It is intriguing how Pakistan’s development path diverged so markedly from India’s, given their similar post-colonial histories and Pakistan’s faster growth until the 1960s. The answer may lie in the recent budget allocations presented by India’s Finance Minister. Both India (Bharat) and Pakistan have unveiled their fiscal budgets for FY24, but their priorities reveal stark differences. India is focusing on investing in education, expanding the job market, and improving civic infrastructure, while Pakistan continues to grapple with an over-reliance on vague rhetoric and an increasing defense budget, even at the expense of other critical areas.

India’s FY24 budget reflects a strategic emphasis on job creation and education. Notably, the buzzword “job” was mentioned 33 times in an 86-minute speech by the spokesperson, underscoring the government’s commitment to expanding the job market. The budget allocates $24 billion to bolster the educational sector, representing a strategic long-term investment in enhancing human capital. In contrast, Pakistan’s budget for FY24 primarily addresses short-term debt relief and includes a projected $2.4 billion inflow from the IMF. Despite optimism surrounding capital inflows, projections for external borrowing are 114% higher than this year’s Rs3.2 trillion. The government anticipates $5 billion from Saudi Arabia—$3 billion in time deposits and $2 billion in fresh deposits—compared to the $2 billion received this year. This sharp increase raises concerns about the sustainability of these forecasts.

Mass employment is yet another salient feature of India’s budget for the upcoming financial year. The jobs created over the next five years will focus on inclusive employment, skilling, MSMEs (Micro, Small, and........

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