According to a PMO statement released on Monday, Prime Minister Narendra Modi will speak at the opening session of “Journey Towards Viksit Bharat: A Post Union Budget 2024–25 Conference” on Tuesday, July 30, at Vigyan Bhawan in the national capital.
The Confederation of Indian Industry (CII) is organising the conference, which aims to define the government’s broader growth strategy and the industry’s participation in this attempt.
Over a thousand attendees from the diplomatic community, business, government, and think tanks will be in person at the conference, and many more will participate virtually through the several CII centers located both domestically and abroad.
As per PM Modi’s statement, the Union Budget 2024-25 “would be a catalyst for laying the strong foundation for a Viksit Bharat and for making India the third-largest economy in the world.”
He emphasized that the budget will guarantee inclusive growth, which would benefit all societal segments and open the door for India to become a developed nation.
“This budget will put farmers, the impoverished, and the country’s villages on the path to prosperity. Twenty-five crore people have lifted themselves out of poverty in the previous ten years, he said.
The speech to India Inc. takes place against the backdrop of the NITI Aayog meeting, which is headed by Prime Minister Modi on Saturday and has as its main goal the development of India into a developed nation under the theme “Viksit Bharat@2047.”
The Prime Minister stated that every Indian aspires to see Viksit Bharat by 2047 and that states, being in close proximity to the people, may actively contribute to realizing this goal.
According to him, India’s economy has grown steadily over the past ten years, moving up from its 2014 ranking as the world’s tenth largest to the fifth position by 2024.
With a GDP that has surpassed $5 trillion, India is expected to become the third-largest economy in the world. By 2047, the country wants to grow its economy to $30 trillion.
In order to involve the states in achieving the aim of a “Viksit Bharat” by 2047, the Union government has taken a “Team India” stance.
Prime Minister Modi emphasized that the nation must seize the opportunities brought about by the global geopolitical and technical advancements.
India will soon emerge as a major global manufacturing base.
Based on its strategic efforts and fast economic growth, India is well positioned to become a global manufacturing hub, according to a report by the international financial services company Lazard.
India’s robust demographic advantage is highlighted in the report “Outlook on Emerging Markets,” which projects notable growth until 2060 as a result of the country’s youthful and growing labor force.
India, with almost 80 per cent of its population under 50, is well-positioned to reap significant demographic dividends, with a growing middle class witnessing real wage increases.
According to the research, PM Modi’s first two terms of office were successful in “implementing tax and other reforms, integrating millions into the digital economy, and stabilising India’s macroeconomy.”
It also made clear that PM Modi’s objective of making India a developed nation by 2047 would continue to be a top priority for him throughout his third term. The report does, however, also highlight certain difficulties in the fields of agriculture and education.
With a GDP of over $5 trillion, India is largely considered to be on course to overtake the United States as the third-largest economy in the world. By 2047, the country is expected to have an economy of $30 trillion.
On Saturday, the Prime Minister presided over an NITI Aayog meeting with the theme Viksit Bharat@2047. The speaker underscored the importance of the nation seizing the opportunities presented by global technical and geopolitical shifts.
At the meeting of the Governing Council, the Approach Paper for the Vision Document on Viksit Bharat @2047 was deliberated. The discussion also covered the plan for improving the delivery mechanisms of government initiatives to improve the quality of life for people living in both rural and urban areas.
Furthermore, the Prime Minister declared that the Union Budget 2024–25 “would be a catalyst for laying the strong foundation for the Viksit Bharat goal and for making India the third largest economy in the world.”
The manufacturing sector, particularly Micro, Small, and Medium-Sized Enterprises (MSMEs), has benefited from the Budget.
