Prime Minister Narendra Modi hailed the Union Budget 2024 as a landmark document empowering the neo-middle class, the underprivileged, rural areas, and farmers.
Addressing the nation hours after Finance Minister Nirmala Sitharaman unveiled her seventh consecutive budget, Modi highlighted its potential to provide significant opportunities for youth and reinforce socio-economic support structures.
"In the past decade, 25 crore people have been lifted out of poverty. This budget is crafted to further empower the emerging middle class," Modi stated.
He highlighted that the budget's focus on education and skill development would particularly benefit young Indians, bolstering their prospects and providing them with expansive career opportunities.
Modi also spotlighted the 'Employment Linked Incentive Scheme,' a new initiative aimed at stimulating job creation. Under this scheme, the government will provide the first salary to individuals entering the workforce for the first time.
"This scheme is designed to facilitate numerous employment opportunities and enable youth from rural areas to secure positions in leading companies through an apprenticeship program," the Prime Minister noted.
Today’s budget, presented by Sitharaman, marks her historic seventh consecutive budget presentation, surpassing the record set by former Prime Minister Morarji Desai.
Sitharaman’s announcement underlines the Centre’s commitment to infrastructure spending, maintaining a capex expenditure of ₹11.1 lakh crore, consistent with the interim budget.
The infrastructure expenditure is pegged at 3.4% of GDP.
In her presentation, Sitharaman highlighted that the government’s efforts have won public endorsement, with Modi’s administration re-elected for a third term.
Despite global economic uncertainties, India’s growth trajectory remains robust, she asserted.
The Finance Minister introduced several key measures, including an increased standard deduction and revised tax rates for salaried individuals under the new tax regime.
Additionally, reductions in customs duties on gold, silver, mobile phones, and various other goods were announced.
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