People’s Budget to boost savings, fulfil dreams of 140 cr, says Modi

Prime Minister Narendra Modi hailed the first full-year Budget of his third term as “historic and people’s Budget” saying it would spur savings, investments, consumption and growth.

In his remarks after the Budget presentation in the Lok Sabha by Finance Minister Nirmala Sitharaman, PM Modi said unlike conventional Budgets that sought to fill government treasury, this one filled the pockets of common citizens. “Normally, the focus is to fill the coffers of the government. But this Budget seeks the reverse. This is about filling the pockets of citizens, boosting savings and engaging them as partners in national development,” Modi said. He said it marked a major milestone in the country’s development.

“This is a Budget of the aspirations of 140 crore Indians. We have opened many sectors for the youth. Common man will now drive the Viksit Bharat mission. This Budget will be a force multiplier. It will boost savings, investments, consumption and growth,” the Prime Minister said. He said salaried and middle class Indians and new job recruits would benefit hugely from the announcement of income up to Rs 12 lakh being made tax-free.

PM Modi also mentioned the new scheme to hand hold 100 low agriculture productivity districts and raise Kisan Credit Card limits from Rs 2 lakh to Rs 5 lakh as announcements that would “form the basis of a new revolution”.

Stressing reform-based announcements such as the decision to promote private sector in nuclear energy; declaring large ship-making segments as infrastructure and deciding to include hotel construction in top 50 Indian tourist destinations as infrastructure sectors, the PM said, “These decisions will power ship-building, tourism and hospitality, which have a huge job potential.”

Modi further highlighted the announcement of National Manufacturing Mission, support to Clean Tech, leather and toy sectors as major budget announcements to boost small industries and ensure Indian products ruled the global markets.

Doubling of credit guarantee for MSMEs and start-ups; guarantee-free loans up to Rs 2 crore for women entrepreneurs of SC, ST segments, registration and health benefit coverage for gig workers, Jan Vishwas 2.0 to further boost trust based governance by decriminalising more provisions and mission mode preservation of one crore manuscripts also found generous mention in the PM’s remarks on the Budget.