NEW DELHI: On Tuesday, Prime Minister Narendra Modi addressed the business community and industry leaders at the "Journey Towards Viksit Bharat: A Post Union Budget 2024-25 Conference" held at Vigyan Bhawan, New Delhi. In his speech, Modi outlined his vision for India's economic future and the achievements of his government.
Modi expressed confidence that India will emerge as the world's third-largest economy during his current term. Reflecting on the economic challenges of 2014, when the NDA government first came to power, he highlighted the transformation from being part of the "Fragile 5" to a robust economic performer. He also noted the significant increase in the national budget from Rs.16 lakh crore in 2013-14 under the previous government to Rs.48 lakh crore today.
The Prime Minister emphasized the substantial rise in capital expenditure (capex) during the NDA government, which has grown fivefold compared to the capex of Rs.90,000 crore during the previous UPA-I administration. He cited increases in budget allocations across various sectors: the railway budget has grown eightfold, the agriculture budget fourfold, and the defense budget has doubled.
Key highlights from Modi's speech include:
Global Recognition: Despite global challenges like the Covid-19 pandemic, India's fiscal management has set a global standard. India now contributes 16% to global growth, outperforming many economies grappling with high inflation and low growth.
Economic Growth: India is experiencing low inflation and high growth, with efforts focused on improving the quality of life and ease of living.
Support for Entrepreneurs: The MUDRA scheme has supported over 8 crore individuals in starting their businesses.
Youth Empowerment: The new Rs.2 lakh crore PM package aims to enhance manpower quality and global competitiveness. Additionally, an internship scheme is being introduced to boost youth employment.
Manufacturing Boost: The Production Linked Incentive (PLI) schemes have been launched for 14 sectors to invigorate the manufacturing sector.
Infrastructure Development: The Budget plans to make around 100 major cities investment-ready and establish industrial parks.
Support for MSMEs: New credit guarantee schemes are introduced to provide necessary capital and credit limits to micro, small, and medium enterprises (MSMEs).
Energy and Innovation: Increased allocations for nuclear power and a Rs.1000 crore investment in the space economy highlight the government's focus on future technologies and green jobs. The PM Surya Ghar Yojana aims to advance clean energy and energy security.
Semiconductor Industry: India is carving out a significant role in the semiconductor industry, which is crucial for future growth.
The conference, organized by the Confederation of Indian Industry (CII), was attended by over 1,000 participants from various sectors, including industry, government, and diplomatic communities. The Union Budget 2024, presented by Finance Minister Nirmala Sitharaman on July 22, focused on supporting underprivileged groups, women, youth, and farmers with increased spending and tax relief.
However, the opposition INDIA bloc leaders protested the budget on July 24, criticizing it as discriminatory and biased against non-NDA-ruled states.
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