PM Modi Lauds Union Budget 2024-25 as ‘Roadmap for Developed India’

Kumar Rakesh
New Delhi, 23rd July. Prime Minister Narendra Modi on Tuesday lauded the Union Budget 2024-25, presented by Union Finance Minister Nirmala Sitharaman in the Lok Sabha.

The Prime Minister commended the budget for its comprehensive approach to development and its potential to drive India towards becoming a developed nation.

In his remarks, PM Modi stated, “The Union Budget 2024-25 will empower every section of society. It will take poor farmers from villages on the path to prosperity.” He emphasized that the budget’s provisions will significantly benefit the neo-middle class, created after 25 crore people were lifted out of poverty, by adding continuity to their empowerment and providing numerous employment opportunities.

Highlighting the budget’s focus on education and skill development, PM Modi said, “This Budget brings a new scale to education and skill development.” He noted the introduction of schemes aimed at strengthening the lives of the middle class, tribal sections, Dalits, and backward classes. The budget also lays out a path for the economic empowerment of women and the growth of small businesses and MSMEs.

The Prime Minister pointed out the government’s commitment to employment and self-employment through initiatives like the Production Linked Incentive (PLI) scheme and the newly announced Employment Linked Incentive scheme. This scheme, he said, will create crores of new jobs, with the government bearing the cost of the first salary of the first job for youth. Additionally, provisions for higher education and a scheme for internships for 1 crore youth were highlighted.

PM Modi reiterated the aim to create entrepreneurs in every city, village, and home by raising the limit of collateral-free loans under the Mudra Loan scheme from Rs 10 lakhs to Rs 20 lakhs, benefiting small businessmen, women, Dalits, backward, and deprived sections of society.

The budget also aims to make India the manufacturing hub of the world, with new schemes to ease credit for MSMEs and enhance the One District-One Product programme. The PM noted the budget’s support for the startup and innovation ecosystem, including a Rs 1,000 crore corpus fund for the space economy and the abolition of the angel tax.

With record high capital expenditure, the budget plans for the development of 12 new industrial nodes, new satellite towns, and transit plans for 14 big cities, which PM Modi said will create numerous jobs and economic hubs.

The Prime Minister also highlighted provisions for an ‘aatmanirbhar’ defence sector, attracting global interest in India and boosting the tourism industry. Tax relief measures for the poor and middle class, including reduced income tax, increased standard deductions, and simplified TDS rules, were also emphasized.

Focusing on the development of eastern India under the ‘Purvodaya’ vision, the PM mentioned new projects for highways, water, and power infrastructure. The budget’s focus on agriculture includes the world’s biggest grain storage scheme and new Vegetable Production Clusters to aid both farmers and the middle class. Measures to increase the production of pulses and oilseeds were also announced.

The Prime Minister concluded, “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 emphasized that the budget will act as a catalyst in making India the third-largest economic power in the world and laying a solid foundation for a developed India.