India’s fiscal prudence a role model for the World: PM Modi

INDIA'S BUDGET UP THREE TIMES TO RS 48 LAKH CR SINCE 2014: PM

31/07/2024

NEW DELHI, Jul 30: Prime Minister Narendra Modi called India's fiscal prudence, a role model for the world. Referring to the uncertainties of the current global scenario, he also highlighted the exception of India's growth and stability.
PM Modi said, "India is showing high growth and low inflation in a low-growth and high-inflation global scenario. India's fiscal prudence despite the pandemic is a role model for the world".
He shared this during his inaugural address of 'Journey Towards Viksit Bharat: A Post Union Budget 2024-25 Conference' organised by the Confederation of Indian Industry (CII) at Vigyan Bhawan in New Delhi on Tuesday.
PM also stated that India's contribution to global goods and services export is consistently increasing. He emphasized that India's contribution to global growth has reached 16 per cent despite significant global shocks like the pandemic, natural disasters, and wars. He also added that India's foreign exchange reserve witnessed robust growth.
"India's contribution to the global goods and services export is increasing continuously and India's share in global growth today has reached 16 per cent" said PM Modi.
PM Modi also touched upon the aspect of manufacturing in the Budget. He mentioned that Make in India and simplification of FDI rules in various sectors, along with multi-purpose logistics parks, PLI for 14 sectors. The budget has announced plug-and-play investment-ready investment parks for 100 districts of the country. "These 100 cities will become new hubs of Viksit Bharat", he added.
He also underlined key announcements in the budget that will add to the future growth of the country, such as increased allocation for nuclear power generation, Digital Public Infrastructure for agriculture, Bhu-Aadhar card for providing a number to land parcels of farmers, Rs 1000 crore venture capital fund for space economy, critical mineral mission, and upcoming auction of offshore blocks for mining.
"These new announcements will open new avenues of progress", PM said.
More than 1000 participants from industry, government, the diplomatic community, and think tanks among others attended the conference in person while many connected from the various CII centres across the country and overseas.
Taking about the government Capex hike, PM Modi asked the industry to compete with the government in creating jobs and investments. "Make Viksit Bharat your moto and work towards it," the PM said.
Prime Minister Narendra Modi on Tuesday said under his government the country's Budget has increased by three times to Rs 48 lakh crore.
"The last Budget presented by the UPA government in 2014 was of Rs 16 lakh crore. Ten years later, the Union Budget 2024 presented by us a few days ago is of Rs 48 lakh crore, which is three times more," PM Modi said, while addressing the post-budget Confederation of Indian Industry conference here.
Prime Minister Modi also said the capital expenditure has increased manifold. "Under the UPA government, which came to power in 2004, the capital expenditure was about Rs 90,000 crore," he said.
In 2014, the UPA government was able to increase the capital expenditure budget to Rs 2 lakh crore. Today the capital expenditure budget is Rs 11 lakh crore, which is even more" PM Modi said.
Slamming the UPA government over the issue of corruption, PM Modi said, "When we came to power in 2014, our biggest challenge was to revive the economy, which was derailed by the 'Fragile Five' crisis and massive scams running into lakhs of crores. Today, we are proud to say that we have put India back on track," he added.
Comparing the tax benefits under his government and the UPA government, PM Modi said in 2014 MSMEs earning Rs 50 crore had to pay 30 per cent tax, today the rate is 22 per cent.
"In 2014, companies used to pay 30 per cent corporate tax, today the rate is 25 per cent for companies with income up to Rs 400 crore," he added.
Highlighting the role of technology, PM Modi said that technology is the future and whichever country makes its "place in the semiconductor value chain today, will play a big role in the future".
PM Modi said, "Over the last decade, India's manufacturing landscape has undergone a profound transformation."
"We have spearheaded initiatives like 'Make in India', liberalised FDI policies across various sectors, and set up multi-modal logistics parks. Additionally, we have introduced Production-Linked Incentive (PLI) schemes for 14 key sectors," he added.

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