PM Modi asks Industry to compete with the government in creating jobs and investments

Addressing the leaders of Indian Industry PM Narendra Modi highlighted the achievements of his government over the last ten years. PM Modi said India is currently the world’s fastest-growing major economy and in the last ten years the country’s budget has increased three times to Rs 48 lakh crore from Rs 16 lakh crore.

PM Modi said, “When in 2013-14 the last budget of Dr Manmohan Singh’s government was presented, it was Rs 16 lakh crore. Today, in our government, it has increased by three times and reached Rs 48 lakh crore.”

Addressing the Industry at the inaugural session of ‘Journey Towards Viksit Bharat: A Post Union Budget 2024-25 Conference’ organised by CII at Vigyan Bhawan in New Delhi, PM Modi said that capital investment, known as the most productive medium of resource investment, has seen significant growth in his term compared with last government.

PM Modi said that in 2004 when the UPA government assumed power, their first budget’s capital expenditure was Rs 90,000 crore. In their 10-year rule, the UPA government was able to increase capital expenditure to Rs 2 lakh crore. Now, in 2024, it is more than Rs 11 lakh crore.

“In ten years, from 2004 to 2014, the capex somehow doubled, but in our tenure, the capex has increased by more than five times.” PM Modi said

PM Modi also highlighted that, India’s focus on key sectors of the economy. He shared that, compared to the previous government, the current government has increased the railway budget by 8 times, the budget for highways has also increased by 8 times, the agriculture budget has increased by more than 4 times, and the defence budget too is increased by more than 2 times.

For the MSME sector, PM Modi stated that in 2014, MSMEs who were earning Rs 1 crore, had to pay presumptive tax. Now, MSMEs earning up to Rs 3 crore can avail this benefit. In 2014, MSMEs earning up to Rs 50 crore had to pay 30 per cent tax. Now, it is 22 percent.

On corporate taxes, he shared that in 2014, companies used to pay 30 per cent corporate tax. Now, companies with income up to Rs 400 crore are paying 25 per cent corporate tax.

Modi said “In the last ten years our government’s motto was speed and scale. India is the only country in the world with high growth and low inflation. India’s share in global growth has risen to 16 per cent. And that too despite pandemics, geopolitical tensions, cyclones and other natural disasters. Had it not been there, India would have been at a much higher spot.”

He added, “Our focus is skill development and employment creation. Youths are encouraged to do something of their own.” PM Modi said.

“India’s Forex has grown despite geo-political tensions. The country is going ahead with a pledge of Viksit Bharat. He said the Intent and commitment of our government are clear, with no diversion in our commitment. Nation first, 5 tn economy, zero effect zero defect, atma Nirbhar Bharat and Viksit Bharat by 2047 is our moto,” the Prime Minister added.

He asked the industry to compete with the government in creating jobs and investments. “Make Viksit Bharat your moto and work towards it,” the PM said.

More than 1000 participants from industry, government, the diplomatic community, and think tanks among others attended the conference in person while many connected from the various CII centres across the country and overseas.

Earlier in his post-budget message the Prime Minister had said “The budget for Viksit Bharat ensures inclusive growth, benefiting every segment of society and paving the way for a developed India.”