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Prime Minister Narendra Modi, on the 10th Webinar on Budget, said there is immense scope for innovation and UPI and it should become financial addition and empowerment for the whole world.
On Tuesday, March 7, 2024, PM Modi asked India Inc to increase their investment together with the decision of the government to raise capital expenditure (capex) and should take advantage of Budget initiatives 2024-24.
He said that the government increased the outlay on capital expenditure to 10 lakh crores and India is described as a bright spot in the global economy. It has also attracted the highest FDI in 2021-22. The major part goes to the manufacturing sector.
He also added that he would call upon the private sector of India to increase their investment just like the government sector did, so it will create maximum benefit to the country.
PM Modi is stressed about the applications that continuously pour in to take advantage of the (PLI) Production Linked Incentive scheme which makes India an important part of the global supply chain.
The Increased Tax collection in India.
On Tax related Post Budget narratives, the Prime Minister said that the burden of tax has come down in India due to GST and reduction in corporate and income tax.
He further said that it has better results in tax collection as the gross tax revenue was about ₹11 lakh crore in FY14, which can raise to ₹33 lakh crore, an increase of 200 per cent was observed in the budget 2024-24.
The number of individual tax returns increased from 3.5 crores to 6.6 crores from 2013-14 to 2020-21.
He believes that paying taxes is directly good for nation building and an increase in the tax base is proof that people trust that the government will spend on public goods.
The government is taking policy decisions with confidence and courage. More than 1 crore 20 lakh MSMEs received huge help from the government during covid 19 and in this year’s budget, the MSME sector has got additional collateral-free guaranteed credit of 2 lakh crores. PM Modi said it is important that banks reach out to them and provide adequate finance.
Only on Eve of 15th August 2022 honourable Prime Minister Narendra Modi said the number of transactions done digitally was about 75 crores, the numbers speak for itself how much UPI has succeeded in terms of expanding itself.
RuPay and UPI are known for their high safety tech and being economical for the user but it doesn’t stop there it has become an identity for Indians around the world.
The immense scoop in innovation and its potential to empower the world’s financial system is amazing.
The Prime Minister further added that partnerships between the financial institution and fintech should take place to increase their reach.
He also highlighted the policies of the government related to financial inclusion which has made millions of people part of the formal financial system.
PM Modi regarding Mudra Loans.
PM Modi shares that the government has helped youth to fulfill their dreams by providing Mudra Loans, more than 20 lakh crore without a Bank guarantee.
He also said that more than 40 lakh street vendors and small shopkeepers received help from the bank through PM Swanidhi Yojana for the first time.
He added that the entire world is witnessing the impact of India’s Monetary and fiscal policy during the pandemic and highly praising the efforts regarding the country’s economy in the last 9 years.
Overall, he wants India’s economic development should reach every single person and the vision for self-reliance is the nation’s responsibility.
