In a momentous address to the nation, PM Modi praised the Union Budget 2024-25 presented by Finance Minister Nirmala Sitharaman in the Lok Sabha today. The Prime Minister congratulated the citizens of India, expressing confidence that this year’s budget would propel the nation to new heights of development.
PM Modi: Empowering Every Section of Society
PM Modi highlighted the inclusive nature of the budget, stating, “Union Budget 2024-25 will empower every section of society. “It will guide poor farmers from villages towards prosperity,” he stated. He also highlighted the rise of a new middle class, with 25 crore people having been lifted out of poverty, and emphasized that the budget continues to empower this demographic, creating numerous employment opportunities for them.
Focus on Education and Skill Development
“This Budget marks a significant advancement in education and skill development,” PM Modi remarked. He stressed the importance of new schemes aimed at enhancing the lives of the middle class, tribal communities, Dalits, and backward classes. Additionally, the budget aims to ensure women’s economic participation and pave the way for small businesses and MSMEs.
Economic Growth and Employment
Reiterating the government’s commitment to employment and self-employment, PM Modi highlighted the success of the Production Linked Incentive (PLI) scheme and the new Employment Linked Incentive scheme, which promises to create millions of jobs. Under this scheme, the government will cover the first salary for the first job of youth. Provisions for higher education and internships for 1 crore youth were also announced, offering young people new avenues for growth.
Supporting Entrepreneurs and MSMEs
Prime Minister Modi discussed raising the limit of collateral-free loans under the Mudra Loan scheme from Rs 10 lakhs to Rs 20 lakhs, benefiting small business owners, women, Dalits, and marginalized communities. He emphasized the importance of MSMEs to the middle class and their potential to generate employment for the poor. A new scheme announced in the budget will improve credit access for MSMEs, boosting manufacturing and exports across districts.
Boosting the Startup Ecosystem
The budget introduces numerous opportunities for India’s startup and innovation ecosystem, including a Rs 1,000 crore corpus fund to vitalize the space economy and the abolition of the angel tax.
Defence and Tourism Sectors
Highlighting record defense exports, the Prime Minister mentioned provisions to create an ‘aatmanirbhar’ defense sector. He noted the rising global interest in India, which opens up new avenues for the tourism industry, benefiting both the poor and middle class.
Tax Relief and Regional Development
Over the past decade, the government has ensured tax relief for the poor and middle class. This year’s budget includes measures to reduce income tax, increase standard deductions, and simplify TDS rules, allowing taxpayers to save more. PM Modi also highlighted the ‘Purvodaya’ vision, which aims to accelerate the development of eastern India through significant infrastructure projects.
Agricultural Self-Reliance and Rural Development
“A big focus of this Budget is the nation’s farmers,” PM Modi stated, introducing Vegetable Production Clusters to aid both farmers and the middle class. Measures to increase the production of pulses and oilseeds aim to make India self-reliant in agriculture.
Poverty Alleviation and Empowerment
Touching on poverty alleviation, the Prime Minister announced plans for 3 crore houses for the poor and the Janjatiya Unnat Gram Abhiyan, which will connect 5 crore tribal families to basic facilities. The Gram Sadak Yojna will link 25,000 new rural areas with all-weather roads, benefiting all states.
The Prime Minister concluded by underscoring the budget’s potential to create new opportunities, energy, employment, and growth, envisioning a bright future for India. He emphasized the budget’s role as a catalyst for making India the third-largest economy in the world and laying the foundation for a developed Bharat.
