PM Modi Praises Interim Budget 2024-25 for Innovation and Inclusivity

With the ‘mantra’ of ‘Sabka Saath, Sabka Vikas, and Sabka Vishwas’ and the whole of nation approach of “Sabka Prayas”, the Union Minister for Finance and Corporate Affairs Smt. Nirmala Sitharaman presented the Interim Union Budget 2024-25 in Parliament. The budget emphasised on fiscal consolidation, infrastructure, agriculture, green growth, and railways. However, no changes were made in the tax rates, which was a disappointment to salaried individuals.

Prime Minister Shri Narendra Modi hailed the Budget as “not merely an interim budget but an inclusive and innovative budget." Prime Minister Modi asserted, "this budget carries the confidence of continuity." The Prime Minister further said "This budget will empower all pillars of developed India - the youth, the poor, women, and farmers."

Commending Finance Minister Nirmala Sitharaman for her vision, Prime Minister Modi stated, "Nirmala Ji's budget is a budget for building the future of the country." He further added, "This budget carries the guarantee of strengthening the foundation of Viksit Bharat by 2047."

Prime Minister Modi remarked, "this budget is a reflection of the aspirations of Young India." He highlighted two significant decisions taken in the budget, stating, "a fund of Rs. 1 lakh crore has been announced for research and innovation." Additionally, he highlighted the extension of tax exemptions for startups in the budget.

The total size of the 2024-25 Budget stands at Rs 47.66 lakh crore — 6.1 percent bigger than the revised estimate for 2023-24. To help meet the gap between its income and expenditure of Rs 16.85 lakh crore, or the fiscal deficit, pegged at lower-than-expected 5.1 percent of the GDP, the Centre will borrow Rs 14.13 lakh crore from the market by issuing bonds.

While keeping the fiscal deficit under control, the PM informed that the total expenditure has seen a historic increase to Rs 11,11,111 crores in this budget. “In economists’ parlance, PM Modi said, “this is a kind of sweet spot”. He added that it will create millions of new employment opportunities for the youth along with the creation of modern infrastructure of the 21st century in India. He also informed about the announcement to manufacture 40,000 modern bogies of Vande Bharat Standard and install them in general passenger trains which will further heighten comfort and travel experience of crores of passengers on different rail routes of the country.

Setting ambitious goals, Prime Minister Modi stated, "We set a big goal, achieve it, and then set an even bigger goal for ourselves." Highlighting the government's efforts for the welfare of the poor and middle class, he informed about the construction of over 4 crore houses in villages and cities and increasing the target to build 2 crore more houses. Emphasizing the empowerment of women, PM Modi said, "our goal was to make 2 crore 'Lakhpatis' among women. Now, this goal has been increased to make 3 crore 'Lakhpatis'."

PM Modi emphasized on the government’s emphasis to empower the poor and middle class by creating new opportunities for them in this budget. He mentioned the Roof Top Solar Campaign where 1 crore families will avail free electricity, while also earn an income of Rs 15,000 to Rs 18,000 per year by selling excess electricity to the government.

The Prime Minister mentioned the income tax remission scheme announced today that will provide relief to about 1 crore citizens belonging to the middle class. Speaking about the major decisions taken for farmer welfare in the budget, Shri Modi mentioned use of Nano DAP, new scheme for animals, expansion of PM Matsya Sampada Yojana and Atma Nirbhar oil seed campaign which will increase the income of farmers and reduce expenses. The Prime Minister concluded his address by conveying his best wishes to all citizens on the historic budget.