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BUSINESS EYE AUGUST 09, 2024 | The Indian Eye 34

Jobs and investments: PM Modi asks Industry to

compete with the government in boosting growth

On corporate taxes, the PM shared that in 2014, companies used to pay 30 per cent corporate tax.

Now, companies with income up to Rs 400 crore are paying 25 per cent corporate tax

OUR BUREAU
New Delhi

rime Minister Narendra Modi
has said that India is currently
Pthe world’s fastest-growing ma-
jor economy and in the last ten years
the country’s budget has increased
three times to Rs 48 lakh crore from
Rs 16 lakh crore. Modi was address-
ing the leaders of Indian Industry on
Tuesday.
Modi said, “When in 2013-14 the
last budget of Dr Manmohan Singh’s
government was presented, it was Rs
16 lakh crore. Today, in our govern-
ment, it has increased by three times
and reached Rs 48 lakh crore.”
Addressing the Industry at the in-
augural session of ‘Journey Towards
Viksit Bharat: A Post Union Budget
2024-25 Conference’ organised by
CII at Vigyan Bhawan in New Del- Prime Minister Narendra Modi, Finance Minister Nirmala Sitharaman, Union Commerce Minister Piyush Goyan and others
hi, PM Modi said that capital invest-
ment, known as the most productive at the CII Conference on Tuesday (ANI)
medium of resource investment, has
seen significant growth in his term Earlier in his post-budget mes- more than Rs 11 lakh crore. and scale. India is the only country
compared with last government. sage the Prime Minister had said “In ten years, from 2004 to 2014, in the world with high growth and
Modi asked the industry to com- “The budget for Viksit Bharat ensures the capex somehow doubled, but in low inflation. India’s share in global
pete with the government in creating inclusive growth, benefiting every our tenure, the capex has increased growth has risen to 16 per cent. And
jobs and investments. “Make Viksit segment of society and paving the by more than five times.” PM Modi that too despite pandemics, geopolit-
Bharat your moto and work towards way for a developed India.” said ical tensions, cyclones and other nat-
it,” the PM said. More than 1000 par- PM Modi said that in 2004 when On corporate taxes, he shared ural disasters. Had it not been there,
ticipants from industry, government, the UPA government assumed pow- that in 2014, companies used to pay India would have been at a much
the diplomatic community, and think er, their first budget’s capital expendi- 30 per cent corporate tax. Now, com- higher spot.”
tanks among others attended the ture was Rs 90,000 crore. In their 10- panies with income up to Rs 400 crore He added, “Our focus is skill de-
conference in person while many year rule, the UPA government was are paying 25 per cent corporate tax. velopment and employment creation.
connected from the various CII cen- able to increase capital expenditure Modi said “In the last ten years Youths are encouraged to do some-
tres across the country and overseas. to Rs 2 lakh crore. Now, in 2024, it is our government’s motto was speed thing of their own.” PM Modi said.

FM highlights fivefold increase in agriculture budget

U nion Finance Minister Rs 21,934 crore in 2013-14, but now it than 2.5 times. has increased from 57 percent in
Sitharaman,
Nirmala
has increased to Rs 1.23 lakh crore in
She said, “In 2014-15 it was Rs 2014 to 76 percent now.
On the MSP to farmers, the Fi-
during her reply to the the budget for 2024-25. This is a five-
budget debate in Parliament on time increase.” 8 lakh crore; now it has increased to nance Minister stated that the “Na-
Rs 20 lakh crore.” The interest sub-
Tuesday, highlighted that the bud- She also added that more than sidy for farmers has also increased tional Commission on Farmers, M.
get for farmers has increased by Rs 3.24 lakh crore has been disbursed 2.4 times. She stated that in 2014-15 S. Swaminathan, had recommend-
five times in 2024-25 compared to to 11 crore farmers under the PM Ki- it was Rs 6,000 crore, and now it has ed in 2006 that the Minimum Sup-
2013-14. san scheme since its launch. increased to Rs 14,252 crore. port Price should be at 50 percent
She stated, “The budget alloca- On the institutional credit targets Sitharaman also highlighted that more than the weighted average
tion for the Department of Agricul- for agriculture, the Finance Minister the number of small and marginal cost of production. This was not
ture and Farmers Welfare was only added that they have increased more farmers availing of agricultural loans accepted by the UPA government.”

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