Prime Minister Narendra Modi addressed the inaugural session of the ‘Journey Towards Viksit Bharat: A Post Union Budget 2024-25 Conference,’ organized by the Confederation of Indian Industry (CII) today, underscoring the significant strides made in budgetary allocations and infrastructure development under his government. Modi highlighted the substantial increase in budget sizes and capital expenditures as evidence of the administration’s commitment to growth and effective governance.
In his keynote address, Modi revealed that the budget for the fiscal year 2013-14 under the previous government was ₹16 lakh crore. He contrasted this with the current administration’s budget, which has grown to ₹48 lakh crore. This substantial increase, he argued, reflects the government’s robust economic management and focus on development.
Modi also highlighted the dramatic rise in capital expenditure over the years. “In 2004, capital expenditure was ₹90 thousand crore. Today, it stands at over ₹11 lakh crore,” Modi stated, emphasizing the administration’s commitment to investing in critical infrastructure. The Prime Minister outlined how the budget allocations have increased across various sectors: railways and highways budgets have expanded eightfold, agricultural spending has more than quadrupled, and defense budgets have more than doubled.
Further detailing the government’s economic policies, Modi noted the significant reductions in taxes, including lower tax rates for Micro, Small, and Medium Enterprises (MSMEs) and reduced corporate tax rates for companies. These measures, he suggested, have created a more favorable environment for business and economic activity.
Modi criticized the previous government’s track record, contrasting it with the current administration’s achievements. “Unlike the pre-2014 era of unfulfilled promises, this government is delivering unprecedented infrastructure development with remarkable speed and scale,” Modi asserted. He highlighted the administration’s focus on good governance and tangible progress, claiming that the current government has moved beyond the era of rhetoric to deliver real and impactful results.
The Prime Minister’s remarks at the CII conference were aimed at showcasing the administration’s achievements and reinforcing its commitment to continuing economic and infrastructure development. Modi’s address was well-received by industry leaders and stakeholders, who viewed it as a strong affirmation of the government’s focus on creating a robust and dynamic economy.
The conference served as a platform for discussing the implications of the Union Budget 2024-25 and the government’s broader economic strategy. Modi’s speech underscored the significant progress made in budget allocations and infrastructure, while also setting the stage for future development goals and ongoing reforms.
