On Tuesday, Prime Minister Narendra Modi declared that the Union Budget 2024–25 will increase youth skill development and education, support infrastructure and manufacturing growth, and create millions of jobs and chances for self-employment.
An hour and a half after Finance Minister Nirmala Sitharaman delivered the Budget in the Lok Sabha, the Prime Minister highlighted the achievements of his government’s production-linked incentive (PLI) program and its dedication to fostering job and independent-enterprise prospects in a televised speech.
According to him, millions of jobs will be created by the employment-linked incentive (ELI) program, which the FM unveiled on Tuesday.
“The government will pay the first salary of a youth’s first job under the scheme,” Modi declared.
Speaking on the program to offer internships to 10 million young people, the PM stated, “Working in top companies under the scheme, the young interns will find new avenues of possibilities.”
The Prime Minister congratulated Sitharaman and her whole team and stated that the Budget will enable all societal segments and put villages on the path to development. Additionally, its programs will encourage women-led development and enhance the lives of middle class, tribal, Dalit, and backward class people.
Modi discussed the budget’s emphasis on helping micro, small, and medium-sized enterprises (MSMEs) and small businesses. He claimed that this was managed by the middle class and offered the poor as many job chances as possible.
According to the PM, a plan to make loans to MSMEs easier to get was revealed in the Budget.
He declared, “The Budget’s announcements will bring manufacturing and exports to every district.”
“Food quality testing, export hubs, and e-commerce will give the one district, one product program a new momentum,” he continued.
According to Modi, the goal of the government is to develop entrepreneurs in every town, city, and household. Dalits, tribal people, and members of the lower classes will gain from the increase in the maximum amount available for collateral-free loans under the Mudra Scheme, which was set at Rs. 10 lakh.
Referring to the government’s plans for 12 new industrial hubs, new satellite towns, and transit plans for 14 major cities, the PM stated, “Record high capex will become a driving force of the economy.”
The prime minister stressed tourism while pointing up the financial provisions to establish a “aatmanirbhar” defence sector. He discussed the steps taken by the government over the past ten years to provide middle-class and impoverished people with tax relief.
He noted that the budget for this year raised the standard deduction, lowered income tax, and streamlined TDS regulations. He continued by saying that these changes will increase taxpayer savings.
According to Modi, the Budget’s “Purovdaya vision” has included provisions for promoting the eastern region’s growth. By establishing “vegetable production clusters,” he claimed, the text supported farmers and emphasised its pro-poor initiatives.
“The Budget has created fresh prospects, vigour, jobs, and chances for self-employment. He added that the Budget will act as a catalyst to propel India’s economy to become the third largest in the world. “It has brought better growth and a bright future,” the speaker remarked.