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PM's remarks on the Budget 2024-25

Published By : Admin | July 23, 2024 | 13:30 IST
“Budget For Viksit Bharat ensures inclusive growth, benefiting every segment of society and paving the way for a developed India”
“The government has announced the Employment Linked Incentive scheme. This will create crores of new jobs”
“This Budget brings a new scale to education and skill development”
“We will create entrepreneurs in every city, every village and every home”
“In the last 10 years, the government has ensured that the poor and the middle class continue to get tax relief”
“Budget opens up new avenues for StartUps and innovation ecosystem”
“Budget focuses on farmers in a big way”
“Today's budget has brought new opportunities, new energy, new employment and self-employment opportunities. It has brought better growth and a bright future”
“Today's budget 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”

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. “The announcements in the Budget will take manufacturing and exports to every district”, he said, “e-Commerce, export hubs and food quality testing will give new momentum to One District-One Product programme.”

The Prime Minister underlined that the Union Budget 2024-25 brings numerous opportunities for India’s startup and innovation ecosystem. He gave examples of a one thousand crore rupees corpus fund to vitalize the space economy and the abolition of the angel tax.

“Record high capex will become a driving force of the economy”, the Prime Minister said, mentioning the development plans for 12 new industrial nodes, new satellite towns and transit plans for 14 big cities. He said that it would enable the development of new economic hubs in the country and create numerous jobs.

Highlighting the record defence exports, the Prime Minister mentioned that this year’s Budget consists of numerous provisions to create an ‘aatmanirbhar’ defence sector. He said that the world’s attraction towards India is constantly on the rise thereby, opening up new avenues for the tourism industry. He underlined the emphasis on tourism in this year’s Budget and said that the tourism industry brings numerous opportunities for the poor and the middle-class

PM Modi said that in the last 10 years, the government has 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. He said that these reforms would allow taxpayers to save more money.

The Prime Minister stated that the overall development of the eastern region of India will get new momentum and energy through the ‘Purvodaya’ vision. “New impetus would be given to the development of important infrastructures like highways, water projects and power projects in eastern India”, he added.

The Prime Minister said, “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 further emphasized, “It is the need of the hour for India to become self-reliant in the agricultural sector. Therefore, measures have been announced to help farmers increase the production of pulses and oilseeds.”

Touching upon the major schemes regarding poverty alleviation and empowerment of the poor, the Prime Minister informed 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. Furthermore, Gram Sadak Yojna will connect 25 thousand new rural areas with all-weather roads, benefitting all states.

The Prime Minister asserted that “today's budget has brought new opportunities, new energy, new employment and self-employment opportunities. It has brought better growth and a bright future.” The Prime Minister concluded by underlining the Budget’s potential for being a catalyst for making India the third largest economy in the world and for laying the strong foundation for the Viksit Bharat.

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PM chairs 45th PRAGATI Interaction
December 26, 2024
PM reviews nine key projects worth more than Rs. 1 lakh crore
Delay in projects not only leads to cost escalation but also deprives public of the intended benefits of the project: PM
PM stresses on the importance of timely Rehabilitation and Resettlement of families affected during implementation of projects
PM reviews PM Surya Ghar Muft Bijli Yojana and directs states to adopt a saturation approach for villages, towns and cities in a phased manner
PM advises conducting workshops for experience sharing for cities where metro projects are under implementation or in the pipeline to to understand the best practices and key learnings
PM reviews public grievances related to the Banking and Insurance Sector and emphasizes on quality of disposal of the grievances

Prime Minister Shri Narendra Modi earlier today chaired the meeting of the 45th edition of PRAGATI, the ICT-based multi-modal platform for Pro-Active Governance and Timely Implementation, involving Centre and State governments.

In the meeting, eight significant projects were reviewed, which included six Metro Projects of Urban Transport and one project each relating to Road connectivity and Thermal power. The combined cost of these projects, spread across different States/UTs, is more than Rs. 1 lakh crore.

Prime Minister stressed that all government officials, both at the Central and State levels, must recognize that project delays not only escalate costs but also hinder the public from receiving the intended benefits.

During the interaction, Prime Minister also reviewed Public Grievances related to the Banking & Insurance Sector. While Prime Minister noted the reduction in the time taken for disposal, he also emphasized on the quality of disposal of the grievances.

Considering more and more cities are coming up with Metro Projects as one of the preferred public transport systems, Prime Minister advised conducting workshops for experience sharing for cities where projects are under implementation or in the pipeline, to capture the best practices and learnings from experiences.

During the review, Prime Minister stressed on the importance of timely Rehabilitation and Resettlement of Project Affected Families during implementation of projects. He further asked to ensure ease of living for such families by providing quality amenities at the new place.

PM also reviewed PM Surya Ghar Muft Bijli Yojana. He directed to enhance the capacity of installations of Rooftops in the States/UTs by developing a quality vendor ecosystem. He further directed to reduce the time required in the process, starting from demand generation to operationalization of rooftop solar. He further directed states to adopt a saturation approach for villages, towns and cities in a phased manner.

Up to the 45th edition of PRAGATI meetings, 363 projects having a total cost of around Rs. 19.12 lakh crore have been reviewed.