Confederation of Indian Industry | Prime Minister Narendra Modi Addresses The Inaugural Session Of ‘Journey of Developed India: Conference after Union Budget 2024-25’ Organised By CII

India is moving ahead with very cautious steps

PM Modi said that today India is the fifth largest economic power in the world. And the day is not far when India will become the third largest economic power in the world. PM said, “The community I belong to has become known for the community that whatever they say before elections, they forget it after elections. I am not like that. That is why I remind you that I had said that in my third term, the country will become the third largest economy. 

India is constantly moving ahead with very measured steps. In 2014, when you gave us the opportunity to serve, the biggest question was how to bring the economy back on track. Everyone here knows about the Fragile Five situation and the scams worth lakhs of crores even before 2014. The government has given the details of the state of the economy by issuing a white paper. I will not go into its details.”

The PM said that organisations like yours Confederation of Indian Industry (CII) should study it as per the need and debate on where we stood and what diseases had we fallen prey to?

We brought India out of great crisis and reached this height

The PM claimed that we have brought India out of that great crisis and reached this height. The budget has reached from 16 lakh to 48 lakh crore rupees. Capex, which is called resource investment, was 90 thousand crores for capex in the first budget of the UPA government, after running the government for this year, in 2014, this budget was 2 lakh crore rupees. 

Today capex is more than 11 lakh crore rupees. In our government, capex has increased at a speed of 5 times. It is not just about increasing the budget, it is about good governance. 

Earlier, even the budget announcements could not be implemented. They used to make headlines by making these announcements but no work was done. The previous governments also did not put any emphasis on completing the schemes on time. We have changed this situation in ten years.

Significant increase in foreign exchange reserves even in times of uncertainty

Even in such times of uncertainty, there has been a significant increase in foreign exchange reserves. India is the only country with high growth and low inflation. Despite such a big pandemic, India’s fiscal prudence is a role model for the whole world.

India’s share in global growth has increased to 16%. This has happened after many crises. This has happened despite pandemic, war and natural disasters. We have faced every crisis. We have resolved every challenge. If these crises had not come, India would have been at a higher level than where it has reached today. Today the country is moving ahead with the resolution of a developed India. 

In the last ten years, 25 crore people have come out of poverty. We are focusing on the quality of life of the citizens of the country. We have focused on skill development and employment. In this, Mudra Yojana, Startup India, Standup India are helping the youth. With the help of Mudra Yojana, more than eight crore people have started a business for the first time. Startups have started, youth have got work in them. Four crore youth will benefit from the PM package announced in the budget.

You all are witnesses to the speed and scale at which our government is building infrastructure. This is unprecedented. The world we live in today is full of many uncertainties. 

In such a situation, having a growth rate like India is a different thing. In such a situation, an increase in India’s currency reserves is also a very important thing. Even in this situation, India is a country with a high growth rate and low inflation. Despite such a big pandemic, India’s fiscal prudence is a role model for the whole world.