Industry should increase investment by taking advantage of budget announcements: Modi
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Addressing the 10th webinar on the budget, Modi said the government has increased the provision for capital expenditure to Rs 10 lakh crore, the highest ever.
Prime Minister Narendra Modi on Tuesday urged Indian industry to step up investment in tandem with the government’s decision to increase capital expenditure (capex) and take advantage of the opportunities presented in the Budget for 2023-24. Addressing the 10th webinar on the budget, Modi said the government has increased the provision for capital expenditure to Rs 10 lakh crore, the highest ever.
He said India is being touted as a bright spot in the global economy and the country has attracted the highest number of foreign direct investments (FDI) in the country in the year 2021-22, with the majority going into the manufacturing sector. Referring to the major provisions of the budget, Prime Minister Modi said, “I call upon the private sector of the country to increase investment on its part like the government so that the country can get maximum benefit out of it.”
He emphasized that there is a steady flow of applications to avail the benefits of the Production Linked Incentive Link (PLI) scheme, which makes India an important part of the global supply chain. He said that due to reduction in Goods and Services Tax (GST), Income Tax and Corporate Tax, the tax burden in the country has come down significantly. Modi said that tax collection has also improved due to this. The gross tax revenue was about Rs 11 lakh crore in 2013-14, which has increased by 200 percent to Rs 33 lakh crore in 2023-24.
The number of individual tax returns also increased from 3.5 crore in 2013-14 to 6.5 crore in 2020-21. He said, “Paying tax is a duty which is directly linked to nation building. The increase in the tax base is a proof that people have faith in the government and believe that the tax paid by them is spent for public welfare.
He said that this budget of Amrit Kaal prepared an all-inclusive financial sector blueprint for India’s development and India is moving forward with new capabilities and increased responsibility of those in the financial world of India. Modi told the banking sector that they have one of the strongest financial systems in the world and a banking system that is profitable today after being on the verge of collapse 8-10 years ago. He said that there is a government which is taking policy decisions with courage, clarity and confidence.
The need of the hour is that the benefits of strengthening India’s banking system should reach more and more people, he said. Citing the example of the government’s support to the MSME sector, the Prime Minister asked the banking system to reach out to more and more areas. Reached He said, “1 crore 20 lakh MSMEs have received huge help from the government during the pandemic. In this year’s budget, the MSME sector has also got an additional collateral free guaranteed credit of 2 lakh crores. Now it is very important that our banks reach out to them and provide them with adequate finance.
Modi said the government’s policies related to financial inclusion have brought crores of people into the formal financial system. He said that the government has helped crores of youth fulfill their dreams by giving Mudra loans of more than Rs 20 lakh crore without bank guarantee. He said that for the first time more than 40 lakh street vendors and small shopkeepers have got help from banks through PM Swanidhi Yojana.
The Prime Minister said the whole world is watching the impact of India’s fiscal and monetary policy during the COVID-19 pandemic and applauding its efforts in strengthening the fundamentals of the country’s economy over the past nine years. Recalling a time when the world looked at India with suspicion, he said discussions on India’s economy, budget and goals often began and ended with a question.
He highlighted the change in financial discipline, transparency and inclusive approach and said that the question mark at the beginning and end of the discussion has been replaced by ‘belief’ and ‘expectation’. Referring to the ‘Vocal for Local’ campaign, he said it is not a matter of choice, but a ‘national responsibility to be vocal for local products and vision of self-reliance’.
He said, “Our exports have been at an all-time high, be it in goods or services. This indicates growing potential for India.” He said that stakeholders such as organizations, industry and chambers of commerce should take the responsibility of promoting local artisans and entrepreneurs up to the district level. He clarified that ‘Vocal for Local’ is more than just buying products from Indian cottage industries.
Citing examples of higher education and edible oil, he said, “We have to see which are the areas where we can save the country money by creating capacity in India itself.” Citing the example of the transaction, he said, “In the era of Industry 4.0, platforms developed by India are becoming models for the world.”
He said that in the 75th year of independence, 75,000 crore transactions were done digitally, which shows how widespread the Unified Payments Interface (UPI) has become. He said that RuPay and UPI are cost effective and highly secure technology and are also our identity in the world. Describing the scope for innovation as immense, the Prime Minister said that UPI should become a tool for financial inclusion and empowerment for the entire world.
He said that collective work will have to be done in this direction. He suggested that financial institutions should also maximize partnerships with fintechs to increase their reach. He said that sometimes, even a small step can make a huge difference in boosting the economy. In this sequence, he gave the example of buying goods without bills.
Modi underlined the need to raise awareness about getting a copy of the bill and said it would benefit the nation. He urged all the stakeholders to work with the vision that the benefits of India’s economic growth should reach every class and individual. He also stressed on creating a large pool of well trained professionals.
Disclaimer:IndiaTheNews has not edited this news. This news has been published from PTI-language feed.
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