Budget 2024-25 catalyst for India’s economic ascendancy: PM Modi

New Delhi, July 23: Prime Minister Narendra Modi Tuesday lauded the Budget 2024-25, describing it as a comprehensive plan that empowers every segment of society.

He emphasised that this budget aims to drive the villages, the poor, and farmers towards prosperity. Highlighting the progress over the past decade, PM Modi said that 25 crore people had emerged from poverty, attributing this success to continued efforts in empowerment, especially for the neo-middle class.

He said that the budget promises to elevate education and skills, fortify the middle class, and introduce robust schemes for the upliftment of tribal communities, Dalits, and backward classes.

The PM said that the budget would enhance women’s economic participation and provide a new trajectory for small traders and MSMEs, fueling small industries.

“Focused on manufacturing and infrastructure, this budget is set to invigorate economic development and sustain its momentum,” he said.

PM Modi said that employment and self-employment creation had been significant achievements of his government, and this budget aims to bolster these efforts.

“The successful PLI scheme will now be complemented by the newly announced Employment Linked Incentive scheme, designed to create millions of jobs. Under this initiative, the government will pay the first salary of youth securing their first job. This scheme, alongside support for skill development, higher education, and a 1 crore youth internship program, is expected to open new doors of opportunity for young individuals from villages and poor backgrounds,” he said.

The PM said that the budget announced an increase in the Mudra loan limit without a guarantee from Rs 10 lakh to Rs 20 lakh, empowering small business owners, particularly women, Dalits, backward, and tribal families, to pursue self-employment.

He said that the budget envisions making every city, village, and household a hub of entrepreneurship.

“The budget also aims to transform India into a global manufacturing hub, emphasising the vital role of the MSME sector, which predominantly employs the middle class and the poor. A new scheme to enhance credit ease for MSMEs and initiatives to extend the manufacturing and export ecosystem to every district have been introduced. E-commerce export hubs and 100 food quality testing units will boost the One District One Product campaign,” PM Modi said.

He said that startups and the innovation ecosystem are set to benefit from numerous new opportunities.

“This includes a Rs 1000 crore fund to promote the space economy and the abolition of Angel Tax, among other initiatives,” the PM said.

He said that with record high capital expenditure, the budget aims to drive economic growth.

“Plans for 12 new industrial nodes, new satellite towns, and transit plans for 14 major cities will create new economic hubs and generate substantial employment,” PM Modi said.

He highlighted the record level of defence exports and the budget’s provisions to make the defence sector self-reliant.

“The budget also underscores the tourism sector, which holds vast potential for the poor and middle class, by providing it special emphasis,” the PM said.

He said that tax relief had been a consistent focus of the NDA government over the last decade, and this budget continues that trend with decisions to reduce income tax and increase standard deductions, simplifying TDS rules for additional taxpayer savings.

PM Modi said that the development of eastern India would gain new momentum through the Purvodaya vision, focusing on infrastructure projects like highways, water, and power projects.

“A significant portion of the budget is dedicated to farmers, with plans to create Vegetable Production Clusters to provide small farmers with new markets and better prices while ensuring increased availability of fruits and vegetables for the middle class,” he said. “The budget also includes assistance to increase the production of pulses and oilseeds, aiming for self-reliance in agriculture.”

The PM said that the budget addresses poverty eradication and empowerment, with plans to build 3 crore new houses for the poor and connect 5 crore tribal families with basic amenities through the Janjati Unnat Gram Abhiyan.

“Additionally, the Gram Sadak Yojana will connect 25,000 new rural areas with all-weather roads,” he said.

PM Modi said that this budget has the potential to bring new opportunities, energy, and a bright future.

He expressed confidence that this budget would act as a catalyst in making India the third-largest economic power globally and lay a solid foundation for a developed nation.

The PM congratulated Finance Minister Nirmala Sitharaman and her team for their efforts in crafting this transformative budget.