Prime Minister Narendra Modi addressed Indian industry leaders at a post-budget conference hosted by the Confederation of Indian Industry (CII) on Tuesday. In his speech, PM Modi highlighted the economic strides made under his administration over the past decade and called on the private sector to intensify its efforts in generating employment and boosting investments.
Comparing economic metrics, PM Modi noted a significant increase in budget allocations. “In 2013-14, the last budget under Dr. Manmohan Singh’s government was Rs 16 lakh crore. Under our administration, it has tripled to Rs 48 lakh crore,” he stated. He highlighted that capital expenditure, which stood at Rs 90,000 crore in the UPA’s first budget, has now surged to over Rs 11 lakh crore in 2024.
The Prime Minister emphasized substantial increases in funding across critical sectors: an eightfold rise in railway and highway budgets, a fourfold boost in agriculture spending, and a doubling of the defense budget compared to the previous administration.
Highlighting reforms for the MSME sector and corporate tax reductions, PM Modi pointed out, “In 2014, MSMEs earning Rs 1 crore had to pay presumptive tax; now, this benefit extends to MSMEs earning up to Rs 3 crore. Similarly, MSMEs with an income up to Rs 50 crore previously faced a 30% tax rate, which is now 22%.”
On corporate taxation, he noted that the rate has been reduced from 30% to 25% for companies with incomes up to Rs 400 crore.
PM Modi emphasized India’s unique position with high growth and low inflation, contributing 16% to global growth despite challenges like the pandemic and geopolitical tensions. He reiterated the government’s commitment to skill development, youth entrepreneurship, and initiatives such as “Nation First,” the $5 trillion economy goal, “Zero Effect Zero Defect” manufacturing, “Atma Nirbhar Bharat,” and the vision of becoming a developed nation by 2047.
In a call to action, PM Modi challenged the private sector to match the government’s efforts in job creation and investment, urging industry leaders to embrace “Viksit Bharat” as their guiding principle.
The conference, focusing on the recent Union Budget and its implications for India’s development, attracted over 1,000 participants from various sectors, including industry, government, the diplomatic community, and think tanks.