"Union Budget 2024-25 Will Empower Every Section...": PM Modi

Prime Minister Narendra Modi praised the Union Budget 2024-25, presented by Finance Minister Nirmala Sitharaman in the Lok Sabha, highlighting its potential to elevate the nation’s development. PM Modi emphasised that the budget would empower all sections of society, including farmers, the middle class, and marginalised groups. He noted that the budget builds on the emergence of a neo-middle class after lifting 25 crore people out of poverty and continues to provide employment opportunities and skill development.

The Prime Minister pointed out that the Employment Linked Incentive scheme would generate millions of jobs, with the government covering the first salary of a youth’s first job. Provisions for higher education and internships for one crore youth were also highlighted. The budget aims to support small businesses and MSMEs by raising the collateral-free loan limit under the Mudra Loan scheme from Rs 10 lakhs to 20 lakhs, benefiting small entrepreneurs, women, dalits, and other marginalised communities.

PM Modi asserted that the budget strengthens India’s manufacturing and export capabilities, with new schemes to ease credit for MSMEs and promote the One District-One Product program. He emphasised the support for India’s startup and innovation ecosystem, including a Rs 1000 crore corpus fund for the space economy and the abolition of the angel tax.

The Prime Minister also highlighted record capital expenditure and plans for 12 new industrial nodes, satellite towns, and transit plans for 14 big cities, which would create new economic hubs and numerous jobs. The budget includes provisions for a self-reliant defense sector and boosted tourism opportunities, with a focus on creating economic partnerships for women and supporting the development of the tourism industry.

Tax reforms in the budget include income tax reductions, increased standard deductions, and simplified TDS rules, allowing taxpayers to save more money. Modi underlined the ‘Purvodaya’ vision, which aims to accelerate infrastructure projects in eastern India, including highways, water projects, and power projects.

In the agricultural sector, the budget introduces Vegetable Production Clusters to support farmers and the middle class, and measures to increase the production of pulses and oilseeds, aiming for agricultural self-reliance. PM Modi also mentioned major schemes for poverty alleviation, including 3 crore houses for the poor and the Janjatiya Unnat Gram Abhiyan, which will link 5 crore tribal families to basic facilities. The Gram Sadak Yojna will connect 25,000 new rural areas with all-weather roads, benefiting all states.

Concluding, PM Modi stated that the budget brings new opportunities, energy, and growth potential, positioning India on the path to becoming the world’s third-largest economy.