PM Modi's first reaction to Budget: 'Milestone in India's development journey'
PM Modi described the budget as a force multiplier and said it will boost investments and consumption.
Prime Minister Narendra Modi reacted to the Union Budget presented by finance minister Nirmala Sitharaman in Parliament today, saying the document is a milestone in India's development journey.
"Today is an important milestone in India's development journey. This is the budget of aspirations of 140 crore Indians. This is a budget that fulfils the dreams of every Indian. We have opened many sectors for the youth. The common citizen is going to drive the mission of Viksit Bharat," he said in a video statement.
Nirmala Sitharaman today increased the income tax exemption limit up to ₹12 lakh.
PM Modi described the budget as a force multiplier and said it will boost investments and consumption.
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"This budget is a force multiplier. This budget will increase savings, investment, consumption and growth rapidly. I congratulate finance minister Nirmala Sitharaman and her entire team for this Janta Janardan, People's budget," PM Modi said.
"Usually the focus of the budget is on how the government treasury will be filled, but this budget is exactly the opposite of that. How will this budget fill the pockets of the citizens of the country, how will the savings of the citizens of the country increase and how will the citizens of the country become development partners... This budget lays a very strong foundation for this. In terms of reforms, many important steps have been taken in this budget. Encouraging the private sector in Nuclear Energy is historic. It will ensure a big contribution of Civil Nuclear Energy in the development of the country," he added.
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PM Modi said the government's announcements will give a fillip to budding economic sectors.
"In the budget, priority has been given to all the sectors of employment in every way. I would like to discuss those reforms which are going to bring a big change in the coming times. Due to giving an infrastructure status, the construction of big ships in India will be encouraged, the Atmanirbhar Bharat Abhiyan will get momentum. We all know that Shipbuilding is the sector that gives maximum employment. Similarly, there is a lot of potential for tourism in the country. Hotels will be built at 50 important tourist stations, for the first time, by bringing hotels under the ambit of infrastructure, tourism will get a big boost. This will give energy to the hospitality sector, which is a very big sector of employment," he said.