PM Modi hails Budget 2024-25, says will act as catalyst to ensure India becomes 3rd largest economy (WATCH)

Union Budget 2024-25 for Viksit Bharat ensures inclusive growth, said Prime Minister Narendra Modi on Tuesday in his first reaction after Finance Minister Nirmala Sitharaman presented it in the Lok Sabha.

Lauding the Budget 2024-25, PM Modi took to X to state, "The #BudgetForViksit Bharat ensures inclusive growth, benefiting every segment of society and paving the way for a developed India."

In a video message PM Modi added, "This is a Budget that empowers all sections of the society. Budget 2024-25 will open new avenues for the youth and the schemes announced will create crores of jobs."

Also read: Budget 2024-25 Key highlights: Big push for jobs, rewards for new regime taxpayers, focus on Bihar, AP & more

"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. Education and skill will get a new scale from this budget. This budget will give power to the new middle class...This budget will help women, small businessmen, MSMEs," PM Modi added in his first reaction to the Budget 2024-25.

He further said, "In this Budget, the government has announced ‘Employment Linked Incentive scheme. This will help generate many employment opportunities. Under this scheme, the government will give the first salary to those who are newly entering the workforce. Youth from villages will be able to work in the country's top companies under the apprenticeship program."

"Today, Defence exports are at a record high. Many provisions have been made in this Budget to make the defence sector self-reliant. Focus also laid on the tourism sector in this Budget. A decision has also been taken on the reduction of tax and TDS rules are also simplified. We are speeding development in the eastern region by the way of construction of highways and water and power projects," PM Modi added.

He further said, "We will together make India a global manufacturing hub. The MSME sector of the country is connected to the middle class. The ownership of the MSME sector is with the middle class. This sector provides maximum employment to the poor."

"For MSMEs, a new scheme to increase ease of credit has been announced in the budget. Announcements have been made to take export and manufacturing ecosystem to every district in this budget. This budget will bring new opportunities for startups and the space economy," he noted.

PM Modi also stated that the Budget is women-focused, and will help towards women-led development and more participation of women in the overall workforce.

"The scheme for internship for 1 crore youth will create entrepreneurs in every house. We need to create entrepreneurs at the city, town, village and home level. We need entrepreneurs to emerge from every house," he added.

"Manufacturing will reach each district of the country and create new opportunities for the start-up ecosystem."

"We have also focused on reducing the tax burden by updating the rules under the new tax regime," PM Modi said.

"This Budget will act as a catalyst to ensure India becomes the third largest economy globally in the next few years," said PM Modi in his concluding remarks. 

Presenting the Modi 3.0 government's first Budget, Finance Minister Nirmala Sitharaman announced revised income tax slabs that could result in a net gain of around Rs 17,500 per year for taxpayers.

The new tax structure is as follows: no tax for incomes up to Rs 3 lakh, 5% for incomes between Rs 3 to 7 lakh, 10% for incomes between Rs 7 to 10 lakh, 15% for incomes between Rs 10 to 12 lakh, 20% for incomes between Rs 12 to 15 lakh, and 30% for incomes over Rs 15 lakh.

This rationalisation exercise aims to reduce the burden on lower-income earners. Additionally, the standard tax deduction is proposed to be increased from Rs 50,000 to Rs 75,000. Sitharaman also announced the proposal to abolish the angel tax to boost start-ups.

In a growth-focused Budget, Finance Minister Nirmala Sitharaman announced significant allocations for centrally sponsored schemes such as MGNREGS, PM Awas Yojana (Urban), and Jal Jeevan Mission.

Additionally, the government will provide financial support for loans up to Rs 10 lakh for higher education in domestic institutions.

Sitharaman also revealed that the government will offer 12-month internship opportunities to 1 crore youth in the top 500 companies over a five-year period.

Also read: Budget 2024: What will get expensive? Take a look at list of items which will get cheaper

Furthermore, custom duty on mobile phones, accessories, and chargers has been reduced to 15%, while the basic customs duty on gold and silver has been lowered to 6% and on platinum to 6.4%.

Sitharaman's speech also emphasized development in Bihar and Andhra Pradesh, addressing demands from JD(U) and TDP, key allies in the NDA government.