Prime Minister Narendra Modi on Saturday hailed the Union Budget as a force multiplier that would increase savings, investment, consumption, and growth.
Congratulating Finance Minister Nirmala Sitharaman and her team for presenting a ‘People’s Budget’, he said the budget marks an important milestone in the journey of India’s development.
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”This budget reflects the aspirations of 140 crore Indians and fulfils the dreams of every citizen,” Mr Modi said and highlighted that several sectors have been opened up for the youth, and the common citizen to help drive the mission of ‘Viksit Bharat’.
Typically, the focus of the budget, he observed, is on how to fill the government’s treasury. However, this budget focuses on how to fill the pockets of citizens, increase their savings, and make them partners in the country’s development. He emphasised that this budget lays the foundation for these goals.
“Significant steps have been taken towards reforms in this budget,” the PM said and highlighted the historic decision to promote the private sector in nuclear energy. He added that civil nuclear energy will ensure a significant contribution to the country’s development in the future.
He also underlined that all employment sectors have been given priority in the budget. Pointing out two major reforms that will bring significant changes in the coming time, Mr Modi said that granting infrastructure status to shipbuilding will boost the construction of large ships in India, accelerating the ‘Atmanirbhar Bharat Abhiyaan’ and including hotels at 50 tourist destinations under the infrastructure category will significantly boost tourism, providing new energy to the hospitality sector, which is the largest employment sector.
He stated that the country is progressing with the mantra of “Vikas bhi, Virasat bhi” (Development and Heritage). He mentioned that significant steps have been taken in this budget to preserve one crore manuscripts through the launch of the Gyan Bharatam Mission. Additionally, a National Digital Repository inspired by Indian knowledge traditions will be created.
Remarking that the announcements made in the budget for farmers will lay the foundation for a new revolution in the agricultural sector and the entire rural economy, Mr Modi highlighted that under the PM Dhan-Dhanya Krishi Yojana, irrigation and infrastructure development will take place in 100 districts.
He emphasised that increasing the limit of the Kisan Credit Card from Rs3 lakh to Rs5 lakh will provide greater assistance to farmers.
Highlighting that the budget has exempted income up to Rs 12 lakh from tax, the PM said tax reductions have been made for all income groups, which will greatly benefit the middle class and those who have been newly employed.
“The budget has a 360-degree focus on manufacturing to strengthen entrepreneurs, MSMEs, and small businesses, creating new jobs,” he emphasised.
The PM also said that sectors like clean tech, leather, footwear, and the toy industry have received special support under the National Manufacturing Mission. He stressed that the goal is to ensure Indian products shine in the global market.
Pointing that the budget places special emphasis on creating a vibrant and competitive investment environment in the states, Mr Modi also spoke about the announcement to double the credit guarantee for MSMEs and startups.
