Budget hits sweet spot, says Modi, highlighting Rs 11.11L cr expenditure

Prime Minister Narendra Modi on Thursday said the interim Budget presented by Union Finance Minister Nirmala Sitharaman offers the "guarantee" of strengthening the foundation of a developed India and carries the "confidence of continuity".

In a televised address following the budget, he said it will empower the four pillars of developed India -- the young, poor, women and farmers.

"This is a budget of creating India's future," Modi said, adding that it reflects the young aspirations of a young India.

While keeping the fiscal deficit under control, the prime minister noted that total expenditure has seen a historic increase to Rs 11,11,111 crore in this budget.

”In economists' parlance, this is a kind of sweet spot,” Modi said.

He said it will create millions of new employment opportunities for India's youth along with the creation of modern infrastructure of the 21st century.

Asserting that the budget carries the "confidence of continuity", he described it as "not merely an interim budget but an inclusive and innovative budget".

Citing the announcement of a Rs 1 lakh crore fund for research and innovation, the prime minister noted that the "historic" budget has also offered rebates for start-ups. It has provisions for a huge capital expenditure of Rs 11.11 lakh crore while keeping the fiscal deficit under control, he said.

The budget empowers the poor and middle class and will create countless employment opportunities for the youth, Modi said.

Modi said the government sets a big goal, achieves it, and then sets an even bigger target for itself.

Highlighting the government's efforts for the welfare of the poor and the middle class, he referred to the construction of over four crore houses in villages and cities and increasing the target to build two crore more houses.

Underlining the emphasis on empowerment of women, the prime minister said, "Our goal was to make two crore 'lakhpatis' among women. Now, this goal has been increased to make three crore 'lakhpatis'."

He also praised the government's flagship Ayushman Bharat scheme for its significant assistance to the poor, extending its benefits to anganwadi and ASHA workers.

Modi highlighted the government's emphasis on empowering the poor and the middle class by creating new opportunities for them in the budget.

He spoke of the rooftop solar campaign where one crore families will avail free electricity while also earning an income of Rs 15,000 to Rs 18,000 per year by selling excess electricity to the government.

The income tax remission scheme announced in the budget, he said, will provide relief to about one crore citizens belonging to the middle class.

Discussing the major decisions taken for farmers' welfare in the budget, Modi mentioned the Nano DAP (fertiliser), a new scheme for animals, expansion of the PM Matsya Sampada Yojana and the 'Atmanirbhar' oil seed campaign that will increase the income of farmers and reduce expenses.