Prime Minister Shri Narendra Modi has praised the Union Budget 2024-25, presented by Finance Minister Smt. Nirmala Sitharaman in the Lok Sabha today. He commended the Budget as a transformative step towards achieving inclusive growth and elevating India to new heights of development.
“The Budget for Viksit Bharat ensures inclusive growth, benefiting every segment of society and paving the way for a developed India,” stated PM Modi. He highlighted the Budget’s focus on empowering the poor and middle class, and its emphasis on creating new job opportunities through the Employment Linked Incentive scheme, which aims to generate crores of jobs.
“This Budget brings a new scale to education and skill development,” the Prime Minister noted. He emphasized that it introduces measures to strengthen the lives of various social groups, including the middle class, tribal communities, dalits, and backward classes. Additionally, the Budget promotes economic partnerships for women and supports small businesses and MSMEs.
The #BudgetForViksitBharat ensures inclusive growth, benefiting every segment of society and paving the way for a developed India.https://t.co/QwbVumz8YG
— Narendra Modi (@narendramodi) July 23, 2024
PM Modi highlighted the Budget’s commitment to fostering entrepreneurship across the country. Notably, the Mudra Loan limit will increase from Rs 10 lakhs to 20 lakhs, benefitting small businessmen, women, dalits, and those from marginalized communities.
“The Union Budget gives a fillip to manufacturing as well as infrastructure,” PM Modi said, stressing that it will boost economic growth while maintaining continuity. He also pointed out the Budget’s focus on enhancing MSMEs, manufacturing, and export potential, including the introduction of schemes to ease credit access and support the One District-One Product programme.
The Prime Minister praised the Budget for its support of startups and innovation, citing a Rs 1000 crore fund for the space economy and the abolition of the angel tax. He also highlighted the record-high capital expenditure, which is set to drive the economy through the development of new industrial nodes, satellite towns, and transit plans for major cities.
In terms of defense and tourism, PM Modi noted provisions aimed at creating a self-reliant defense sector and boosting tourism to attract global interest. He emphasized the Budget’s focus on reducing tax burdens for the poor and middle class, with reforms to lower income tax, increase standard deductions, and simplify TDS rules.
The Budget also aims to invigorate the eastern region of India through the ‘Purvodaya’ vision, focusing on infrastructure development in highways, water, and power projects. Additionally, it supports farmers with new schemes, including Vegetable Production Clusters and measures to enhance the production of pulses and oilseeds.
In summary, PM Modi asserted that “today’s budget has brought new opportunities, new energy, new employment and self-employment opportunities. It has brought better growth and a bright future.” He concluded that the Budget would act as a catalyst for making India the third-largest economy globally and laying a solid foundation for a developed India.
