Budget assurance: Millions of jobs will be generated, says PM Modi

Modi spoke of the Budget's focus on supporting small businesses and MSMEs, which he said were run by the middle classes and provided the maximum job opportunities to the poor

Prime Minister Narendra Modi on Tuesday said the Union Budget 2024-25 will scale up education and skill development of the youth, boost manufacturing and infrastructure development and lead to millions of jobs and self-employment opportunities.

In a televised address, broadcast an hour and a half after Finance Minister Nirmala Sitharaman presented the Budget in the Lok Sabha, the PM noted the success of his government’s production-linked incentive (PLI) scheme and its commitment to creating employment and self-employment opportunities.

He said that the employment-linked incentive (ELI) scheme, which the FM announced on Tuesday, will create millions of jobs.

“Under the scheme, the first salary of the first job of a youth will be borne by the government,” Modi said.

 

“Working in top companies under the scheme, the young interns will find new avenues of possibilities,” the PM said, while talking about the scheme to provide internships to 10 million youth.

Congratulating Sitharaman and her entire team, the PM said the Budget will empower every section of the society and take villages on the path to prosperity. And, its schemes will improve the lives of middle class, tribals, Dalits, backward classes and support women-led development.

Modi spoke of the Budget’s focus on supporting small businesses and micro, small and medium enterprises (MSMEs). This he said was run by the middle class and provided the maximum number of job opportunities to the poor.

The PM said the Budget has announced a scheme to increase the ease of credit for MSMEs.

“The announcements in the Budget will take manufacturing and exports to every district,” he said.

He added, “E-commerce, export hubs and food quality testing will give a new momentum to the one district-one product programme.”

Modi said the government wanted to create entrepreneurs in every city, every village and every household. It has raised the limit for collateral-free loans under the Mudra Scheme from Rs 10 lakh to Rs 20 lakh, and this will benefit Dalits, tribals and backward classes.

“Record high capex will become a driving force of the economy,” the PM said, referring to the government’s plans for 12 new industrial nodes, new satellite towns and transit plans for 14 big cities.

The PM noted the budgetary provisions to create an ‘aatmanirbhar’ defence sector and emphasised on tourism. He spoke of the government’s measures in the last 10 years to give tax relief to the poor and the middle class.

He said this year’s Budget has reduced income tax, hiked standard deduction and simplified TDS rules. He added that these reforms would allow taxpayers to save more money. 

Modi said the Budget, with its ‘Purovdaya vision’, has provided for spurring development of the eastern region. He said it supported farmers by introducing ‘vegetable production clusters’ and highlighted the document’s pro-poor schemes.

“The Budget has brought new opportunities, new energy, new employment and self-employment opportunities. It has brought better growth and a bright future,” he said, adding that the Budget will be a catalyst in making India the third-largest economy in the world.