E-Paper
Budget reflects centre's confidence in continuity: PM Modi
Prime Minister Narendra Modi highlighted the government's achievements in maintaining fiscal discipline and increasing capital expenditure.
The interim budget carries the continuity of confidence and will empower all four pillars of developed India while building a future for the country, Prime Minister Narendra Modi said on Thursday as he hailed the measures announced by finance minister Nirmala Sitharaman for young people, the poor, women, and farmers.
In his comments minutes after the interim budget speech — the full budget will only be presented by the new government in July after the general elections this summer — Modi also highlighted his administration’s achievement in maintaining fiscal discipline and capex push.
Read here: Inflation in control as measures working: FM Sitharaman
“This is not only an interim budget but also an inclusive and innovative budget… this budget carries the confidence of continuity. This budget will empower all pillars of developed India — the youth, the poor, women, and farmers,” he said.
The PM reiterated that the National Democratic Alliance (NDA) will come back with a greater majority — a remark also made by Sitharaman during her hour-long speech — and said it had measures to help every segment of society and build a developed India by 2047.
“Nirmala ji’s budget is a budget for building the future of the country… This budget carries the guarantee of strengthening the foundation of Viksit Bharat by 2047,” Modi said.
In his remarks, he highlighted some specific steps taken for the four key segments — the youth, the poor, women, and farmers — he has repeatedly described as the only four castes that matter to him, countering the Opposition’s demand for a nationwide caste census.
“This budget is a reflection of the aspirations of young India… two significant decisions were taken in the budget — a fund of ₹1 lakh crore for research and innovation and extension of tax exemptions for startups,” he said.
While keeping the fiscal deficit under control — the finance minister announced that it was at 5.8% and on target to achieve 5.1% of the Gross Domestic Product in FY25 — total capital expenditure saw a historic increase to ₹11,11,111 crore in this budget, the PM said.
“In economists’ parlance, this is a kind of sweet spot… it will create millions of new employment opportunities for the youth along with the creation of modern infrastructure of the 21st century in India,” he said.
Modi also underlined the announcement that the government will manufacture 40,000 modern bogies of Vande Bharat standard and install them in general passenger trains. This, he said, will further raise the comfort and travel experience of millions of passengers on different rail routes.
“We set a big goal, achieve it, and then set an even bigger goal for ourselves,” he said.
Highlighting the government’s efforts for the poor and middle-class, Modi pointed out that the government had built over 40 million houses in villages and cities, and resolved to build 20 million more. “Our goal was to make 20 million lakhpati didis among women. Now, this goal has been increased to 30 million.”
Modi said the Ayushman Bharat Yojana, which aims to provide free access to health insurance coverage to low income categories, had helped the poor and hailed the decision to expand its benefits to Anganwadi and Accredited Social Health Activists (Asha).
Modi said that the budget had also focussed on empowering the poor and middle class, and enhancing their incomes. “The rooftop solar campaign will help 10 million families avail free electricity, while also earn an income of ₹15,000 to ₹18,000 per year by selling excess electricity to the government,” he said.
The PM mentioned the income tax remission scheme that will provide relief to about 10 million middle class people. “Previous governments had kept this sword hanging over the heads of common citizens,” he said.
Speaking about major decisions taken for farmers, Modi mentioned several schemes — such as the use of Nano DAP fertiliser, new schemes for animals, expansion of the PM Matsya Sampada Yojana for fisherfolk, and the Atma Nirbhar oil seed campaign — which aim to increase the income of farmers and reduce expenses. “Many important decisions were taken to help farmers,” he said.
“This is a budget of creating India’s future,” the PM said.
