Budget 2024: PM Narendra Modi says India to become 3rd largest global economy in this term

Prime Minister Narendra Modi said on Tuesday that India has become the fifth most powerful economic power in the world today. His post-Budget address comes roughly a week after the Narendra Modi 3.0 government presented its first Budget after returning to power last month. With the current growth rate of eight per cent, the day is not far when "we will become the third largest economy globally", said the PM. He was addressing the inaugural session of ‘Journey Towards Viksit Bharat: A Post Union Budget 2024-25 Conference’ at Vigyan Bhawan, organised by the Confederation of Indian Industry (CII)), in the national capital, outlining his government’s larger vision for growth and the role of industries in this endeavour.

Here are key highlights of what the PM said at the event: 

• Today, India is the fifth most powerful economic power in the world

• India growing at eight per cent 

• Day not far when we will become third largest economy globally

• In my third term, India will become the third largest global economy

• Budget size has increased three times to Rs 48 lakh crore in the past 10 years 

• Capex has grown more than five times to more than Rs 11.11 lakh crore in 10 years

• My government has made a record increase in allocation of ministries in the past 10 years

• Tax rates have been reduced to record low during this period

• Government building infrastructure at unprecedented levels of speed and scale 

• India is the only country with high growth, low inflation

• India has 16 per cent share in global growth

• 25 crore people lifted out of poverty in the last 10 years

• We are focusing on ease of living

• We are focusing on skill development

• We are focusing on employment

• Today, India has 1.40 lakh startups

• Eight crore people have started their businesses with MUDRA loans

• Our government has clear intent and commitment

• We are working with full focus on Viksit Bharat

• Manufacturing ecosystem has transformed in 10 years

• Our big focus is on the MSME sector, which generates crores of jobs

• We will soon begin auctioning of offshore mineral blocks

• Today India is the top manufacturer of mobile phones

• I am sure you will make India a global player in sunrise sectors

• Investors across the world keen to come to India

• This is a golden chance for industry and we should not let it go

• We got Independence as a poor nation

• We will celebrate 100th year of Independence in 2047 as a developed country

   

On July 23, Finance Minister Nirmala Sitharaman presented her historic seventh consecutive Union Budget in Parliament, with an annual budget expenditure estimate of Rs 48.21 lakh crore, 1.2 per cent higher than the Rs 47.66 lakh crore estimate in the Interim Budget unveiled in February.

The Budget included a sum of Rs 2.66 lakh crore earmarked to promote rural development and Rs 2 lakh crore to boost employment over the next five years.

The government pegged fiscal deficit - or the difference between the government's revenue and its expenditure - at 4.9 per cent of GDP in the current financial year.