PM Modi addresses Industry leaders in post-budget conference, says India will soon be third largest economy

Prime Minister Narendra Modi addressed the inaugural session of 'Journey Towards Viksit Bharat: A Post Union Budget 2024-25 Conference' at Vigyan Bhawan in the national capital today (July 30) at around 12 pm. It was organised by the Confederation of Indian Industry (CII), aiming to present the outline for the government’s larger vision for growth and role of industry in this journey. Over 1,000 participants from the industry, government, the diplomatic community, and think tanks among others attended the conference in person while many connected from the various CII centres across the country and overseas, according to a statement by the Prime Minister’s Office.

Finance Minister Nirmala Sitharaman had presented the Union Budget 2024-25 on July 23 in Lok Sabha, which, according to the Finance Ministry, outlined a robust plan focusing on jobs, MSME, agriculture, startups and economic growth.

The Prime Minister, in his post-budget remarks, had said, “The budget for Viksit Bharat ensures inclusive growth, benefiting every segment of society and paving the way for a developed India”.

Highlights of what PM Modi said in the conference

• In this budget, the PM package worth Rs. 2 lakh crores has been announced. It well benefit 4 crores youth. This PM package is holistic and comprehensive. It is inter-linked and it is an end-to-end solution.
• In a world full of uncertainties, having growth and stability like India is an exception... India is the only country with high growth and low inflation...Our fiscal prudence is a role model for the world... India's share in global growth is 16%. This happened even though there were multiple blows to the economy in the last 10 years... India would have been in a higher position if these challenges had not come.
• Before 2014, huge announcements were made in the budget to show that the economy is good. But the reality was that those announcements were not implemented on the ground... Previous governments did not pay attention to completing any schemes... We have changed this situation in the last 10 years.
• We have increased railway budget by 8 times as compared to the 10 years of the previous government, highways budget by 8 times, agriculture budget more than 4 times and the budget for defence has been increased by more than twice.
• Everyone is aware of the situation of fragile five and scams of lakhs crores before 2014... We presented the details of the economy in front of the nation in the form of White Paper... It should be debated where we stood. We released the industries of India and brought them to the height.
• Capital expenditure is called the biggest productive medium of resource investment... In 2004, in the first budget of the UPA government, Capital expenditure was around Rs. 90,000 crore. It increased to Rs. 2 lakh crores... And today, the CapEx is more than Rs. 11 lakh crores.
• Today, we are discussing 'Journey towards Viksit Bharat'. This change is not just of the sentiments, but of confidence. Today, India is the 5th largest economy in the world and soon it will be the 3rd.
• During the pandemic, we used to have discussions and the centre point of those discussions used to be 'getting growth back'. I said then that India will run on the path of development very soon. Today, India is growing at the speed of 8%

What did the Finance Ministry say on Budget 2024-25?

The Finance Ministry said that India's inflation remains low and stable, progressing towards the 4 per cent target, with core inflation (excluding food and fuel) at 3.1 per cent. Measures are being taken to ensure adequate market supply of perishable goods.

Sitharaman unveiled the Prime Minister's package, which includes five schemes aimed at providing employment, skills, and opportunities for 41 million youth over the next five years, with a central allocation of Rs 2 lakh crore. This year, Rs 1.48 lakh crore is earmarked for education, employment, and skill development.

For the 'Viksit Bharat' vision, the budget outlines nine priorities to foster opportunities for all: enhancing productivity and resilience in agriculture, creating employment and skill development opportunities, promoting inclusive human resource development and social justice, boosting manufacturing and services, advancing urban development, ensuring energy security, improving infrastructure, supporting innovation, research, and development and implementing next-generation reforms, stated the press release.

The budget will support farmers with the release of 109 high-yielding, climate-resilient crop varieties. Over the next two years, 10 million farmers will be introduced to natural farming, with support for certification and branding. Additionally, 10,000 bio-input resource centres will be established.

(With ANI inputs)

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