Prime Minister Narendra Modi hailed the Union Budget unveiled by Finance Minister Nirmala Sitharaman on July 23, 2024, emphasizing its potential to empower all segments of society.
“This budget is designed to uplift villages, the underprivileged, and farmers, continuing the momentum of prosperity. Over the past decade, 25 crore citizens have risen out of poverty. This budget represents a commitment to further strengthen the newly emerging middle class,” he stated.
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Focusing on taxation changes, he announced measures aimed at the reduction and simplification of tax regulations, particularly concerning tax deduction at source (TDS).
MSME Sector Support
Modi highlighted significant provisions for the micro, small, and medium enterprises (MSME) sector, asserting these would open new avenues for small traders and businesses. “A new initiative to enhance credit accessibility is part of this budget. Strategies to boost the export and manufacturing landscape across every district have been introduced, reflecting new possibilities for start-ups and the space economy,” he remarked.
He noted that the MSME sector is integral to the middle class and serves as a major source of employment. “This budget aims to elevate education and skills development,” he elaborated.
Youth Employment Initiatives
A significant emphasis of the budget was on creating job opportunities for the youth. “The government has introduced ‘employment-linked incentive’ programs designed to generate extensive employment prospects. These schemes will support newly entering workers with their initial salaries. Young individuals from rural areas will have opportunities to work with leading companies through apprenticeships,” he explained. Modi also mentioned the development of 12 new industrial nodes, new satellite towns, and transit projects for 14 major cities, which are expected to create innumerable job opportunities throughout the country.
Addressing initiatives aimed at poverty alleviation, he underscored plans to construct three crore homes for the poor and the ‘Janjatiya Unnat Gram Abhiyan,’ which aims to connect five crore tribal families with essential services.
Mr. Modi stated that the budget fosters a thriving environment for start-ups and innovation, calling attention to a ₹1,000-crore fund to stimulate the space economy and the elimination of the angel tax. “The record-high capital expenditure will drive economic growth,” he added.
