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Budget will be catalyst in making India third largest economic power: PM Modi
PM Modi hails the Union Budget as bringing new opportunities, energy, and employment prospects, aiming to make India the third largest economic power.
Prime Minister Narendra Modi on Tuesday said the Union Budget brought “new opportunities and new energy” and will act as a “catalyst” in the process of making India the third largest economic power in the world.
“Today’s budget has brought new opportunities, new energy, new employment and self-employment opportunities. It has brought better growth and a bright future... it will act as a catalyst in making India the third largest economic power in the world and will lay a solid foundation for a developed India,” he said.
In a televised address soon after the budget was presented by Union finance minister Nirmala Sitharaman, the PM said the budgetary provisions will lay a solid foundation for a developed India and has offered new employment and self-employment opportunities.
“I congratulate all my countrymen on this landmark budget, poised to propel our nation to unprecedented heights of progress,” Modi said, adding that the “visionary budget will uplift and empower every stratum of society, paving the way for a brighter future for all.”
Hailing the economic policies of the government over the last decade, he said, “Over the last 10 years, around 25 crore individuals have come out of poverty. Building on this momentum, this budget will further energise the aspirations of our neo-middle class. Our young generation will have unprecedented opportunities. Education and skills development will achieve a new scale, fuelling our nation’s growth. This budget will empower the middle class like never before.”
Budget provisions, he said, will drive economic growth and empower the poor and the marginalised. “We will create entrepreneurs in every city, every village and every home... For this purpose, the limit of Mudra loans without guarantee has been increased from ₹10 lakh to ₹20 lakh. This will boost self-employment among small businessmen, especially women, Dalit, backward and tribal families,” he said.
The government claims economic and social empowerment of the marginalised communities has been at the core of its policy making.
“The Union Budget gives a fillip to manufacturing as well as infrastructure,” Modi said, underlining that it would give new strength to economic growth while maintaining continuity.
Reiterating the government’s commitment to promoting employment and self-employment, he referred to the success of the PLI scheme and highlighted the Employment Linked Incentive scheme, which he said will create millions of jobs.
“Under the scheme, the first salary of the first job of a youth will be borne by the government. Working in top companies under the scheme, the young interns will find new avenues of possibilities,” he said.
The budget presents opportunities for India’s start-up and innovation ecosystem, he said.
Referring to the record defence exports, the Prime Minister said this year’s budget consists of numerous provisions to create an aatmanirbhar (self-reliant) defence sector. Even as the Opposition criticised the government for not taming inflation or providing relief to the poor and the middle class, the PM said government policies in the last decade ensured tax relief for the poor and the middle class, while decisions were made in this year’s budget to reduce income tax, hike standard deduction and simplify TDS rules.
“A big focus of this budget is the nation’s farmers. After the world’s biggest grain storage scheme, now vegetable production clusters are being introduced, which will help both the farmers and the middle class,” he said.
The PM also referred to the nearly 30 million houses for the poor as well as the Janjatiya Unnat Gram Abhiyan that will link 50 million tribal families to basic facilities and the Gram Sadak Yojna that will connect 25,000 new rural areas with all-weather roads, benefiting all states.
