The first general budget (Union Budget 2024) of the third term of the Modi government has been presented. Finance Minister Nirmala Sitharaman presented it in Parliament. This is his seventh consecutive budget as Finance Minister. Many announcements have been made for different sectors in this budget. After presenting the budget, Prime Minister Narendra Modi said, “In the last 10 years, 25 crore people have come out of poverty. This budget is for the empowerment of the new middle class. The youth will get unlimited opportunities from this budget. This budget will provide education and Skills will get a new dimension. This budget will give strength to the new middle class. The budget will help women, small businessmen and MSMEs.”
He further said that this budget is going to give strength to every section of the society. This is a budget that will take the country’s villages, poor and farmers on the path to prosperity. In the last 10 years, 25 crore people have come out of poverty. This is the budget for the continuation of empowerment of Neo Middle Class. This is a budget that will provide countless new opportunities to the youth.
‘New path for small traders…’
Narendra Modi said, “This budget will give a new scale to education and skills. This is a budget that will give new strength to the middle class. It has come with strong plans to empower the tribal society, Dalits and backward classes. With this budget, women “This will help in ensuring economic participation.”
PM Modi claimed that this budget will provide a new path of progress to small traders and MSMEs. There is a lot of focus on manufacturing and infrastructure in the budget, this will give new impetus to economic development. We have to create entrepreneurs in every city, every village, every home. For this purpose, the limit of Mudra loan without guarantee has been increased from Rs 10 lakh to Rs 20 lakh. This will boost self-employment among small businessmen, especially women, Dalit, backward and tribal families.
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‘Budget has brought new energy…’
The Prime Minister further said, “Today’s budget has brought new opportunities, new energy. It has brought a lot of new jobs, self-employment opportunities. It has brought better growth and a bright future.”
He claimed that today’s budget will act as a catalyst in the process of making India the third largest economic power in the world and will lay a solid foundation for a developed India.
‘Promoting startup ecosystem in defense industries…’
Indian Defense Minister Rajnath Singh said, “I thank the Finance Minister for giving the highest ever allocation (to the Defense Ministry) of Rs 6,21,940.85 crore, which is 12.9 per cent of the total budget of the Government of India for the financial year 2024-25. Capital outlay of Rs 1,72,000 crore will further strengthen the capabilities of the armed forces. Provision of Rs 1,05,518.43 crore will further boost self-reliance.
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He further said that I am happy that 30 percent increase in allocation has been given to border roads under the capital head as compared to the previous budget. This allocation of Rs 6,500 crore to BRO will further give impetus to our border infrastructure. To promote the startup ecosystem in defense industries, Rs 518 crore has been allocated to the iDEX scheme to finance technological solutions delivered by startups, MSMEs and innovators.