Modi: Not treasury, 'People's Budget'

He said several sectors were opened up for the youth, and that ordinary citizens will drive the mission of “Viksit Bharat” (Developed India).

The PM emphasised that this Budget was a force multiplier that would increase savings, investment, consumption and growth. He congratulated Ms Sitharaman and her team for this “People’s Budget”.

The Prime Minister said that typically, the focus of the Budget was on how to fill the government's treasury, but this Budget focused on how to fill the pockets of the citizens, increase their savings, and make them partners in the country’s development.
“This Budget lays the foundation for these goals,” he stressed.

The Prime Minister noted that significant steps have been taken towards reforms in this Budget and highlighted the historic decision to promote the private sector in nuclear energy.

He noted that civil nuclear energy will ensure a significant contribution to the country’s development in the future and further emphasised that all employment sectors were given priority in the Budget.

Pointing out two major reforms that will bring significant changes in future, Mr Modi said that granting infrastructure status to shipbuilding will boost the construction of large ships in India, accelerating the “Atma Nirbhar Bharat Abhiyaan”, and including hotels at 50 tourist destinations in the infrastructure category will significantly boost tourism, providing new energy to the hospitality sector, which is the largest employment sector.

The PM said the country was progressing with the mantra of “Vikas bhi, Virasat bhi” (Development and Heritage). He said that significant steps were taken in this Budget to preserve one crore manuscripts through the launch of the “Gyan Bharatam Mission”, and additionally, a “National Digital Repository” inspired by Indian knowledge traditions will be created.

Remarking that the announcements made in the Budget for farmers will lay the foundation for a new revolution in the agricultural sector and the entire rural economy, Mr Modi highlighted that under the “PM Dhan-Dhanya Krishi Yojana”, irrigation and infrastructure development will take place in 100 districts.

He further emphasised that increasing the limit of the “Kisan Credit Card” from Rs 3 lakhs to Rs 5 lakhs will provide greater assistance to farmers.

Further highlighting that the Budget has exempted incomes up to Rs 12 lakhs from tax, the Prime Minister said that tax reductions were made for all income groups, which will greatly benefit the middle class and those who have been newly employed.

“The Budget has a 360-degree focus on manufacturing to strengthen entrepreneurs, MSMEs, and small businesses, creating new jobs,” the Prime Minister said, and pointed out that sectors like clean tech, leather, footwear, and the toy industry had received special support under the “National Manufacturing Mission”.

“The goal was clear to ensure Indian products to shine in the global markets,” he stressed. Pointing out that the Budget places special emphasis on creating a vibrant and competitive investment environment in the states, Mr Modi highlighted the announcement to double the credit guarantee for MSMEs and startups.

He also mentioned the introduction of a scheme to provide loans up to Rs 2 crores without guarantee for SC, ST, and women first-time entrepreneurs. Mr Modi also emphasised the significant announcement for gig workers, with their registration on the e-Shram portal for the first time, enabling them to access healthcare and other social security schemes.

“This Budget not only addresses the current needs of the country but also helps in preparing for the future,” he said and also highlighted the initiatives for startups, including the Deep Tech Fund, Geospatial Mission and Nuclear Energy Mission.