Prime Minister Narendra Modi said on Saturday that the budget presented by finance minister Nirmala Sitharaman is a “force multiplier” that will result in increased savings, investment, consumption and economic growth.
In a video address released after the budget was presented, Modi congratulated the finance minister for what he said was a “people’s budget”.
“This is the budget of the aspirations of 140 crore Indians, this is a budget that fulfils the dreams of every Indian. This is a budget which fulfils the dreams of our people. We have opened many sectors for the youth. Common citizens are going to drive the mission of Viksit Bharat. This budget will increase savings, investment, consumption, and growth,” he said.
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Modi sought to reset the Bharatiya Janata Party’s ties with the middle class, a traditional support base for the party that was perceived by some political observers to have moved away in recent times over high taxation and inflation.
“Usually, the focus of the budget is on how the government treasury will be filled, but this budget is exactly the opposite of that. How will this budget fill the pockets of the citizens of the country, how will the savings of the citizens of the country increase and how will the citizens of the country become partners in development… this budget lays a very strong foundation for it,” he said.
On the tax sops offered in the budget, Modi said, “Significant steps have been taken towards reforms in this budget. The tax benefit will greatly help the middle class and those who have been newly employed.”
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The PM described the decision to promote the private sector in nuclear energy as historic and said civil nuclear energy will ensure a significant contribution to the country’s development in the future.
With employment being a key electoral concern and an issue that the Opposition often accuses the Union government of overlooking, Modi said job creation across sectors was given priority in the budget.
He said granting infrastructure status to shipbuilding will boost the construction of large ships in India, thereby accelerating the Atmanirbhar Bharat Abhiyaan. This, he explained, will also give a fillip to the tourism and hospitality sector, one of the largest employment generating sectors.
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Reiterating the government’s mantra of “Vikas Bhi, Virasat Bhi” (development with heritage preservation), Modi said significant steps have been taken to preserve over a million manuscripts through the launch of Gyan Bharatam Mission and a National Digital Repository, the provision for which was announced in the budget.
Farmers who have been at the core of the government’s welfare policies, the PM said, will stand to benefit from the announcements made in the budget, which will lay the foundation for a new revolution in the agricultural sector and the entire rural economy.
“Under the PM Dhan-Dhanya Krishi Yojana, irrigation and infrastructure development will take place in 100 districts… and the increased limit of the Kisan Credit Card from ₹3 lakh to ₹5 lakh will provide greater assistance to farmers,” he said.
Hailing the employment generation aspects of the budget through support to MSMEs, he said, “The budget has a 360-degree focus on manufacturing to strengthen entrepreneurs, MSMEs, and small businesses, creating new jobs.”
Modi highlighted the announcement to double the credit guarantee for MSMEs and startups and the scheme to provide loans up to ₹2 crore without guarantee for SC, ST, and women first-time entrepreneurs.
The registration of gig workers on the e-Shram portal for the first time will enable them to access health care and other social security schemes, reflecting “the government’s commitment to the dignity of labour”, Modi said.