India's Fiscal Prudence Is A Role Model For World, Says PM Modi At CII's Post-Budget Conference

The PM also said that capital expenditure is considered the most effective form of resource investment. In 2004, during 1st budget of the UPA government, capital expenditure was about Rs. 90,000 cr

Prime Minister Narendra Modi

Source : PTI

Prime Minister Narendra Modi said that, despite global challenges, India remains the only country experiencing 'high growth with low inflation.' He was speaking at the opening session of the ‘Journey Towards Viksit Bharat: A Post Union Budget 2024-25 Conference’ on Tuesday. Modi highlighted during the address that in a world full of uncertainties, India's growth and stability stand out as exceptional. India is the only country experiencing high growth and low inflation. Our fiscal prudence sets a global benchmark. India's contribution to global growth is 16 per cent, despite facing several economic setbacks over the past decade. Without these challenges, India’s position would likely be even stronger.

The PM also said that capital expenditure is considered the most effective form of resource investment. In 2004, during the first budget of the UPA government, capital expenditure was approximately Rs. 90,000 crore. This figure rose to Rs. 2 lakh crore; today, it exceeds Rs 11 lakh crore.

PM Modi remarked, "Before 2014, the budget often featured grand announcements to give the impression of a strong economy. However, these announcements rarely translated into real-world implementation. Previous governments neglected to complete any schemes. Over the past decade, we have transformed this approach."

PM Modi stated that during the pandemic, discussions frequently centred on 'restoring growth.' He recalled asserting that India would soon resume its development trajectory. "Today, India is growing at a rate of 8 per cent," he added.

Modi also mentioned the railway budget: "We have increased the railway budget eightfold compared to the previous decade, the highways budget eightfold, the agriculture budget over fourfold, and the defence budget more than doubled."

He also discussed scams and added, "Everyone is aware of the situation of fragile five and scams of lakhs crores before 2014... We presented the details of the economy in front of the nation in the form of a White Paper. It should be debated where we stood. We released the industries of India and brought them to the heights."