PM Modi to Industry: Focus on Economy
STORIES, ANALYSES, EXPERT VIEWS
Prime Minister Narendra Modi Tuesday said that India will become the third largest economy in the world during his third term as the leader of the country. The PM was speaking at the inaugural session of Journey Towards Visit Bharat (developed country): A Post Union Budget 2024-25 Conference at Vigyan Bhawan, New Delhi.
The event organised by the Confederation of Indian Industry (CII), was aimed at presenting an outline for the government's larger vision for growth and industry’s role in this endeavour.
"When in 2014, the NDA was voted to power, the biggest question was around how we could bring the Indian economy back on track. Prior to 2014, India was part of Fragile 5. We are all aware of the scams ranging crores in India," he said.
Commenting on the Budget 2024, he said, "In 2013-14, during the Dr. Manmohan Singh's government's last budget, it was of Rs 16 lakh crore. Today, our Budget has increased three times more and hit Rs 48 lakh crore."
PM Modi said that the capex during the NDA government has increased over Rs 11 lakh crore - five times more as compared to 2004 when PM Vajpayee's government was voted out of power and the first Budget of UPA-I put capex at Rs 90,000 crore.
"Even if you look a different sectors, you will understand that India is focused on the economy of each sector. Compared to the UPA government’s decade in power, our government increased railways budget by 8 times, agriculture budget by 4 times, and defence budget spiked two-fold," he said.
Highlights from PM Modi’s speech
- India's share in global growth is now 16%.
- Low inflation and high growth
- MUDRA (micro credit/Loan up to Rs. 10 lakhs to income generating micro enterprises) scheme has helped more than 8 crore people in the country to start their businesses.
- Package of Rs 2 lakh crore for youth to increase the India's manpower and product quality and value to make it globally competitive.
- To upskill India's youth an internship scheme to boost employment for the youth.
- PLI schemes have been in launched for 14 sectors - the manufacturing sector has been boosted by the NDA government.
- Around 100 big cities will be investment-ready, plug and play industrial parks.
- MSMEs will get the required capital and credit limit.
- Allocation for nuclear power generation increased.
- Space economy allotted Rs 1000 crore through venture capital.
- Place for India in semiconductor industry sector.
- Road map for green job sector
- Private sector and industry will play an important role in its ‘Viksit’ (developed) journey. Wealth creators of the country will also be the driving force in a developed India.
Over 1,000 participants, which include participants from the industry, government, 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.
On the other hand, the opposition INDIA bloc leaders staged a protest against the new Union budget in the Parliament premises on July 24 during the Monsoon Session. The opposition parties have alleged the Union Budget 2024 to be a "discriminatory budget” and is biased against states not ruled by the members of the ruling NDA government.
