Prime Minister Narendra Modi lauded the Union Budget following its presentation in the Parliament. Finance Minister Nirmala Sitharaman presented the budget today. PM Modi said that the budget will benefit all sections of the society which includes farmers, neo-middle class and women.
Appreciating the team of Finance Minister Nirmala Sitharaman, PM Modi said, "The budget empowers the neo-middle class, the poor, the villages and the farmers." He added that the budget will provide unlimited opportunities to youth of the country.
Government announced a capital outlay of Rs 2 lakh crore for employment and skilling related schemes. Moreover, the government has announced incentives for formalisation of jobs and internship programmes for the youth. Sitharaman said in the budget that the government will also partner with 1000 institutes to train youngsters.
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He lauded the employment-linked incentive scheme which will give first salary to new formal employees registered with EPFO.
PM Modi, "Education and skill will get a new scale from this budget, and it will give power to the new middle class. This budget will help women, small businesses, and MSMEs." Moreover, he said that the budget will provide a new path to progress.
This was the first budget of Modi 3.0 after the prime minister came to power with a reduced in majority in June. PM Modi-led BJP ended up with 240 seats, down from 303 it won the last elections. Industry stakeholders were keen to watch the areas the government will focus. While there has been a big push on employment, the government continues to go big in infrastructure and manufacturing sectors.
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PM Modi said, “There is a lot of focus on manufacturing and infrastructure in the budget. This will give new impetus to economic development." Indian economy grew by 8.2 per cent in the last financial year due to strong growth in manufacturing and constructions sectors.
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