’Wealth creators drive our growth story; India will be world’s 3rd-largest economy in my third term’: PM Modi

Prime Minister Narendra Modi on Tuesday, July 30, said wealth creators were a pivotal driving force of the country's growth story and that the whole world was looking at India optimistically. The prime minister was speaking at the inaugural session of ‘Journey Towards Viksit Bharat: A Post Union Budget 2024-25 Conference’, which was organised by CII at Vigyan Bhawan in Delhi.

“Our government doesn't lack political will. You are aware of that. For us, the nation and the aspirations of its people come first. I consider industry and the private sector a powerful force to make India Viksit Bharat. For me, wealth creators like you are an important driving force of India's growth story. And I do not hesitate to say this from the ramparts of the Red Fort,” said the prime minister.

The prime minister's remarks about the significance of wealth creators come at a time when the INDIA bloc, led by Leader of Opposition (Lok Sabha) Rahul Gandhi, has been accusing his government at the Centre of favouring industrialists, especially Gautam Adani and Mukesh Ambani.

Last week, Rahul Gandhi, a Member of Parliament from Raebareli, lashed out at the PM Modi-led government, calling the Budget 2024 presented by Finance Minister Nirmala Sithraman on July 23 a ‘kursi bachao’ budget ‘favouring’ BJP allies and cronies.

“Kursi Bachao Budget. Appease Allies: Hollow promises to them at the cost of other states. Appease Cronies: Benefits to AA with no relief for the common Indian. Copy and Paste: Congress manifesto and previous budgets,” the Raebareli lawmaker wrote on X.

Golden Opportunity for Industry

During his speech on July 30, PM Modi emphasised that the whole world was looking at India with optimism and that India was a key player in the global growth story and that it was a golden opportunity for the Industry.

“Today, India's policies, decisions, and investments are part of the global growth story. World leaders are filled with positivity about India. This is a golden opportunity for our industry, and we should not miss this,” PM Modi said at the conference.

Prime Minister Modi said that before the Bharatiya Janata Party (BJP) came to power at the Centre in 2014, huge announcements were made in the budget to show that the economy was good. But, he said, the reality was that those announcements were not implemented on the ground, adding that his government had changed the situation in the last 10 years.

India to be 3rd largest economy

"Today, we are discussing 'Journey towards Viksit Bharat'. This change is not just of sentiments but of confidence. Today, India is the 5th largest economy in the world, and soon, it will be the third largest economy," the PM said. He said that the size of the budget has increased threefold to ₹48 lakh crore in 10 years of his government.

“The capital expenditure growth has increased more than 5 times to over ₹ 11.11 lakh crore in 10 years,” the PM said.

The PM said he has asked states to create an investment-friendly charter. “There should be healthy competition among states. I do not want any state to lag behind. I want investors to go to each state,” he said