New Delhi, Feb 2: Prime Minister Narendra Modi on Saturday lauded the Union Budget as a “people’s budget” that fulfils the dreams of every Indian and said that it is a “force-multiplier” that will boost consumption, investment and growth.
In televised remarks after Finance Minister Nirmala Sitharaman presented the Budget in the Lok Sabha, Modi highlighted a host of measures for different sectors and noted that budgets generally look to fill the government’s treasury but this one seeks to put more money in people’s pockets and increase their savings.
This Budget focuses on making people a partner in India’s development journey, he said, describing it as a historic and important milestone on the road to the country’s progress. It lays the foundation for attaining these goals, he added.
“The Budget lays a strong foundation to increase savings and make citizens partners in development,” Modi said, adding that its welfare initiatives for gig workers underscore the government’s commitment to the dignity of labour.
He said the measures presented in the Budget for the manufacturing sector will allow Indian products to shine globally.
The tax relief will provide big benefits to the middle class and salaried employees, he said, adding the Budget announcement that those earning up to Rs 12 lakh will have to pay no income tax will present those entering the job sector with a big opportunity.
The prime minister praised the “historic” decision to promote the private sector in nuclear energy, saying civil nuclear energy will ensure a significant contribution to the country’s development in the future.
Stressing that the Budget has prioritised all employment generating sectors, he highlighted two key reforms, including granting infrastructure status to shipbuilding that will boost the construction of large ships in India and accelerate the ‘Atmanirbhar Bharat’ programme.
Including hotels in 50 tourist destinations under the infrastructure category will provide a major fillip to tourism, Modi said, noting that the hospitality industry is the largest employment sector.
He said the country was progressing with the mantra of ‘Vikas bhi, Virasat bhi’ (development as well as heritage).
He asserted that the announcements for farmers will lay the foundation for a revolution in the agricultural sector and the entire rural economy, as he highlighted that under the PM Dhan-Dhanya Krishi Yojana irrigation and infrastructure development will take place in 100 districts.
Increasing the limit of Kisan Credit Card from Rs 3 lakh to Rs 5 lakh will provide greater assistance to farmers, he added.
“The Budget has a 360-degree focus on manufacturing to strengthen entrepreneurs, MSMEs and small businesses, creating new jobs,” the prime minister said, underlining that sectors like clean tech, leather, footwear and toy industries have received special support under the National Manufacturing Mission.
He stressed that the goal is to ensure that Indian products shine in the global market.
Modi said the Budget places special emphasis on creating a vibrant and competitive investment environment in the states.
In this context, he mentioned the announcements to double the credit guarantee for MSMEs and startups besides the introduction of a scheme to provide loans up to Rs 2 crore without guarantee for SCs, STs and first-time women entrepreneurs.
The prime minister said the announcements for gig workers, including their registration on the e-Shram portal for the first time, and enabling them to access healthcare and other social security schemes reflect the government’s commitment to the dignity of labour.
He said that regulatory and financial reforms, such as Jan Vishwas 2.0, will strengthen the commitment to minimum government and trust-based governance.
This Budget not only addresses the current needs of the country but also helps in preparing for the future, Modi asserted, highlighting the initiatives for startups, including the Deep Tech Fund, Geospatial Mission and Nuclear Energy Mission. (PTI)
