New Delhi:

Prime Minister Narendra Modi on Tuesday said the Union Budget 2024-25 would ensure inclusive growth, benefiting every segment of society and pave the way for a developed India.

“This is a Budget that will take the country’s villages, poor and farmers on the path of prosperity. In the last 10 years, 25 crore people have come out of poverty,” PM Modi said.

“This Budget is also a Budget for the continuation of the empowerment of the newly emerged Neo Middle Class,” he said.

PM Modi said the Budget would be a catalyst for making India the third-largest economy in the world and for laying the strong foundation for the ‘Viksit Bharat’.

PM Modi underlined that the budget with its new schemes is aimed at strengthening the lives of the middle class, tribals, Dalits and Backward Classes.

He further emphasised that this year’s Budget would ensure economic partnerships for women while also laying down a new path for small businesses and MSMEs.

Reiterating the government’s commitment to employment and self-employment, the Prime Minister noted the success of the PLI scheme and highlighted the Employment Linked Incentive scheme announced in the budget which will create crores of jobs.

Emphasising the commitment to creating entrepreneurs in every city, every village and every household, PM Modi talked about raising the limit of collateral-free loans under the Mudra Loan from Rs 10 lakh to 20 lakh which will greatly benefit small businessmen, women, Dalits, Backward Classes and the deprived.

Asserting the commitment to make India the manufacturing hub of the world, the Prime Minister emphasised the links of MSME with the middle class of the country and its employment potential for the poor segment.

“The announcements in the Budget will take manufacturing and exports to every district,” he said, adding: “e-Commerce, export hubs and food quality testing will give new momentum to One District-One Product programme.”

PM Modi also underlined that the Union Budget 2024-25 brings numerous opportunities for India’s startup and innovation ecosystem.

He gave examples of a Rs 1,000 crore corpus fund to vitalise the space economy and the abolition of the angel tax.

“Record high capex will become a driving force of the economy,” the Prime Minister said, mentioning the development plans for 12 new industrial nodes, new satellite towns and transit plans for 14 big cities.

He said that it would enable the development of new economic hubs in the country and create numerous jobs.

Highlighting the record defence exports, the Prime Minister mentioned that this year’s Budget consists of numerous provisions to create an ‘Aatmanirbhar’ defence sector.

PM Modi also underlined the emphasis on tourism in this year’s Budget and said that the tourism industry brings numerous opportunities for the poor and the middle-class.

The Prime Minister said that in the last 10 years, the government has ensured tax relief for the poor and the middle class, while decisions were made in this year’s Budget to reduce income tax, hike standard deduction and simplify TDS rules. He said that these reforms would allow taxpayers to save more money.

PM Modi also said that the overall development of the eastern region of India will get new momentum and energy through the ‘Purvodaya’ vision.

“New impetus would be given to the development of important infrastructures like highways, water projects and power projects in eastern India,” he added.

The Prime Minister further said that “a big focus of this Budget is on the nation’s farmers”. After the world’s biggest grain storage scheme, now Vegetable Production Clusters are being introduced which will help both the farmers and the middle class.

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

Prime Minister Narendra Modi speaks on the Union Budget in New Delhi on July 23, 2024.
| Photo Credit: ANI

Prime Minister Narendra Modi praised the Union Budget presented by Finance Minister Nirmala Sitharaman on July 23 as one that will empower all sections of society.

“This is a budget that will take the country’s villages, poor and farmers on the path of prosperity. In the last 10 years, 25 crore people have come out of poverty. This budget is a budget for the continuation of the empowerment of the newly emerged, neo middle class,” he said.

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Highlighting the announcements regarding tax, he said a “decision had been taken” on the reduction and simplification of tax and rules on tax deduction at source (TDS).

MSME sector

He dwelt at length on the provisions made for micro, small and medium enterprises (MSME) sector, stating that these would provide a new path of progress for small traders and MSMEs. “A new scheme to increase ease of credit has been announced in the budget. Announcements have been made to take the export and manufacturing ecosystem to every district in this budget. This budget will bring new opportunities for start-ups and the space economy,” he said.

“The MSME sector of the country is connected to the middle class. This sector provides maximum employment to the poor. This budget will give a new scale to education and skills,” he added.

Employment boost

A major part of the budget was on providing incentives for youth employment. “In this budget, the government has announced ‘employment-linked incentive’ schemes. This will help generate many employment opportunities. Under this scheme, the government will give the first salary to those who are newly entering the workforce. Youth from villages will be able to work in the country’s top companies under the apprenticeship programme,” he said. He said the development plans of 12 new industrial nodes, new satellite towns and transit plans for 14 big cities would enable the development of new economic hubs in the country and create numerous jobs.

Touching upon the schemes for poverty alleviation and empowerment of the poor, he highlighted the measures to build three crore houses for the poor and the ‘Janjatiya Unnat Gram Abhiyan’, which will link five crore tribal families to basic facilities with a saturation approach.

The budget brings numerous opportunities for India’s start-ups and innovation ecosystem, Mr. Modi said, referring to the ₹1,000-crore corpus fund to vitalise the space economy and the decision to abolish the angel tax. “Record high capex will become a driving force of the economy,” he added.