Budget is empowering all: Modi

NEW DELHI: Prime Minister Narendra Modi on Tuesday praised the Union Budget presented by finance minister Nirmala Sitharaman, describing it as a tool to "empower every section of society" and promote growth and a bright future.

“Union Budget 2024-25 will empower every section of society. It will take the poor farmers from villages on the path to prosperity,” Modi remarked. He highlighted the emergence of a neo-middle class, with 25 crore people lifted out of poverty, and noted the Budget’s role in continuing their empowerment and creating employment opportunities.

“This Budget brings a new scale to education and skill development,” Modi said, emphasising its benefits for the middle class, tribal communities, Dalits, and Backward Classes. He underscored the Budget's focus on women’s economic participation and support for small businesses and MSMEs.

Modi also highlighted the Employment Linked Incentive scheme aimed at generating millions of jobs and provisions for higher education and internships for one crore youth. He pointed out the Budget's support for India's startup and innovation ecosystem, including a Rs 1,000 crore fund for the space economy and the abolition of the angel tax.

“Record high capex will become a driving force of the economy,” Modi said, mentioning plans for 12 new industrial nodes, new satellite towns, and transit projects in 14 major cities. He also noted the Budget’s provisions for an ‘aatmanirbhar’ defence sector and the tourism industry.

The Prime Minister emphasised tax relief for the poor and middle class, including reductions in income-tax, increased standard deductions, and simplified TDS rules, enabling taxpayers to save more money.

Modi further highlighted the 'Purvodaya' vision for the eastern region's development, focusing on infrastructure like highways, water, and power projects. He stressed the importance of self-reliance in agriculture with measures to boost the production of pulses and oilseeds.

“Today's Budget has brought new opportunities, new energy, new employment, and self-employment opportunities. It has brought better growth and a bright future,” Modi concluded, asserting its potential to make India the third-largest economy and lay a strong foundation for a "Viksit Bharat."