 % in 2011/12, government data showed.

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