New Delhi, July 30: Prime Minister Narendra Modi today reiterated the pledge to make India the third largest economy in the world.
“Today we are discussing – Journey towards Viksit Bharat. This is not just the change of sentiment, this reflects a change in confidence”, he said, reiterating India’s position as 5th largest economy in the world and rapid strides towards the 3rd place.
The Prime Minister said that the government’s intent and commitment are very clear and there is no diversion in its direction. The Commitment of ‘Nation First’ is reflected in the 5 trillion dollar economy goal, saturation approach, emphasis on Zero Effect-Zero Defect, and pledge of Aatmnirbhar Bharat or Viksit Bharat. He highlighted the focus and emphasis on expansion and monitoring of schemes.
The PM was addressing the inaugural session of ‘Journey Towards Viksit Bharat: A Post Union Budget 2024-25 Conference’ organized by the Confederation of Indian Industry (CII) at Vigyan Bhawan in New Delhi today. The conference aims to present the outline for the Government’s larger vision for growth and the industry’s role. More than 1000 participants from industry, government, the diplomatic community and think tanks among others attended the conference in person while many connected from the various CII centers across the country and overseas.
Prime Minister said that the nation can never fall back when its citizens have achieved stability in every aspect of life and are filled with enthusiasm. He expressed gratitude towards the Confederation of Indian Industry (CII) for inviting him to address the occasion.
The Prime Minister recalled the time when the present government was elected to power in 2014 and highlighted the need of the hour to bring the economy back on track. He pointed out the pre-2014 era when the nation belonged to the list of fragile five economies and was marred by corruption and scams worth lakhs of crores rupees. Without delving into the specifics of the economic conditions outlined by the government in a white paper, the Prime Minister encouraged industry leaders and organizations to review the document and compare it to past economic situations. He emphasized that the current government has elevated India’s economy to new heights and rescued it from dire straits.
Putting forth some facts from the recently presented Budget, the Prime Minister compared the current Budget of Rs 48 Lakh Crore with the Rs 16 Lakh Crore Budget of 2013-14, an increase of three times. Capital Expenditure, the biggest measure of resource investment was 90 thousand crore rupees in 2004, which was taken to 2 lakh crore in the 10 years up to 2014, a 2 times increase. In comparison, this important indicator has reached beyond Rs 11 Lakh crore today a more than 5 times increase.
Reiterating that his government is determined to look after every sector of the Indian economy, the Prime Minister said, “If you will look at different sectors, you will get an idea as to how India is focussing on each one of them.” Drawing a comparison with the previous government, Modi said in the last 10 years, the budgets of railways and highways have seen an increase of 8 times. Meanwhile, the agricultural and defense budgets have witnessed a jump of more than 4 and 2 times, respectively.
The Prime Minister emphasized that the record increase in every sector’s budget has been carried out after record deductions in tax. The Prime Minister informed, “In 2014, MSMEs earning Rs 1 crore had to pay presumptive tax, now MSMEs with income up to Rs 3 crore can also take advantage of this. In 2014, MSMEs earning up to Rs 50 crore had to pay 30 percent tax, today this rate is 22 percent. In 2014, companies used to pay 30 percent corporate tax, today this rate is 25 percent for companies with income up to Rs 400 crore.”
Modi recalled that before 2014, big announcements used to be made in the budgets to create a facade of a healthy economy. However, the very announcements did not see the day of light when it came to their implementation on the ground. They were unable to spend even the allocated sum on infrastructure completely, but the headlines used to be made during the time of announcements. Share markets also used to register small jumps, and their governments never prioritized completing projects on time. “We have changed this situation in the last 10 years. You all have witnessed the speed and scale at which we are completing every infrastructure project,” Modi added.
Referring to the uncertainties of the current global scenario, the Prime Minister highlighted the exception of India’s growth and stability. India’s foreign exchange reserve witnessed robust growth and India is showing high growth and low inflation in a low-growth and high-inflation global scenario. He also called India’s fiscal prudence during the pandemic, a role model for the world. India’s contribution to global goods and services export is consistently increasing. He emphasized that India’s contribution to global growth has reached 16 percent despite significant global shocks like the pandemic, natural disasters, and wars.
The Prime Minister said that the government is highly focused on skill development and employment keeping in mind Industry 4.0 standards. The Prime Minister gave examples of Mudra Yojna, Startup India, and Stand Up India campaigns, and informed that more than 8 crore people have started new businesses. He stated that India is home to 1.40 lakh startups employing lakhs of youth. Referring to the much-praised PM Package worth Rs 2 lakh crore in this year’s budget, the Prime Minister said that it will benefit more than 4 crore youth.
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