Winning Bizness Desk
Mumbai. Prime Minister Narendra Modi unveiled a major initiative during the inaugural session of 'Journey Towards Developed India' at Vigyan Bhawan in Delhi, revealing that the PM Surya Ghar Yojana will grant ₹75,000 to every household across the country. Modi described the scheme as a revolutionary step towards enhancing the living standards of millions. In his address, Modi emphasized India's strategic focus on green sectors, including green hydrogen and electric vehicles. He highlighted significant increases in the national budget under his administration, noting that the current budget has surged to ₹48 lakh crore, three times higher than the previous government's budget of ₹16 lakh crore. The allocations for railways, highways, and defense have also seen substantial increases, with rail and highway budgets growing eightfold, while the defense budget has more than doubled. Modi praised India's performance as the sole nation maintaining high growth alongside low inflation amidst global economic uncertainties. He commended India's fiscal prudence, citing a 16% increase in global growth share despite multiple economic crises over the past decade.
The Prime Minister also addressed tax relief measures for Micro, Small, and Medium Enterprises (MSMEs). Since 2014, the tax threshold for MSMEs has been raised from ₹1 crore to ₹3 crore, and corporate tax rates have been reduced from 30% to 25% for companies with incomes up to ₹400 crore. Additionally, Modi highlighted the government's emphasis on skill development and employment, noting that over 8 crore individuals have launched businesses through the Mudra Yojana, and approximately 1.4 lakh startups are currently active. A new internship scheme and incentives for EPFO contributions were announced to support employee generations. Modi underscored the transformation of India's manufacturing sector, attributing progress to initiatives such as Make in India, simplified FDI rules, and the establishment of multi-modal logistic parks. The 2024-25 budget includes provisions for creating investment-ready industrial parks near 100 major cities, aiming to drive regional growth.
The Prime Minister's Office reported that the conference attracted over 1,000 participants from various sectors, including industry, government, and diplomatic communities. Finance Minister Nirmala Sitharaman had presented the Union Budget for 2024-25 on July 23, focusing on job creation, MSME support, agriculture, startups, and economic growth amidst global challenges. Notably, the Confederation of Indian Industry (CII), founded in 1895 and headquartered in Delhi, continues to play a pivotal role in India’s industrial development and economic progress.
