Modi congratulates Nirmala Sitharaman for presenting people’s budget

In a video address, Modi said the budget reflects the aspirations of 1.4 billion Indians. “…this is a budget that fulfils the dreams of every Indian… We have opened many sectors for the youth. Common citizens are going to drive the mission of a developed India.”

He sought to reach out to the middle class perceived to have moved away from the Bharatiya Janata Party (BJP) over rising costs and inflation. “Usually, the focus of the budget is on how the government treasury will be filled. But this budget is exactly the opposite. How will this budget fill the pockets of the citizens, increase their savings and how will they become development partners… this budget lays a very strong foundation for it…” he said.

He said significant steps have been taken for reforms in the budget. Modi referred to exemption on income up to ₹12 lakh from tax and said the reductions were made for all income groups which will greatly benefit the middle class and those who have been newly employed.

Announcements such as raising the tax exemption are seen as the government’s attempt to placate traditionally staunch BJP supporters.

Modi described the decision to promote the private sector in nuclear energy as historic. He said civil nuclear energy will ensure a significant contribution to the country’s development.

Modi said all employment-generating sectors have been given priority in the budget. Employment is a key electoral concern. The Opposition often accuses the government of overlooking the issue of unemployment despite the promise to generate more jobs

Modi said granting infrastructure status to shipbuilding will boost it in India and accelerate the Self-Reliant India campaign. He said this will also give a fillip to the tourism and hospitality sector.

Modi reiterated the government’s “Vikas Bhi, Virasat Bhi (development with heritage preservation)” vision and said significant steps have been taken to preserve over a million manuscripts through the launch of the Gyan Bharatam Mission and a National Digital Repository.

Modi said farmers, who have been at the core of the government’s welfare policies, will benefit from the budget announcements, which lay the foundation for a new revolution in the agricultural sector and the rural economy.

“Under the PM Dhan-Dhanya Krishi Yojana, irrigation and infrastructure development will take place in 100 districts…and the limit of the Kisan Credit Card from ₹3 lakh to ₹5 lakh will provide greater assistance to farmers.”

Modi hailed the employment generation aspects of the budget through support to the Ministry of Micro, Small, and Medium Enterprises (MSMEs). “The budget is focussed on manufacturing to strengthen entrepreneurs, MSMEs, and small businesses to create new jobs.”

Modi highlighted the announcement to double the credit guarantee for MSMEs and startups and the scheme to provide loans up to ₹2 crore without guarantee to Scheduled Castes, Scheduled Tribes, and first-time women entrepreneurs. He said the registration of gig workers on the e-Shram portal for the first time enabling them to access health care and other social security schemes reflects the government’s commitment to the dignity of labour.