India's Fiscal Prudence A "Role Model" For World," Says PM Modi

Prime Minister Narendra Modi called India's fiscal prudence, a role model for the world. Referring to the uncertainties of the current global scenario, he also highlighted the exception of India's growth and stability.

PM Modi said, "India is showing high growth and low inflation in a low-growth and high-inflation global scenario. India's fiscal prudence despite the pandemic is a role model for the world".

He shared this during his inaugural address of 'Journey Towards Viksit Bharat: A Post Union Budget 2024-25 Conference' organised by the Confederation of Indian Industry (CII) at Vigyan Bhawan in New Delhi on Tuesday.

PM also stated that India's contribution to global goods and services export is consistently increasing. He emphasized that India's contribution to global growth has reached 16 per cent despite significant global shocks like the pandemic, natural disasters, and wars. He also added that India's foreign exchange reserve witnessed robust growth.

"India's contribution to the global goods and services export is increasing continuously and India's share in global growth today has reached 16 per cent" said PM Modi.

PM Modi also touched upon the aspect of manufacturing in the Budget. He mentioned that Make in India and simplification of FDI rules in various sectors, along with multi-purpose logistics parks, PLI for 14 sectors. The budget has announced plug-and-play investment-ready investment parks for 100 districts of the country. "These 100 cities will become new hubs of Viksit Bharat", he added.

He also underlined key announcements in the budget that will add to the future growth of the country, such as increased allocation for nuclear power generation, Digital Public Infrastructure for agriculture, Bhu-Aadhar card for providing a number to land parcels of farmers, Rs 1000 crore venture capital fund for space economy, critical mineral mission, and upcoming auction of offshore blocks for mining.

"These new announcements will open new avenues of progress", 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.

Taking about the government Capex hike, PM 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.

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