India budget will help it become an economic
According to Prime Minister Narendra Modi, the budget has created new chances for employment, self-employment, and energy.
On Tuesday, Prime Minister Narendra Modi stated that the Union Budget has created “new opportunities and new energy” and will serve as a “catalyst” to propel India’s economy to become the third largest in the world.
The Union government claims economic and social empowerment of the marginalised communities has been at the core of its policy making.
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 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.
The Prime Minister, Shri Narendra Modi lauded the Union Budget 2024-25 presented by the Union Minister for Finance, Smt Nirmala Sitharamanin in the Lok Sabha today.
Remarking on the Union Budget 2024-25, the Prime Minister congratulated all citizens for this year’s Budget which is bound to take the nation to new heights of development. He said that Union Finance Minister, Smt Nirmala Sitharaman and her entire team are worthy of congratulations.
“Union Budget 2024-25 will empower every section of society”, the Prime Minister said, “It will take the poor farmers from villages on the path to prosperity.” Noting the emergence of a neo-middle class after 25 crore people were lifted out of poverty, the Prime Minister said that this budget adds continuity to their empowerment and provides countless employment opportunities.
“This Budget brings a new scale to education and skill development”, he said. PM Modi underlined that the budget with its new schemes is aimed at strengthening the lives of the middle class, tribal section, dalits and backward classes. He further emphasized that this year’s Budget would ensure economic partnerships of women while also laying down a new path for small businesses and MSMEs.
“The Union Budget gives a fillip to manufacturing as well as infrastructure”, PM Modi said underlining that it would give new strength to economic growth while maintaining continuity.
Reiterating the government’s commitment to employment and self-employment, the Prime Minister noted the success of the PLI scheme and highlighted the Employment Linked Incentive scheme which will create crores of jobs. Under the scheme, the first salary of the first job of a youth will be borne by the government. He also mentioned provisions for higher education and the scheme for internships for 1 crore youth. “Working in the top companies under the scheme, the young interns will find new avenues of possibilities”, the Prime Minister said.
Emphasizing the commitment to creating entrepreneurs in every city, every village and every household, the Prime Minister talked about raising the limit of collateral-free loans under the Mudra Loan from Rs 10 lakhs to 20 lakhs which will greatly benefit small businessmen, women, dalits, backwards and deprived.
Asserting the commitment to make India the manufacturing hub of the world, the Prime Minister emphasized the links of MSME with the middle class of the country and its employment potential for the poor segment. To create big strength for small industries, the Prime Minister informed about the new scheme announced in the Budget that will increase the ease of credit for MSMEs.
