Prime Minister Narendra Modi addressed the inaugural session of the ‘Journey Towards Viksit Bharat: A Post Union Budget 2024-25 Conference’ organised by the Confederation of Indian Industry (CII) at Vigyan Bhawan today. The conference aims to outline the Government's vision for growth and the role of the industry, with over 1000 participants from various sectors attending in person and many more connecting from CII centres nationwide and overseas.
In his address, the Prime Minister highlighted the nation's potential, stating, "The nation can never fall back when its citizens have achieved stability in every aspect of life and are filled with enthusiasm." He thanked the CII for the opportunity to speak at the event and reflected on the optimistic discussions held with the business community during the pandemic, emphasising the country's rapid growth and its position as the world's 5th largest economy, aiming for the 3rd place.
Modi recounted the economic challenges faced in 2014, describing the pre-2014 era as fraught with corruption and economic instability. He encouraged industry leaders to review the government's white paper on economic conditions to appreciate the progress made. He highlighted the dramatic increase in the national budget from Rs 16 Lakh Crore in 2013-14 to Rs 48 Lakh Crore in 2024-25, and capital expenditure growth from Rs 2 Lakh Crore in 2014 to over Rs 11 Lakh Crore today.
The Prime Minister emphasised the significant increases in the budgets for various sectors, noting an eightfold rise in the budgets for railways and highways, and substantial increases in the agricultural and defence budgets. He also discussed tax reforms benefiting MSMEs and corporations, showcasing reductions in presumptive tax and corporate tax rates.
Modi stressed the importance of good governance, contrasting his administration's implementation of budgetary announcements with the previous government's failure to execute plans. He pointed to India's robust growth and stability amid global uncertainties, highlighting the nation's fiscal prudence and increasing contribution to global goods and services exports.
Focusing on skill development and employment, Modi mentioned initiatives like Mudra Yojna, Startup India, and Stand Up India, which have enabled over 8 crore new businesses. He noted the introduction of the PM Package, worth Rs 2 lakh crore, aimed at benefiting over 4 crore youth and making India's workforce and products globally competitive.
Modi outlined the government's commitment to sectors such as manufacturing, agriculture, and MSMEs, detailing initiatives like Make in India, simplification of FDI rules, and support for the semiconductor industry. He also touched on clean energy initiatives, including green hydrogen and e-vehicles industries, and the development of small nuclear reactors.
The Prime Minister concluded by highlighting the government's political will and the importance of the private sector in achieving a Viksit Bharat. He urged state Chief Ministers to create investor-friendly environments, emphasising that India’s policies and investments are driving global progress.
Union Ministers Nirmala Sitharaman and Piyush Goyal, along with CII President Sanjiv Puri, were also present at the conference.
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