New Delhi, July 30 (UNI) Prime Minister Narendra Modi on Tuesday said under his government the country’s Budget has increased by three times to Rs 48 lakh crore.
“The last Budget presented by the UPA government in 2014 was of Rs 16 lakh crore. Ten years later, the Union Budget 2024 presented by us a few days ago is of Rs 48 lakh crore, which is three times more,” PM Modi said, while addressing the post-budget Confederation of Indian Industry conference here.
Prime Minister Modi also said the capital expenditure has increased manifold. “Under the UPA government, which came to power in 2004, the capital expenditure was about Rs 90,000 crore,” he said.
In 2014, the UPA government was able to increase the capital expenditure budget to Rs 2 lakh crore. Today the capital expenditure budget is Rs 11 lakh crore, which is even more” PM Modi said.
Slamming the UPA government over the issue of corruption, PM Modi said, “When we came to power in 2014, our biggest challenge was to revive the economy, which was derailed by the ‘Fragile Five’ crisis and massive scams running into lakhs of crores. Today, we are proud to say that we have put India back on track,” he added.
Comparing the tax benefits under his government and the UPA government, PM Modi said in 2014 MSMEs earning Rs 50 crore had to pay 30 per cent tax, today the rate is 22 per cent.
“In 2014, companies used to pay 30 per cent corporate tax, today the rate is 25 per cent for companies with income up to Rs 400 crore,” he added.
Highlighting the role of technology, PM Modi said that technology is the future and whichever country makes its “place in the semiconductor value chain today, will play a big role in the future”.
PM Modi said, “Over the last decade, India’s manufacturing landscape has undergone a profound transformation.”
“We have spearheaded initiatives like ‘Make in India’, liberalised FDI policies across various sectors, and set up multi-modal logistics parks. Additionally, we have introduced Production-Linked Incentive (PLI) schemes for 14 key sectors,” he added.
