'Budget Tripled In 10 Years, 16 Per Cent Share In Global Growth': Highlights From PM Modi's Address At CII Conference

In a significant address at the inaugural session of "Journey Towards Viksit Bharat: A Post Union Budget 2024-25 Conference" held at Vigyan Bhawan, Prime Minister Narendra Modi outlined his vision for India’s economic future.

Here are the major highlights from PM Modi's address:

1. India's Economic Growth And Stability

Prime Minister Modi began by emphasising the remarkable turnaround of India's economy since the NDA (National Democratic Alliance) came to power in 2014. He highlighted that the 2024 Union Budget has tripled to Rs 48 lakh crore from Rs 16 lakh crore in 2013-14.

"When the NDA was voted to power, the biggest question was how we could bring the Indian economy back on track. Prior to 2014, India was part of the Fragile 5. We are all aware of the scams ranging crores in India," he stated.

2. Capital Expenditure And Sectoral Growth

The Prime Minister noted the substantial increase in capital expenditure under the NDA government, now over Rs 11 lakh crore, compared to Rs 90,000 crore in 2004.

He also highlighted sectoral growth, with the railways budget increased eightfold, the agriculture budget quadrupled, and the defence budget doubled compared to the previous UPA (United Progressive Alliance) government’s decade in power.

3. Fiscal Prudence And Global Growth

Modi underscored India's fiscal prudence, which has made it a role model despite global challenges like the Covid-19 pandemic, wars, and natural disasters. "India's share in global growth is now 16 per cent," he said.

He contrasted India's low inflation and high growth with other countries suffering from high inflation and low growth.

4. Key Initiatives And Schemes

The Prime Minister highlighted several key initiatives and schemes such as the MUDRA scheme, which has helped over 8 crore people start their businesses.

He also highlighted the announcement of package of Rs 2 lakh crore for youth, aimed at boosting manpower, product quality, and global competitiveness and an internship scheme to enhance employment opportunities for youth.

5. Budget Allocations And Future Roadmaps

Prime Minister Modi announced increased allocations for nuclear power generation and the space economy, with Rs 1,000 crore allocated through venture capital.

He emphasised the importance of the semiconductor industry and outlined plans for the green job sector through initiatives like PM Surya Ghar Yojana.

The conference, organised by the Confederation of Indian Industry (CII), aimed to outline the government’s vision for growth and the role of industry.