"This is a budget for new India," says Union Minister Piyush Goyal

New Delhi [India], July 23 : Union Minister of Commerce and Industry, Piyush Goyal, has praised the Union Budget 2024-25 as a document that charts the course for making India a developed nation by 2047.
In an interview with ANI, Goyal emphasized the budget's role in propelling India towards its "Amrit Kal," a period of accelerated growth and development, and described it as both "innovative and inclusive."
Goyal highlighted that the budget outlines a clear roadmap for the country's advancement, focusing on nine key priorities that are central to achieving rapid economic progress.
"I think this is a budget for new India. It is taking India in the Amrit Kal rapidly, progressing towards a developed nation by 2047. It is not only impactful, it is both innovative and inclusive. If you ask me, this budget lays a clear roadmap, given the nine priorities on which the finance minister has focused, to set the country on a fast trajectory to help our youth through skill development and employment initiatives. Ensure that this becomes the third-largest economy in the world."
He added, "Make us more competitive both within the country and across the world, thereby promoting manufacturing, promoting the services sector, and promoting tourism. The thrust on infrastructure with its multiplier impact will hugely create jobs and business opportunities, and a balanced budget which will set the tone for Modi 3.0."
https://x.com/ani/status/1815701772939436237?s=48
Goyal emphasized that the budget would be "transformational in its impact" across various sectors. He noted that the strategic focus on industries, both internal and international trade--including the export of goods and services--will foster a more dynamic and competitive economic environment.
Goyal emphasized that the removal of the angel tax will provide a significant boost to the startup sector. Previously, this tax was seen as a barrier to investment in startups, often deterring potential investors.
By abolishing this tax, the government aims to foster a more supportive environment for startups, enabling young entrepreneurs to experiment with their ideas and bring innovative solutions to the global stage.
Goyal said, "This budget is going to be transformational in its impact for the industries, internal trade, and international trade, both export of goods and services. Today we are the world's third largest startup ecosystem. More and more youngsters want to craft their destiny and therefore the abolition of the angel tax is an absolutely wonderful move."
He added, "It will give a further impetus to the startup ecosystem and I have no doubt in my mind as the youth of India are exploring the world with new ideas, and new initiatives. This tax, which at times was deterrent to getting investments into the startup ecosystems will help these youngesters in experimenting with their ideas, taking their ideas to the world."
https://x.com/ANI/status/1815703252073320764
Goyal invoked Prime Minister Narendra Modi's famous slogan, "Modi Hai To Mumkin Hai," to underscore the transformative impact of his leadership.
Goyal emphasized that India emerged from the pandemic faster than many other nations, highlighting the country's status as the fastest-growing large economy in the world today.
Minister Goyal said, "Modi Hai To Mumkin Hai, this is what he (PM Modi) has consistently proved with very prudent fiscal management in over the last 10 years. Despite the massive shock that the world faced during COVID-19, India was one country that came out of it faster. We are the fastest-growing large economy in the world today. With fiscal deficits also coming down at this rapid pace, even beyond the imagination of most economists."
"4.9 per cent this year is expected to be 4.5 next year and the trajectory continuing to fall, so that we can get back to globally acceptable standards. I think it is a very very powerful signal to the world that India's fundamentals are strong, India's economy is strong, and India is poised for long period of sustained economic growth," he added
https://x.com/ANI/status/1815703632693895290
The budget places a strong emphasis on infrastructure development, which Goyal believes will have a substantial multiplier effect on the economy. This focus on infrastructure is expected to generate numerous job opportunities and create business prospects, further driving economic growth.
Goyal lauded the budget's strategies to boost the manufacturing and services sectors, recognising their role in making India more competitive both domestically and internationally.
The budget also addresses the need for enhanced tourism, which Goyal sees as a vital component of the country's economic expansion and global positioning.
According to Goyal, the balanced nature of the budget sets a positive tone for the government's future policies, particularly in light of the anticipated Modi 3.0 administration.
The Union Minister's comments reflect a broader confidence in the budget's potential to drive significant economic advancements and reinforce India's position on the global stage.
By prioritising infrastructure, manufacturing, services, and tourism, the budget aims to lay a strong foundation for sustained growth and development.