“Typically, the focus of Budget is on how to fill the government’s treasury. But this Budget is focused on how to fill the pockets of the citizens, increase their savings and making them partners in the country’s development. Significant steps have been taken towards reforms in this Budget,” Modi stated.
Nuclear decision
He called the decision to promote the private sector participation in nuclear energy as “historic” and said that civil nuclear energy will play a key role in the country’s future development. He added that priority has been given for employment generation. Referring to “two major reforms” that will bring significant changes in the coming times, the Prime Minister highlighted that grant of infrastructure status to shipbuilding will boost the construction of large ships in India and accelerate the Atmanirbhar Bharat Abhiyaan. He further said that hotels at 50 tourist destinations under the infrastructure category will significantly boost tourism and enable generation of jobs in the hospitality sector.
Modi said that the Budget announcements for farmers will lay the foundation for a new revolution in the agriculture sector and the entire rural economy. He pointed out that under the PM Dhan-Dhanya Krishna Yojana, irrigation and infrastructure development will take place in 100 districts. Also, increasing the limit of the Kisan Credit Card from ₹3 lakh to ₹5 lakh will provide greater assistance to farmers, he added.
360-degree focus
The Prime Minister said that tax reforms announced in the Budget will benefit all income groups especially the middle-class and youth, who have recently entered the workforce. “The Budget has a 360-degree focus on manufacturing to strengthen entrepreneurs, MSMEs and small businesses and creating new jobs,” he added. He said that sectors like clean tech, leather, footwear and the toy industry have received special support under the National Manufacturing Mission and the goal is to ensure Indian products shine in the global market.
He added that the Budget also places special emphasis on creating a “vibrant and competitive investment environment in the States.”
Besides focus on SC, ST and women first-time entrepreneurs, Modi said significant emphasis has also been put on the welfare of gig workers. “This reflects this government’s commitment to the dignity of labour,” he added. He highlighted that regulatory and financial reforms, such as Jan Vishwas 2.0, will strengthen the commitment to minimum government and trust-based governance.
“The Budget not only addresses the current needs of the country but also helps in preparing for the future. Initiative for start-ups, including the Deep Tech Fund, Geospatial Mission and Nuclear Energy Mission are steps in that direction,” Modi stated.
