Prime Minister Narendra Modi addressed the inaugural session of the "Journey Towards Viksit Bharat: A Post Union Budget 2024-25 Conference," organized by the Confederation of Indian Industry (CII) at Vigyan Bhawan on Tuesday.
The conference aimed to present the government's larger vision for growth and the role of industry. More than 1,000 participants from various sectors, including industry, government, the diplomatic community, and think tanks, attended the conference in person. Many others connected from various CII centers across the country and overseas.
In his address, Modi emphasized the unprecedented speed and scale at which the government is building infrastructure, asserting that the nation's growth and stability are exceptions in an uncertain world. He noted that discussions about the journey towards "Viksit Bharat" reflect not just a change in sentiment but a change in confidence.
"India's growth and stability is an exception to this uncertain world," Modi said. "We are ensuring 'Ease of Living' and 'Quality of Life' for all our citizens." He highlighted India's fiscal prudence despite the pandemic, describing it as a role model for the world. "The intent and commitment of our government is very clear. There is no diversion in our direction," he added.
PM Modi also discussed the significant increases in budget allocations across various sectors. He compared the current budget of Rs 48 lakh crore with the Rs 16 lakh crore budget of 2013-14, noting a threefold increase. Capital expenditure has risen from Rs 90,000 crore in 2004 to beyond Rs 11 lakh crore today, a more than fivefold increase.
The Prime Minister highlighted the government's focus on different sectors of the economy, noting that budgets for railways and highways have increased eightfold in the last decade, while agricultural and defense budgets have jumped more than four and two times, respectively. He emphasized that these increases have been achieved alongside record tax deductions.
PM Modi also stressed the importance of good governance, contrasting the current government's approach with that of previous administrations. He noted that before 2014, big announcements were made in budgets but often failed to be implemented. In contrast, the current government has prioritized completing projects on time.
The Prime Minister highlighted India's exceptional growth and stability in the current global scenario, noting robust growth in foreign exchange reserves and high growth coupled with low inflation. He described India's fiscal prudence during the pandemic as a role model for the world and noted that India's contribution to global growth has reached 16 percent despite significant global shocks.
Modi emphasized the government's commitment to improving ease of living and boosting the quality of life for all citizens. He highlighted skill development and employment initiatives aligned with Industry 4.0 standards, noting that more than 8 crore people have started new businesses under campaigns like Mudra Yojna, Startup India, and Stand Up India.
The Prime Minister also discussed the holistic and comprehensive nature of the PM Package worth Rs 2 lakh crore, which he said would benefit more than 4 crore youth. He emphasized the government's clear intent and commitment, focusing on the goal of a $5 trillion economy, the Zero Effect-Zero Defect initiative, and the pledge of Aatmnirbhar Bharat or Viksit Bharat.
Modi touched upon the aspect of manufacturing in the budget, mentioning initiatives like Make in India, the simplification of FDI rules, and the announcement of plug-and-play investment-ready parks for 100 districts. He also highlighted the government's efforts to modernize existing industrial corridors and empower MSMEs by addressing their challenges and providing necessary facilities.
The Prime Minister outlined new budget initiatives, such as increased allocation for nuclear power generation, digital public infrastructure for agriculture, a venture capital fund for the space economy, and the upcoming auction of offshore blocks for mining. He expressed confidence that these new announcements would open new avenues of progress.
Modi highlighted opportunities in sunrise sectors, emphasizing the need to promote the semiconductor industry and encourage electronics manufacturing. He also discussed the importance of the Green Jobs Sector in India, boosting green hydrogen and e-vehicle industries, and work on small nuclear reactors.
The Prime Minister concluded by stressing that the government's political will is unwavering and that the aspirations of the country and its citizens are paramount. He called India's private sector a strong medium for creating a Viksit Bharat and described wealth creators as the main driving force of India's growth story. He also urged state Chief Ministers to create investor-friendly charters and a conducive atmosphere for investment.
Union Minister for Finance and Corporate Affairs Nirmala Sitharaman, Union Minister for Commerce and Industry Piyush Goyal, and CII President Sanjiv Puri were present at the event.
