The Union Budget 2025-26 was expected to chart a bold course for economic recovery, particularly in employment generation and demand stimulation. Instead, it appears to be a continuation of policies that have failed to address the core challenges facing India’s work force and consumers. While capital expenditure has increased to 4.2 per cent of GDP, tax cuts for the middle class reduce government revenues, limiting the fiscal space needed for meaningful interventions. One of the most pressing concerns in the economy remains job creation.

The official claims of an improving labour market obscure a more uncomfortable reality ~ much of the employment growth is in agriculture, driven by workers returning to farms due to a lack of non-farm opportunities. This is not a sign of a healthy economy but a regression that reverses nearly two decades of structural transformation. Women, in particular, have entered the labour........

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