Prime Minister Narendra Modi delivered a significant address at the ‘Journey Towards Viksit Bharat: A Post Union Budget 2024-25 Conference,’ hosted by the Confederation of Indian Industry (CII) in Delhi today. Modi highlighted the impressive expansion in budgetary allocations and capital investments under his administration, emphasizing the government’s commitment to driving economic progress and infrastructure development.
During his speech, Modi detailed the considerable increase in the national budget, stating, “In 2013-14, the budget was ₹16 lakh crore. Today, it has expanded to ₹48 lakh crore under our government.” He attributed this growth to the administration’s focus on scaling up financial resources to support extensive developmental projects and national priorities.
The Prime Minister also spotlighted the dramatic rise in capital expenditure, revealing that it has surged from ₹90 thousand crore in 2004 to over ₹11 lakh crore today. “Our investment in capital expenditure is a testament to our commitment to infrastructure and economic growth,” Modi said. He emphasized the significant increases in funding for key sectors: railways and highways budgets have expanded eightfold, agriculture spending has grown more than four times, and defense budgets have more than doubled.
Modi praised the government’s efforts to lower taxes, including reductions for Micro, Small, and Medium Enterprises (MSMEs) and a decrease in corporate tax rates. “We have made substantial cuts in taxes to create a more favorable environment for businesses and stimulate economic activity,” Modi stated, highlighting these changes as part of the government’s broader economic strategy.
In his address, Modi also contrasted the current administration’s achievements with the previous government’s record. “While the pre-2014 period was characterized by unfulfilled promises and slow progress, our government is delivering on its commitments with unprecedented efficiency and scale,” he asserted. He underscored the administration’s success in achieving tangible results in infrastructure development and good governance.
The Prime Minister’s remarks at the CII conference were aimed at reinforcing the government’s narrative of effective fiscal management and rapid infrastructure development. Modi’s address resonated with industry leaders, who saw it as a strong endorsement of the government’s economic policies and achievements.
The conference provided a platform for discussing the Union Budget 2024-25 and its implications for future economic strategies. Modi’s speech highlighted the substantial growth in budgetary allocations and capital expenditure, reflecting the government’s ongoing commitment to fostering a robust and dynamic economy.
