Prime Minister Narendra Modi on Tuesday said that Union Budget 2024-25 empowers every section of the society with a focus on inclusive growth. He emphasised that it puts strong focus on both manufacturing and infrastructure development and that the “Incentive-Linked Employment” scheme will create “crores of jobs”.

Noting that over the last ten years, 25 crore people have been lifted out of poverty in the country leading to the emergence of “neo-middle class”, he said, “Building on this momentum, this budget will further energise the aspirations of our neo-middle class. Unprecedented opportunities will be unleashed for our younger generation.”

The Prime Minister added that this budget will act as a catalyst in making India the world’s third largest economic power and lay the foundation of ‘Viksit Bharat.’

“This Budget with its new schemes is aimed at empowering the middle-class, tribals, dalits and lower socio-economic groups. It brings a new scale to education and skill development,” he added. Modi stressed that this year’s Budget would ensure economic opportunities for women while also laying down a new path for small businesses and MSMEs. “The Union Budget gives a fillip to manufacturing as well as infrastructure development,” he added.

Incentives galore

The PM said after introducing the PLI scheme, the Centre is now bringing the “Employment-Linked Incentive” scheme which will create “crores of jobs.” He also pointed out that the provisions for higher education and the scheme for internships for 1 crore youth. “Working in the top companies under this scheme, will open new avenues of opportunities for youngsters,” the Prime Minister said.

Pointing out to announcement of raising the limit of collateral-free loans under the Mudra Loan from ₹10 lakh to ₹20 lakh, he said these measures will greatly benefit small businessmen, women, dalits, backwards and deprived. “It will create entrepreneurs in every city, every village and every home,” Modi added.

Stating that the “farmers” are a big focus for the government, the PM pointed out that schemes such as development of ‘Vegetable Production Clusters’ will help farmers in getting better prices for their crops while enhancing the availability of fruits and vegetables in the country. “It is the need of the hour for India to become self-reliant in the agricultural sector. Therefore, measures have been announced to help farmers increase the production of pulses and oilseeds,” he added.

Propelling growth

The Prime Minister highlighted that the Budget brings numerous opportunities for India’s start-up and innovation ecosystem. The Centre has also announced plans for setting-up 12 new industrial nodes and new satellite towns and transit plans for 14 key cities. He said that it would enable the development of new economic hubs in the country and create numerous jobs. “Record high capex will become a driving force of the economy,” Modi added.

Highlighting the record numbers in defence exports, the Prime Minister stated that this year’s Budget has presented many provisions aimed at creating an ‘aatmanirbhar’ defence sector.

PM Modi said that in the last 10 years, the government has ensured tax relief for the poor and the middle-class. He said decisions of reduction in income tax, hike in standard deduction and simplification of TDS rules will lead to additional savings for allow taxpayers.

The Prime Minister stated 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.