Economic Reforms To Agri Support: Modi Govt Unveils Rs 15 Lakh Crore Infra Projects In First 100 Days
100 Days Of Modi 3.0: The government claims to have approved projects worth Rs 3 lakh crore, prioritising infrastructure development in sectors such as roads, railways, ports, and airways
100 Days Of Modi 3.0: The Narendra Modi government has marked 100 days in office since beginning its third consecutive term on June 9, 2024. In this period, the government claims to have approved projects worth Rs 3 lakh crore, prioritising infrastructure development in sectors such as roads, railways, ports, and airways. Among the key initiatives is the Vadhavan Mega Port in Maharashtra, a Rs 76,200 crore project poised to become one of the top 10 ports globally.
Infrastructure Push
Under the Prime Minister's Rural Roads Scheme-4 (PMGSY-IV), approval has been granted for the construction or upgradation of 62,500 km of roads and bridges, connecting 25,000 unlinked villages, with central assistance of Rs 49,000 crore.
India's road network is set to receive a boost with an investment of Rs 50,600 crore, including eight new National High-Speed Road Corridor projects spanning 936 Km.
The foundation stone was laid for the Shinkhun-La Tunnel, which will connect Ladakh with Himachal Pradesh, enhancing strategic connectivity. Eight new railway line projects were approved to speed up train travel, generating 4.42 crore man-days of employment.
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Airports and Metro Expansions
The government approved the development of the Lal Bahadur Shastri International Airport in Varanasi, along with new civil enclaves at Bagdogra in West Bengal and Bihta in Bihar. Additionally, airstrips will be built at Agatti and Minicoy islands.
Metro projects in Bangalore, Pune, and Thane were also greenlit, marking expansions in public transportation.
Support for Farmers and Agricultural Sector
The 17th instalment of the PM Kisan Samman Nidhi scheme has disbursed Rs 20,000 crore to 9.3 crore farmers. In total, Rs 3 lakh crore has been distributed to 12.33 crore farmers since its inception.
The MSP (Minimum Support Price) for Kharif crops for 2024-25 has been increased, benefiting about Rs 2 lakh crore worth of crops.
The Centre approved the Rs 12,100 crore Polavaram Irrigation Project in Andhra Pradesh and other schemes worth Rs 14,200 crore, including the Digital Agriculture Mission to boost productivity.
Cooperative sugar mills' ethanol production units will be upgraded to enable ethanol production from maize, supporting the rural economy.
Tax Relief and Economic Reforms
Tax relief measures include no income tax for individuals earning up to Rs 7 lakh, while salaried employees can save up to Rs 17,500 in taxes. Standard deductions have been increased to Rs 75,000, and the family pension exemption limit raised to Rs 25,000.
The Angel Tax on start-ups has been abolished, and corporate tax for foreign companies has been reduced from 40 per cent to 35 per cent to enhance India's global competitiveness.
Welfare for Government Employees and Youth
The Unified Pension Scheme has been implemented for government employees, ensuring 50 per cent of their average basic salary as a pension for those with 25 years of service. The third iteration of the One Rank, One Pension (OROP) scheme has also been approved.
The Modi government announced a Rs 2 lakh crore package to promote employment and skill development for 41 million youth over five years. One crore internships at top companies, skill development initiatives for 20 lakh youth, and improvements to 1,000 industrial training institutes are key features of this initiative.
A Credit Guarantee Scheme for MSMEs has also been launched, enabling traders to access loans without collateral.
Boost to Industrial Development
The National Industrial Corridor Development Program aims to establish 12 industrial nodes, facilitating investment and business ease. E-commerce export hubs in Public-Private Partnership (PPP) mode will support MSMEs and artisans.
MUDRA loan limits have been increased from Rs 10 lakh to Rs 20 lakh for traders, and a Rs 1,000 crore venture capital fund has been created for space sector start-ups, positioning India as a leader in the global space economy.
Green Initiatives and Public Transport
Solar energy systems have been installed in over 2.5 lakh homes under the PM Surya Ghar Muft Bijli Yojana. Additionally, the government has approved Rs 3,400 crore for the purchase of electric buses to promote eco-friendly public transport.
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