Budget focuses on poor, middle class, youth: PM
NEW DELHI: Prime Minister Narendra Modi on Wednesday highlighted the provisions and intention of the Union Budget presented by finance minister Nirmala Sitharaman on Tuesday, calling it one that will “take the country on the path towards modernisation”.
“This Budget focuses on the poor, middle class and youth and aims to provide them basic necessities. Our government is working on the provision of basic facilities,” the Prime Minister said, addressing Bharatiya Janata Party (BJP) workers virtually in a speech titled “Atmanirbhar Arthvyawastha” (self-reliant economy).
“It is very difficult to explain the whole Budget in one Budget speech... The party has invited me to speak about the government’s vision with the Budget. I will try to explain the basic intent of the Budget,” he started, before listing some of its key provisions and the larger thinking behind them.
“This Budget has several steps to take India on the road towards modernisation. In the last seven years, decisions taken are continuously enlarging the Indian economy. About 7-8 years ago, India’s GDP was ₹1.10 lakh crore. Today, our GDP is nearly ₹2.3 lakh crore,” Modi said.
He added that time has come for fulfilment of new resolutions. “It is very important that India should become self-reliant and a modern India should be built on the foundation of selfreliant India.”
The Union Budget 2022-23 pumped up capital expenditure massively to spur growth, raising its outlay by a record 35% at ₹7.9 lakh crore. It has taken a classic economic mantra, according to which investments begets growth.
“We’ve taken steps to make a natural farming corridor which will be 2,500 km long and nearly 10km wide. In the first phase, it will be implemented in Uttarakhand, UP, Bihar, Jharkhand and West Bengal around river Ganga. It will be a complete ecosystem,” Modi said, referring to the Budget’s provisions on agriculture.
“The Budget also focused on modernizing Indian agriculture with a focus on organic farming. This will make farming more lucrative. Kisan drones and other machinery will be made available to the farmers at reasonable prices,” Modi said.
The Prime Minister also highlighted the Budget’s digital push after finance minister Nirmala Sitharaman announced that the launch of a central bank digital currency in her speech on Tuesday.
“There is also a lot of discussion about central bank digital currency in today’s newspapers. This will give a big boost to the digital economy. This digital rupee, which is our physical currency now, will have a digital form and it will be controlled by RBI. It can be exchanged with physical currency,” the PM said.
The roll-out of 5G services (also announced by Sitharaman as slated for FY22) is going to give a “different dimension to ease of living and ease of doing business in India”, Modi said.
The Budget speech highlighted that the PM GatiShakti infrastructure mission was “transformative approach for economic growth and sustainable development”, driven by seven growth engines: roads, railways, airports, ports, mass transport, waterways and logis
tics infrastructure.
PM Modi said the government’s GatiShakti mission will bring great speed to infrastructure expansion for jobs to youth.
“In 2014, the nation had 90,000 kms of National Highways. These were built in the last 70 years. In the last 7 years, we’ve created 50,000 kms of national highways. Under PM Gati Shakti, thousands of kms of new national highways will be created,” Modi said.
Modi said that, leaving aside the “political angle”, people from all walks of lives and businesses have all welcomed the Budget.