Home / Budget / News /  Policies keeping economy strong for 7 yrs, Budget to boost growth: PM

NEW DELHI : Prime Minister Narendra Modi on Wednesday said that the country has to be self-reliant and the Union Budget for FY23 paves the way for a new and modern India.

Addressing BJP workers on Aatmanirbhar Arthvyavastha, (self-reliant economy), Modi said India is among countries witnessing “very rapid" recovery in economic indicators and the budget will give further impetus to economic revival.

Considering that the world is witnessing the most severe pandemic in the last 100 years, the world order will not be the same post-covid, and a global shift is already visible with countries eyeing India with greater confidence, he added.

“People, globally, want to see an empowered and strong India. It is imperative for us to take our country forward at a rapid pace and strengthen it across several sectors," he said.

“It is important that India becomes self-reliant and, on that pillar, a modern India is created," he added.

Modi said policy decisions by the government in the past seven years, along with the “correction of mistakes" in old policies, helped the economy grow consistently.

Comparing the current economic indicators with the UPA era, he said 7-8 years ago India’s gross domestic product (GDP) was at 1.10 trillion, while now it’s at 2.30 trillion. India’s exports were at about 4.70 trillion, against 2.85 trillion in FY14, Modi added.

Forex reserves, which stood at nearly $257 billion in 2014, has surpassed the $630 billion mark in 2021, while foreign direct investments grew from $36 billion in 2013 to over $80 billion, he said. “Even during the pandemic, India was able to attract global investor interest due to its strong economy."

Referring to a 34% increase in capital expenditure at 7.5 trillion for FY23 , Modi said in 2013-14 public investment was at just 1.87 trillion. “Compared to UPA, this has seen a 4X rise. This will promote FDI and will create modern infrastructure in the country."

He said the budget will boost economic growth and lead towards a modern India, as the budget focuses on the poor, middle class and youth, and aims to provide them basic necessities and permanent solutions to earn their living. “Our government is working on the saturation of basic facilities." Modi said when the poor gets basic amenities, they use their energy for the growth of the country.

The statement gains significance on the backdrop of the severe criticism of the budget by opposition parties for offering no direct relief or incentive for the poor and middle class.

Modi said the union budget will not only ensure green growth, but also generate green jobs. “Cleantech, special mobility zones, and battery swapping policy will provide momentum to green transport," PM Modi said.

Urging the party workers to spread awareness on the budget proposals, Modi said: “It is our responsibility to make the people more aware of the government policies and the budget in order to ensure more and more people benefit from the announcements."

Rituraj Baruah
Rituraj Baruah is a senior correspondent at Mint, reporting on housing, urban affairs, small businesses and energy. He has reported on diverse sectors over the last six years including, commodities and stocks market, insolvency and real estate. He has previous stints at Cogencis Information Services, Indo-Asian News Service (IANS) and Inc42.
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