The budget will act as a catalyst in making India the third-largest economy in the world: PM Modi
Prime Minister Narendra Modi said the Union Budget has 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, Modi said the budgetary provisions will lay a solid foundation for a developed India and offer 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,” he 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!”
The 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 loan 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 Union 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 promote 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 the top companies under the scheme, the young interns will find new avenues of possibilities,” he said.
The budget presents opportunities for India’s startup and innovation ecosystem he said.
Referring to the record defence exports, Modi said this year’s budget consists of numerous provisions to create an ‘aatmanirbhar’ defence sector. Even as the Opposition criticised the government for not taming inflation and provide 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 adding that it is the need of the hour for India to become self-reliant in the agricultural sector as well.
Modi also made a reference to about 3 crore houses for the poor and Janjatiya Unnat Gram Abhiyan which will link 5 crore tribal families to basic facilities with a saturation approach and the Gram Sadak Yojna that will connect 25,000 new rural areas with all-weather roads, benefitting all states.