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
Prime Minister Narendra Modi has said that India is currently the world’s fastest-growing major 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 addressing 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 government, it has increased by three times and reached Rs 48 lakh crore.”
Addressing the Industry at the inaugural session of ‘Journey Towards Viksit Bharat: A Post Union Budget 2024-25 Conference’ organised by CII at Vigyan Bhawan in New Delhi, PM Modi said that capital investment, known as the most productive medium of resource investment, has seen significant growth in his term compared with last government.
Modi asked the industry to compete with the government in creating jobs and investments. “Make Viksit Bharat your moto and work towards it,” the PM said. More than 1000 participants from industry, government, the diplomatic community, and think tanks among others attended the conference in person while many connected from the various CII centres across the country and overseas.
Earlier in his post-budget message the Prime Minister had said “The budget for Viksit Bharat ensures inclusive growth, benefiting every segment of society and paving the way for a developed India.”
PM Modi said that in 2004 when the UPA government assumed power, their first budget’s capital expenditure was Rs 90,000 crore. In their 10-year rule, the UPA government was able to increase capital expenditure to Rs 2 lakh crore. Now, in 2024, it is more than Rs 11 lakh crore.
“In ten years, from 2004 to 2014, the capex somehow doubled, but in our tenure, the capex has increased by more than five times.” PM Modi said
On corporate taxes, he 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.
Modi said “In the last ten years our government’s motto was speed and scale. India is the only country in the world with high growth and low inflation. India’s share in global growth has risen to 16 per cent. And that too despite pandemics, geopolitical tensions, cyclones and other natural disasters. Had it not been there, India would have been at a much higher spot.”
He added, “Our focus is skill development and employment creation. Youths are encouraged to do something of their own.” PM Modi said.
Box
FM highlights fivefold increase in agriculture budget
Union Finance Minister Nirmala Sitharaman, during her reply to the budget debate in Parliament on Tuesday, highlighted that the budget for farmers has increased by five times in 2024-25 compared to 2013-14.
She stated, “The budget allocation for the Department of Agriculture and Farmers Welfare was only Rs 21,934 crore in 2013-14, but now it has increased to Rs 1.23 lakh crore in the budget for 2024-25. This is a five-time increase.”
She also added that more than Rs 3.24 lakh crore has been disbursed to 11 crore farmers under the PM Kisan scheme since its launch. On the institutional credit targets for agriculture, the Finance Minister added that they have increased more than 2.5 times.
She said, “In 2014-15 it was Rs 8 lakh crore; now it has increased to Rs 20 lakh crore.” The interest subsidy for farmers has also increased 2.4 times. She stated that in 2014-15 it was Rs 6,000 crore, and now it has increased to Rs 14,252 crore.
Sitharaman also highlighted that the number of small and marginal farmers availing of agricultural loans has increased from 57 percent in 2014 to 76 percent now.
On the MSP to farmers, the Finance Minister stated that the “National Commission on Farmers, M. S. Swaminathan, had recommended in 2006 that the Minimum Support Price should be at 50 percent more than the weighted average cost of production. This was not accepted by the UPA government.”
