Budget 2024: Interim budget to strengthen developed India, says PM Modi

New Delhi: Describing the FY25 interim budget as an “inclusive and innovative budget”, prime minister Narendra Modi said that it guarantees the strengthening of the foundations of a developed India by 2047.

In a video message after the presentation of the interim Union budget by finance minister Nirmala Sitharaman, the PM said the budget will empower the youth, poor, women and farmers, who he described as the four pillars of a developed India.

Highlighting the creation of a ₹1 trillion research and innovation fund and the extension of tax exemptions for startups in the budget, Modi said: “This budget is a reflection of the aspirations of Young India.”

The prime minister applauded the increase in total capital expenditure to over ₹11 trillion along with keeping fiscal deficit in check. It would create millions of new employment opportunities for the youth along with the creation of modern infrastructure for 21st century India.

The announcement to manufacture 40,000 modern bogies of 'Vande Bharat' standard and install them in general passenger trains would enhance comfort and travel experience of passengers on different rail routes of the country, he added.

Speaking about the decisions taken for farmer welfare in the budget, Modi mentioned that use of Nano DAP (an indigenous fertilizer), a proposed programme for supporting dairy farmers, expansion of PM Matsya Sampada Yojana and 'Atma Nirbhar oil seed campaign' would increase the income of farmers and reduce expenses.

The prime minister highlighted the government’s emphasis to empower the poor and middle class by creating new opportunities for them in this budget.

He said that the newly proposed rooftop solar scheme would enable 10 million households to avail free electricity of up to 300 units per month, help them save about ₹15,000-18,000 annually, and also allow them to earn money by selling excess power to distribution companies.