PM Modi to address Industry leaders post-union budget on Tuesday

Prime Minister Narendra Modi will address the inaugural session of ‘Journey Towards Viksit Bharat: A Post Union Budget 2024-25 Conference’ at Vigyan Bhawan in Delhi on Tuesday at noon.

The conference is being organised by the Confederation of Indian Industry (CII) and is aimed at presenting the outline for government’s larger vision for growth and industry’s role in this endeavour.

According to a statement by the Prime Minister’s office, more than 1000 participants from industry, government, the diplomatic community, and think tanks among others will attend the conference in person while many will connect 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.”

Finance Minister Nirmala Sitharaman presented the Union Budget 2024-25 on July 23 in parliament. According to the Finance Ministry, the budget outlined a robust plan focusing on jobs, MSME, the agriculture sector, startups, and economic growth amid global uncertainties.

It added that India’s inflation remains low and stable, progressing towards the 4 per cent target, with core inflation (excluding food and fuel) at 3.1 per cent. Measures are being taken to ensure adequate market supply of perishable goods.

Sitharaman unveiled the Prime Minister’s package, which includes five schemes aimed at providing employment, skills, and opportunities for 41 million youth over the next five years, with a central allocation of Rs 2 lakh crore. This year, Rs 1.48 lakh crore is earmarked for education, employment, and skill development.

For the ‘Viksit Bharat’ vision, the budget outlines nine priorities to foster opportunities for all: enhancing productivity and resilience in agriculture, creating employment and skill development opportunities, promoting inclusive human resource development and social justice, boosting manufacturing and services, advancing urban development, ensuring energy security, improving infrastructure, supporting innovation, research, and development and implementing next-generation reforms, stated the press release.

The budget will support farmers with the release of 109 high-yielding, climate-resilient crop varieties. Over the next two years, 10 million farmers will be introduced to natural farming, with support for certification and branding. Additionally, 10,000 bio-input resource centres will be established.

To achieve self-sufficiency in pulses and oilseeds, the government will enhance production, storage, and marketing, focusing on crops like mustard, groundnut, sesame, soybean, and sunflower.

The implementation of Digital Public Infrastructure (DPI) in agriculture will be facilitated to cover farmers and their lands within three years. An allocation of Rs 1.52 lakh crore is set aside for agriculture and allied sectors this year.

The government will also introduce three ‘Employment Linked Incentive’ schemes under the Prime Minister’s package, targeting EPFO enrolment, first-time employee recognition, and support for both employees and employers. Over the next five years, 2 million youth will be skilled, and 1,000 Industrial Training Institutes will be upgraded. The Model Skill Loan Scheme will be revised to offer loans up to Rs 7.5 lakh with government-backed guarantees, benefiting 25,000 students annually.