PM Modi bullish on India's economic future, cites budget surge, global position

New Delhi, July 30: Prime Minister Narendra Modi addressed the 'Journey Towards Viksit Bharat: A Post Union Budget 2024-25 Conference' organized by the Confederation of Indian Industry (CII) at Vigyan Bhawan in New Delhi. The event saw participation from over 1000 attendees from various sectors, with many more joining remotely from CII centres across India and overseas.

PM Modi began by expressing optimism about India's economic growth, referencing the country's journey from being part of the 'fragile five' economies to its current position as the world's 5th largest economy, with aspirations to reach 3rd place. He highlighted the significant increase in the national budget, from Rs 16 Lakh Crore in 2013-14 to the current Rs 48 Lakh Crore.

The Prime Minister detailed the growth in capital expenditure, which has risen from Rs 90,000 crore in 2004 to over Rs 11 Lakh crore today. He also noted substantial budget increases across various sectors, including an 8-fold increase for railways and highways, and significant jumps in agricultural and defense spending.

Modi emphasised the government's tax reforms, including reduced rates for MSMEs and companies. He stated that MSMEs with income up to Rs 3 crore can now benefit from presumptive tax, while the corporate tax rate has been reduced to 25% for companies with income up to Rs 400 crore.

A key announcement was the Rs 2 lakh crore PM Package, which benefited over 4 crore youth and enhanced India's global competitiveness. The Prime Minister discussed initiatives like Mudra Yojna, Startup India, and Stand Up India, which have led to the creation of over 8 crore new businesses and 1.40 lakh startups.

Modi outlined several manufacturing initiatives, including Make in India, simplification of FDI rules, and plans for investment-ready parks in 100 districts. He stressed the government's commitment to supporting MSMEs through improved access to capital, market access, and reduced compliance burdens.

The Prime Minister touched upon various budget allocations and initiatives, including increased funding for nuclear power generation, Digital Public Infrastructure for agriculture, a Rs 1000 crore venture capital fund for the space economy, and plans for offshore mining block auctions.

Modi emphasised the importance of emerging sectors such as semiconductors, electronics manufacturing, green hydrogen, and e-vehicles. He highlighted India's transformation from a mobile phone importer to a top manufacturer and exporter.

In conclusion, the Prime Minister stressed the government's political will, the crucial role of the private sector in India's growth story, and the need for investor-friendly policies at the state level. He expressed confidence in India's potential to become a global player in sunrise sectors.

The event was attended by Finance Minister Nirmala Sitharaman, Commerce Minister Piyush Goyal, and CII President Sanjiv Puri.