Budget to benefit all segments of society, says PM Modi

New Delhi, July 23 (IANS) Prime Minister Narendra Modi on Tuesday said the Union Budget 2024-25 would ensure inclusive growth, benefiting every segment of society and pave the way for a developed India. 

"This is a Budget that will take the country's villages, poor and farmers on the path of prosperity. In the last 10 years, 25 crore people have come out of poverty," PM Modi said.

"This Budget is also a Budget for the continuation of the empowerment of the newly emerged Neo Middle Class," he said.

PM Modi said the Budget would be a catalyst for making India the third-largest economy in the world and for laying the strong foundation for the 'Viksit Bharat'.

PM Modi underlined that the budget with its new schemes is aimed at strengthening the lives of the middle class, tribals, Dalits and Backward Classes.

He further emphasised that this year's Budget would ensure economic partnerships for women while also laying down a new path for small businesses and MSMEs.

Reiterating the government's commitment to employment and self-employment, the Prime Minister noted the success of the PLI scheme and highlighted the Employment Linked Incentive scheme announced in the budget which will create crores of jobs.

Emphasising the commitment to creating entrepreneurs in every city, every village and every household, PM Modi talked about raising the limit of collateral-free loans under the Mudra Loan from Rs 10 lakh to 20 lakh which will greatly benefit small businessmen, women, Dalits, Backward Classes and the deprived.

Asserting the commitment to make India the manufacturing hub of the world, the Prime Minister emphasised the links of MSME with the middle class of the country and its employment potential for the poor segment.

"The announcements in the Budget will take manufacturing and exports to every district," he said, adding: "e-Commerce, export hubs and food quality testing will give new momentum to One District-One Product programme."

PM Modi also underlined that the Union Budget 2024-25 brings numerous opportunities for India's startup and innovation ecosystem.

He gave examples of a Rs 1,000 crore corpus fund to vitalise the space economy and the abolition of the angel tax.

"Record high capex will become a driving force of the economy," the Prime Minister said, mentioning the development plans for 12 new industrial nodes, new satellite towns and transit plans for 14 big cities.

He said that it would enable the development of new economic hubs in the country and create numerous jobs.

Highlighting the record defence exports, the Prime Minister mentioned that this year's Budget consists of numerous provisions to create an 'Aatmanirbhar' defence sector.

PM Modi also underlined the emphasis on tourism in this year's Budget and said that the tourism industry brings numerous opportunities for the poor and the middle-class.

The Prime Minister said that in the last 10 years, the government has ensured tax relief for the poor and the middle class, while decisions were made in this year's Budget to reduce income tax, hike standard deduction and simplify TDS rules. He said that these reforms would allow taxpayers to save more money.

PM Modi also said that the overall development of the eastern region of India will get new momentum and energy through the 'Purvodaya' vision.

"New impetus would be given to the development of important infrastructures like highways, water projects and power projects in eastern India," he added.

The Prime Minister further said that "a big focus of this Budget is on the nation's farmers". After the world's biggest grain storage scheme, now Vegetable Production Clusters are being introduced which will help both the farmers and the middle class.