In the last 10 years, the country’s budget has tripled.
There would never have been so much discussion on any budget in the last 10 years. As much as is happening this time. Whether that discussion is happening inside or outside the Parliament. Both the party and the opposition are giving statements on the budget. Incidentally, compared to the last budget of the UPA government, this time the country’s budget has been 3 times bigger. Capital expenditure has increased five times in the last ten years. Now no one is discussing these things except the country’s Prime Minister Narendra Modi at the post-budget conference of the Confederation of Indian Industry (CII) outside the Parliament. Finance Minister Nirmala Sitharaman created history by presenting the seventh consecutive budget on July 23. Before that, this record was in the name of Morarji Desai. Who had presented the budget 6 times. Let us also tell you what else Prime Minister Narendra Modi said at the CII post-budget conference…
Multiple budget increases
Prime Minister Narendra Modi, while addressing the CII conference after Budget 2024, on Tuesday said that in 10 years, his government has tripled India’s budget. The last budget presented by the Manmohan Singh government in 2014 was Rs 16 lakh crore. Modi said that ten years later, the Union Budget for 2024 that we presented a few days ago is worth Rs 48 lakh crore, which is three times as much. Before that, the size of the interim budget was also Rs 45 lakh crore. In comparison, an increase of about Rs 3 lakh crore has been seen in the total budget. If we talk about the first budget of the UPA government, it was Rs 4.78 lakh crore. At the time of the last UPA budget, it had increased almost 4 times. In the year 2014, when Prime Minister Narendra Modi came to power, he presented his full budget, the size of which was Rs 17.95 lakh crore. In which, so far, there has been a 2.67 times increase.
5-fold increase in capital expenditure
Prime Minister Narendra Modi also said that his government has increased capital expenditure allocation considerably in the last 10 years. He said at the conference ‘The Journey to Developed India: A Post-Union Budget 2024-25’ that capital expenditure is said to be the largest productive means of investment in resources. In 2004, the capital expenditure allocation in the first UPA budget was Rs 90,000 crore. Modi said that in the last UPA budget in 2014, it increased to just Rs 2 lakh crore. Modi said that currently the capital expenditure allocation is over Rs 11 lakh crore. This means that capital expenditure has seen an increase of more than five times in the last 10 years. Narendra Modi informed that his government has increased the expenditure for expansion of railways and roads eight times.
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The country will soon become the third largest economy.
PM Modi said that India, which is currently the fifth-largest economy in the world, will soon become the third-largest economy. He also mentioned the time when India was ranked among the “five fragile economies” of the world. Modi said that his governments have gradually helped in taking India from a weak position to a strong position. PM Modi also said that in a world where most economies are battling low growth and high inflation, India stands out as an economy that is witnessing high economic growth and low inflation. He also said that India’s fiscal foresight has become an example for the world. Modi spoke about the government’s initiatives to transform the manufacturing sector of the economy with measures such as ‘Make in India’, production-linked incentive (PLI) schemes, liberalisation of FDI norms and setting up of multi-modal logistics hubs.
A first national approach is necessary
Prime Minister Narendra Modi said that investors across the world are eagerly looking towards India and the domestic industry should come forward and grab this golden opportunity and play its part in achieving the goal of a developed India by 2047. The Prime Minister said that there is no lack of political will in the Modi government and it will take all decisions keeping in mind the Nation First approach. He said that India is growing at the rate of eight per cent and the day is not far when the country will become the third largest economy in the world. The Prime Minister expressed confidence that this achievement of becoming the third largest economy will be achieved in his third term.
Goal to become a developed nation by 2047
He mentioned the various measures announced in the budget, especially those to promote the Micro, Small and Medium Enterprises (MSME) sector, which generates millions of employment opportunities. Modi said that today the entire world is looking towards India and towards you. Government policies, commitments and investments are becoming the basis of global development. Investors from across the world are willing to come to India. World leaders are positive about India. This is a golden opportunity for Indian industry and we should not waste it.
He said that the domestic industry should work with the government to make India a developed nation by 2047 and also make it a global player in emerging sectors. The Prime Minister said that the government’s intent and commitment is clear. Be it a nation first or a $5,000 trillion economy, a self-reliant India… a developed India… we are working with full dedication.
