“Wealth Creators The Main Driving Force Of The Country’s Growth Story”
“India Growing At 8%, The Day Is Not Far When Country Will Become Third-Largest Economy Globally In My Third Term
Commitment Of ‘Nation First’ Reflected In 5 Trillion Dollar Economy Goal, Saturation Approach, Emphasis On Zero Effect-Zero Defect, Pledge Of Aatmnirbhar Bharat Or Viksit Bharat”
New Delhi: Prime Minister Narendra Modi on Tuesday said India is firmly on the path to becoming the world’s third-biggest economy within next five years and that global investors are eyeing it as an investment destination, as he exhorted the domestic industry to seize the golden opportunity to be part of the journey of ‘Viksit Bharat’.
Addressing a CII post-Budget conference on ‘Journey Towards Viksit Bharat’, he said, wealth creators are the main driving force of the country’s growth story at a time when India’s policies, commitment, determination, decisions and investments are becoming the basis of global progress. Also Read – No rethinking on supporting Chinese investments in India, says Goyal “Today, the whole world is looking at India and you (industry). Policies of the government and commitment and investment are becoming foundation of global development. Investors across the world are keen to come to India. World leaders are filled with positivity for India. This is the golden chance for the Indian industry and we should not lose this opportunity,” Modi said. Pointing towards the growing interest in India among global investors, the prime minister informed the industry about his call in the recent NITI Aayog meeting to state chief ministers for creating investor-friendly charters, bringing clarity in investment policies and creating a conducive atmosphere for investment.
With high growth and low inflation, he said, India is a beacon of growth and stability in a world which is facing high inflation and low growth and other geopolitical challenges. India is growing at 8 per cent and the day is not far when the country will become the third-largest economy globally from the current fifth position, he said. The prime minister exuded confidence that this feat of becoming the third- largest economy will be achieved in his ongoing third term. The Modi government does not lack political will and will take all decisions keeping in mind ‘nation first approach’, he said. Also Read – Govt collected Rs 98,681 cr from long term capital gains tax in FY23 “The Commitment of ‘Nation First’ is reflected in the 5 trillion dollar economy goal, saturation approach, emphasis on Zero Effect-Zero Defect and pledge of Aatmnirbhar Bharat or Viksit Bharat,” he said. The domestic industry, he said, should compete with the government to make India a developed nation by 2047 and also make it a global player in sunrise sectors. He also recalled various measures announced in the Budget, especially for promoting the MSME sector which creates crores of jobs. The prime minister said the government is highly focused on skill development and employment keeping in mind Industry 4.0 standards. Also Read – Markets rise to record high levels for 3rd day India is home to 1.40 lakh startups employing lakhs of youth, and more than 8 crore people have started new business with the help of Mudra Yojana, Startup India and Standup India schemes. Referring to the much-praised PM Package worth Rs 2 lakh crore in this year’s budget, he said it will benefit more than 4 crore youth. “PM Package is holistic and comprehensive. It is interlinked with end-to-end solutions. It aims to make India’s manpower and products globally competitive in terms of quality and value,” he said. Modi also touched upon the Internship scheme introduced to enhance skill and exposure for the youth, thereby boosting their chances of employment, while at the same time incentivizing those generating employment on a large scale, he said. Therefore, he said, the government has announced incentives in EPFO contribution. Observing that the manufacturing ecosystem has transformed in the last 10 years, he said, Make in India and simplification of FDI rules in various sectors along with multi purpose logistics parks, PLI for 14 sectors are some of the measures taken in the past. The Budget has announced plug-and-play investment-ready investment parks for 100 districts of the country, he said, adding, these 100 cities will become new hubs of Viksit Bharat.
Highlights of what PM Modi said in the conference
In this budget, the PM package worth Rs. 2 lakh crores has been announced. It well benefit 4 crores youth. This PM package is holistic and comprehensive. It is inter-linked and it is an end-to-end solution.
In a world full of uncertainties, having growth and stability like India is an exception… India is the only country with high growth and low inflation…Our fiscal prudence is a role model for the world… India’s share in global growth is 16%. This happened even though there were multiple blows to the economy in the last 10 years… India would have been in a higher position if these challenges had not come.
Before 2014, huge announcements were made in the budget to show that the economy is good. But the reality was that those announcements were not implemented on the ground… Previous governments did not pay attention to completing any schemes… We have changed this situation in the last 10 years.
We have increased railway budget by 8 times as compared to the 10 years of the previous government, highways budget by 8 times, agriculture budget more than 4 times and the budget for defence has been increased by more than twice.
Everyone is aware of the situation of fragile five and scams of lakhs crores before 2014… We presented the details of the economy in front of the nation in the form of White Paper… It should be debated where we stood. We released the industries of India and brought them to the height.
Capital expenditure is called the biggest productive medium of resource investment… In 2004, in the first budget of the UPA government, Capital expenditure was around Rs. 90,000 crore. It increased to Rs. 2 lakh crores… And today, the CapEx is more than Rs. 11 lakh crores.
Today, we are discussing ‘Journey towards Viksit Bharat’. This change is not just of the sentiments, but of confidence. Today, India is the 5th largest economy in the world and soon it will be the 3rd.
During the pandemic, we used to have discussions and the centre point of those discussions used to be ‘getting growth back’. I said then that India will run on the path of development very soon. Today, India is growing at the speed of 8%
What did the Finance Ministry say on Budget 2024-25?
The Finance Ministry said that India’s inflation remains low and stable, progressing towards the 4 per cent target, with core inflation (excluding food and fuel) at 3.1 per cent. Measures are being taken to ensure adequate market supply of perishable goods.
Sitharaman unveiled the Prime Minister’s package, which includes five schemes aimed at providing employment, skills, and opportunities for 41 million youth over the next five years, with a central allocation of Rs 2 lakh crore. This year, Rs 1.48 lakh crore is earmarked for education, employment, and skill development.
For the ‘Viksit Bharat’ vision, the budget outlines nine priorities to foster opportunities for all: enhancing productivity and resilience in agriculture, creating employment and skill development opportunities, promoting inclusive human resource development and social justice, boosting manufacturing and services, advancing urban development, ensuring energy security, improving infrastructure, supporting innovation, research, and development and implementing next-generation reforms, stated the press release.
The budget will support farmers with the release of 109 high-yielding, climate-resilient crop varieties. Over the next two years, 10 million farmers will be introduced to natural farming, with support for certification and branding. Additionally, 10,000 bio-input resource centres will be established.
After Day-Long Respite Heat Wave Back In Valley
Srinagar simmers at 31.7 degree Celsius; MeT forecasts intermittent rains till Aug 07
Srinagar: As the thundershowers at multiple places and heavy rains in some areas brought respite from the scorching heat, the weather conditions has once again recorded an upward trend in terms of temperature as most places across Jammu and Kashmir recorded above normal temperatures on Tuesday.
Reports said 8 stations out of 11 recorded above 30 degree Celsius temperature today with Srinagar, the summer capital of Jammu and Kashmir recording a maximum temperature of 31.7 degree Celsius.
Qazigund, a gateway of Kashmir, recorded a maximum temperature of 31.9 degree Celsius while Pahalgam, a famous tourist destination recorded 29.6 degree Celsius.
The mercury settled at 28.7 degree Celsius in Kupwara while in Kokernag and Gulmarg, a famous ski-resort, it settled at 31.9 degree Celsius and 21.0 degree Celsius respectively.
The rise in maximum temperatures was recorded amidst the forecast of intermittent rains and thundershowers in Jammu and Kashmir for the next few days.
In Jammu, the mercury settled at 36.4 degree Celsius while in Banihal it settled at 33.6 degree Celsius. It settled at 31.4 degree Celsius in Batote and 33.3 degree Celsius and 33.0 degree Celsius in Katra and Bhaderwah stations respectively.
For the next 24 hours, the weatherman here has predicted generally cloudy with intermittent spells of light to moderate rain and thundershower at many places of Kashmir division and widespread places of Jammu division.
From August 01 to August 07, Director Meteorological department (MeT), Dr Mukhtar Ahmad stated that generally cloudy with spells of intermittent light to moderate rain and thundershower is expected at many places of Kashmir division and most places of Jammu division.
However, the MeT has issued an advisory, saying that intense showers for brief period with possibility of flash floods, cloud bursts, landslides, mudslides and shooting stones are expected over vulnerable places of J&K with possibility of heavy rainfall at few places of Jammu division.
Pertinently, the most parts of Jammu & Kashmir experienced thundershowers and some areas received heavy rainfall on yesterday, which led to the dip in the mercury and thus simultaneously ended the prolonged heat wave in the Union Territory
