Today 1 February, 2025; marks an important milestone in India’s development journey as Prime Minister Narendra Modi addressed the nation on the Budget 2025, calling it the “Budget of the Aspirations of 140 Crore Indians.” He emphasized that this budget fulfills the dreams of every citizen and serves as a force multiplier, boosting savings, investment, consumption, and overall growth. The Prime Minister congratulated Finance Minister Nirmala Sitharaman and her team for presenting what he termed the “Janta Janardan Ka Budget,” or the People’s Budget.
Empowering Citizens and Strengthening Savings
PM Modi highlighted that this budget is unique in its approach. Unlike traditional budgets that focus on government revenue, this budget prioritizes filling the pockets of Indian citizens. It lays a strong foundation for increasing individual savings and fostering citizen participation in national development.
Key Reforms and Initiatives
Significant reforms have been introduced in this budget, particularly in the employment and infrastructure sectors:
- Nuclear Energy Reform: The decision to promote private sector involvement in nuclear energy is historic. This move will enhance the contribution of civil nuclear energy to India’s growth.
- Shipbuilding Industry Boost: By granting infrastructure status to shipbuilding, India will witness increased domestic ship construction, aligning with the Atmanirbhar Bharat mission and creating numerous employment opportunities.
- Tourism Sector Development: The inclusion of hotel infrastructure at 50 major tourist destinations under infrastructure status will invigorate the hospitality sector, generating jobs and boosting the tourism industry.
Preserving India’s Heritage
PM Modi underscored the importance of preserving India’s rich heritage. The budget allocates resources for:
- Gyan Bharatam Mission: A dedicated initiative for preserving one crore manuscripts.
- National Digital Repository: A digital platform inspired by India’s knowledge traditions to leverage technology for historical preservation.
Agricultural & Rural Economy Transformation
Farmers have received major support in this budget through initiatives like:
- PM Dhan-Dhanya Krishi Yojana: Development of irrigation and agricultural infrastructure across 100 districts.
- Kisan Credit Card Enhancement: Credit limits have been raised to ₹5 lakh, empowering farmers with greater financial access.
Tax Reforms for the Middle Class
A significant tax relief has been provided, benefiting salaried individuals and professionals:
- Tax exemption on income up to ₹12 lakh.
- Reduced tax rates across income groups, benefiting both existing professionals and those entering new careers.
Manufacturing and MSME Growth
The budget lays a 360-degree focus on strengthening manufacturing to bolster MSMEs and small entrepreneurs:
- National Manufacturing Mission: Special support for Cleantech, Leather, Footwear, and Toy industries.
- Strengthening India’s Global Market Position: Ensuring Indian products become globally competitive.
Boosting Entrepreneurship and Gig Economy
Recognizing the dynamic economic landscape, the government has announced initiatives to support entrepreneurship and gig workers:
- ₹2 crore loan scheme for SC, ST, and women entrepreneurs without guarantee.
- E-Shram Portal registration for gig workers, enabling them to access health care and social security benefits.
- Jan Vishwas 2.0 reforms, reinforcing trust-based governance and reducing bureaucratic hurdles.
Investment & Future-Ready Economy
Special emphasis has been placed on creating a competitive investment environment for states and fostering futuristic economic growth:
- Doubling credit guarantees for MSMEs and startups.
- Launch of Deep Tech Fund for startups.
- Geospatial Mission & Nuclear Energy Mission to propel India’s technological advancements.
Conclusion
PM Modi reiterated that Budget 2025 is not just about addressing current economic needs but also about preparing India for the future. The emphasis on self-reliance, innovation, infrastructure, and entrepreneurship will drive the nation towards its goal of becoming a developed economy. Congratulating the Finance Minister once again, he expressed confidence that this budget will bring prosperity to every citizen.
This historic People’s Budget sets the course for India’s growth and development in the coming years.
