At the inaugural session of the ‘Journey Towards Viksit Bharat: A Post Union Budget 2024-25 Conference,’ Prime Minister Narendra Modi showcased the significant increases in budgetary allocations and capital expenditures achieved under his administration, contrasting these accomplishments with the previous government’s performance. Modi’s address emphasized the government’s commitment to infrastructure development and fiscal prudence.
During his speech, Modi revealed that the budget for the fiscal year 2013-14 under the former administration was ₹16 lakh crore. He pointed out that this figure has tripled to ₹48 lakh crore in the current budget, reflecting a substantial boost in financial resources allocated for national development. This increase, Modi argued, highlights the government’s focus on economic expansion and enhanced public investment.
Modi also discussed the growth in capital expenditure, noting a dramatic increase from ₹90 thousand crore in 2004 to over ₹11 lakh crore today. “Our government has prioritized capital expenditure as a driver of economic progress and infrastructure development,” Modi said. He outlined how the budget allocations have grown significantly across key sectors: railways and highways budgets have expanded by eight times, agricultural funding has increased more than fourfold, and defense spending has more than doubled.
The Prime Minister also highlighted the government’s efforts to reduce tax burdens, including lower rates for Micro, Small, and Medium Enterprises (MSMEs) and decreased corporate tax rates. These measures, he suggested, are designed to stimulate business growth and create a more favorable economic environment.
Criticizing the previous administration, Modi contrasted its record of unfulfilled promises with the current government’s achievements. “Unlike the pre-2014 era, where promises were made but not kept, this government is delivering on its commitments with unprecedented speed and scale,” Modi asserted. He emphasized the administration’s focus on effective governance and tangible results in infrastructure development.
Modi’s remarks at the CII conference were aimed at affirming the administration’s success in budget management and infrastructure investments while positioning the government as a catalyst for economic growth and reform. The Prime Minister’s speech resonated with industry leaders, who viewed it as a strong endorsement of the government’s economic policies and development strategies.
The conference provided a platform for discussing the impact of the Union Budget 2024-25 and the government’s ongoing efforts to drive economic progress. Modi’s address highlighted the significant strides made in fiscal management and infrastructure, setting the stage for continued development and reform initiatives.
