Addresses inaugural session of ‘Journey Towards Viksit Bharat: A Post Union Budget 2024-25 Conference
Highlights rapid economic strides since 2014
Union Budget surges to historic Rs 48 lakh Cr
Tax reforms empower MSMEs, drive economic momentum
Champions Make in India and FDI reforms
Aatmanirbhar Bharat and $5 Trillion economy goals highlighted
Jammu, July 30: Prime Minister Narendra Modi addressed 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 today. The conference aims to outline the Government’s vision for growth and the industry’s role in it. Over 1000 participants from industry, government, the diplomatic community, and think tanks attended the event, with many joining from various CII centers across India and overseas.
Prime Minister Modi emphasized the nation’s stability and enthusiasm, thanking the CII for the opportunity to address the gathering. He reflected on the optimism shared during the pandemic and the rapid growth India is experiencing today, highlighting the nation’s ascent to the 5th largest economy and its strides towards becoming the 3rd largest.
Revisiting 2014, when the current government was elected, Modi pointed out the nation’s fragile economic state plagued by corruption and scams. He urged industry leaders to compare past and present economic conditions using the government’s white paper. The Prime Minister underscored the increase in the Union Budget from Rs 16 Lakh Crore in 2013-14 to Rs 48 Lakh Crore today. Capital expenditure has risen from Rs 90,000 crore in 2004 to beyond Rs 11 Lakh Crore today.
Modi detailed the increased budgets for various sectors, including railways and highways (8 times), agriculture, and defence (over 4 and 2 times, respectively). He highlighted tax reductions for MSMEs and companies, emphasizing good governance and the government’s commitment to timely project completion.
Amid global uncertainties, Modi noted India’s robust foreign exchange reserves and growth with low inflation. He lauded India’s fiscal prudence during the pandemic as a global role model and its increasing contribution to global goods and services exports.
The Prime Minister emphasized skill development and employment aligned with Industry 4.0 standards. He cited initiatives like Mudra Yojna, Startup India, and Stand Up India, noting that over 8 crore people have started new businesses. The PM Package, worth Rs 2 lakh crore in this year’s budget, is expected to benefit more than 4 crore youth.
Modi reaffirmed the government’s focus on a $5 trillion economy, Zero Effect-Zero Defect manufacturing, and Aatmanirbhar Bharat (self-reliant India). He discussed manufacturing initiatives, including Make in India, simplified FDI rules, and logistics parks for 100 districts. The government plans to modernize existing industrial corridors and support MSMEs with working capital, credit, market access, and tax reductions.
The Prime Minister emphasized the importance of self-reliance, highlighting efforts to boost domestic manufacturing, reduce import dependency, and enhance the global competitiveness of Indian products. He reiterated the vision behind Aatmanirbhar Bharat, aiming for an economy driven by domestic innovation and production capabilities.
The Prime Minister highlighted budget allocations for nuclear power, Digital Public Infrastructure for agriculture, and the Critical Mineral Mission. He stressed the importance of the semiconductor industry and electronics manufacturing, pointing to India’s transformation into a top mobile manufacturer and exporter.
Modi emphasized clean energy initiatives and the development of small nuclear reactors for industrial energy access. He encouraged the private sector’s role in creating a Viksit Bharat and called on state Chief Ministers to foster investor-friendly policies.
Union Finance Minister Nirmala Sitharaman, Commerce Minister Piyush Goyal, and CII President Sanjiv Puri were present at the event.
