On Tuesday, Prime Minister Narendra Modi expressed his confidence that India will become a global leader in the emerging industries of semiconductors, electronics manufacturing, and green energy, given that the nation is likely to become the third largest economy in the world.
Speaking at the opening of “Journey Towards Viksit Bharat: A Post Union Budget 2024–25 Conference” at Vigyan Bhavan here, Prime Minister Modi stated that India Inc. has to take advantage of the new opportunities that are developing in the sunrise sectors.
“Today, India is being watched by the entire world. The Prime Minister said, “India’s policies, ethics, goals, and investments are the foundation for progress for the whole world.”
In contrast to other nations with “low growth, high inflation,” PM Modi said that, despite global headwinds, India is the only nation with “high growth, low inflation.” India is an example of budgetary restraint to the rest of the globe,” he continued.
“India is a country that the world wants to invest in, and foreign leaders have good things to say about it. He addressed the leaders of Indian industry, saying, “We cannot let this fantastic opportunity slip away from us.
“I really think that industry will contribute to India being a major participant in the sunrise industries globally. The Prime Minister declared, “A confident India will become a global player.”
“India’s growth story is propelled by its wealth creators,” he said.
Prime Minister Modi drew attention to the fact that the Manmohan Singh administration’s 2014 budget was barely Rs 16 lakh crore. Ten years later, three times as much, or Rs 48 lakh crore, is contained in the Union Budget 2024 that we recently unveiled.
According to the Prime Minister, the Budget 2024–25 will accelerate the goal of establishing Viksit Bharat.
He noted that initiatives like the creation of industrial parks with plug-and-play infrastructure for the establishment of enterprises in 100 major cities would be implemented under the Budget, providing additional stimulus to the manufacturing sector. These parks will become the nation’s industrial centers, driving the economy to Viksit Barat.
He also mentioned that the budget, which had made it simpler for MSMEs to obtain credit loans and operating capital, will greatly benefit these job-creating enterprises. He also mentioned that the taxes on these minor units had been lowered.
In addition, he declared that nuclear energy, electric cars, and green hydrogen projects are all part of the nation’s green energy agenda. He continued, “Our actions on small nuclear reactors will benefit industry.”
The prime minister declared that vital minerals were receiving top priority from the government and that the first round of bidding for offshore mining areas would shortly begin.
He added that the PM’s budget package was a complete and all-encompassing approach that would help the nation’s over 4 crore youth and produce a trained labor force that would be in high demand both domestically and internationally.
“The budget is focused on skill development, employment keeping in mind industry 4.0,” added the prime minister.
In his call for India Inc. to join the government in advancing the vision of Viksit Bharat, he emphasized the incentives provided to the industry through the internship program.
