Piyush Goyal: Budget 2024-25 Paves The Way For India To Become Third-Largest Economy

Union Minister of Commerce and Industry Piyush Goyal on Tuesday said that the Budget 2024-25 reflects the budget for New India and the nine priorities figured out by the Finance Minister will ensure that the country becomes the third-largest economy in the world. He added that the innovative and inclusive Budget will help take the country towards a developed nation by 2047.

“If you ask me, this budget lays a clear roadmap, given the nine priorities on which the finance minister has focused, to set the country on a fast trajectory to help our youth through skill development and employment initiatives. Ensure that this becomes the third-largest economy in the world. Make us more competitive both within the country and across the world, thereby promoting manufacturing, promoting the services sector, and promoting tourism,” he said.

The Union Minister of Commerce and Industry added that the Budget 2024-25 lays a clear roadmap, to set the country on a fast trajectory to help our youth through skill development and employment initiatives.

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“I think this is a budget for new India. It is taking India in the Amrit Kal rapidly, progressing towards a developed nation by 2047. It is not only impactful, it is both innovative and inclusive,” Goyal told ANI.

“The thrust on infrastructure, with its multiplier impact, will hugely create jobs and business opportunities, and a balanced budget which will set the tone for Modi 3.0,” he added.

He also claimed that Budget 2024-25 will be transformational in its impact on industries, internal trade, and international trade.

“This budget is going to be transformational in its impact on the industries, internal trade, and international trade, both the export of goods and services. In every respect, this budget focuses on the competitiveness of industry, it focuses on giving our youth skill development and making them more employable,” he said.

Lauding Prime Minister Narendra Modi’s leadership and fiscal management ability, Goyal said, “Modi Hai To Mumkin Hai, this is what he (PM Modi) has consistently proved with very prudent fiscal management over the last ten years.”

Earlier in the day, Finance Minister Nirmala Sitharaman presented her record seventh consecutive Union Budget 2024-25 today (on July 23) during the Budget Session of Parliament. She makes history as the first finance minister to present seven consecutive budget speeches, surpassing former Prime Minister Morarji Desai’s record of six consecutive budgets as finance minister between 1959 and 1964.

FM Sitharaman, in her seventh consecutive Union Budget for 2024-25, outlined key priorities aimed at fostering economic growth and creating ample opportunities. The priorities include Productivity and Resilience in Agriculture, Employment and Skilling, and services. She listed productivity and resilience in agriculture, employment and skilling, inclusive human resource development and social justice, manufacturing and services, urban development, energy security, infrastructure, innovation, research and development, and next-generation reforms as nine priority areas for the government.

In her budget speech, Sitharaman introduced an increased standard deduction and revised tax rates for salaried individuals under the new tax regime. Sitharaman announced a significant set of income-tax reforms for the fiscal year 2024-25, aimed at simplifying tax laws, promoting compliance, and fostering economic growth.

Sitharaman, in her budget speech, proposed the creation of employment for about 4.1 crore youth over the next five years. Towards this, the finance minister has made an allocation of Rs 2 lakh crore. Similarly, for skilling the citizens so as to generate job opportunities, she proposed Rs 1.48 crore. 20 lakh youth will be skilled over a five-year period. A total of 1,000 industrial training institutes will be upgraded.

(Except for the headline, this story has not been edited by Newsx staff and is published from a syndicated feed.)

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