Investments in India forming basis for global growth: Modi

India’s policies, commitments, determination, decisions, and investments coming into the country are forming the basis for current global growth, Prime Minister Narendra Modi said. 

Speaking at a post-budget conference organized by the Confederation of Indian Industry (CII) on Tuesday, Modi said India’s industry must seize this “golden chance.” 

“The whole world is looking at India. Today, India’s policy, steadfastness, and investment happening in the country are now forming the basis for global growth. This is a wonderful opportunity and a golden chance for Indian industry. We must not lose this chance,” Modi said at the inaugural session of ‘Journey Towards Viksit Bharat: A Post Union Budget 2024-25 Conference’.

Pointing towards the growing interest in India among global investors, Modi spoke about his call in a recent meeting of the NITI Aayog with state chief ministers for creating investor-friendly charters, bringing clarity in investment policies, and creating a conducive atmosphere for investment.

Held at Vigyan Bhawan in New Delhi, the conference aimed to present the outline for the government’s larger vision for growth and the industry’s role. More than 1,000 participants from industry, government, the diplomatic community and think tanks, among others, attended the conference in person while many others joined online. 

Addressing the gathering, Modi said “the nation can never fall back when its citizens have achieved stability in every aspect of life and are filled with enthusiasm.” 

“Today we are discussing our journey towards Viksit Bharat. This is not just the change of sentiment, this reflects a change in confidence,” he said, reiterating India’s position as the fifth largest economy in the world and rapid strides towards the third place. 

Comparing the current budget of ₹48 trillion with the ₹16 trillion budget of 2013-14, Modi said that while the increase in the budget has been three times, capital expenditure has seen a more than five times increase from ₹2 trillion in 2014 to ₹11 trillion in 2024. 

Reiterating that his government is determined to look after every sector of the economy, Modi said, “If you will look at different sectors, you will get an idea as to how India is focussing on each one of them.” 

The Prime Minister also claimed that there have been a record reduction in tax for different sectors. 

“In 2014, MSMEs earning ₹1 crore had to pay presumptive tax, now MSMEs with income up to ₹3 crore can also take advantage of this. In 2014, MSMEs earning up to ₹50 crore had to pay 30% tax, today this rate is 22%. In 2014, companies used to pay 30% corporate tax, today this rate is 25% for companies with income up to ₹400 crore,” he said.

Sharing his government’s vision to empower the ministry of micro, small and medium enterprises (MSMEs), the Prime Minister said they have addressed the challenges faced by them along with providing them with the required facilities. 

“We have been working continuously since 2014 to ensure that MSMEs get required working capital and credit, their market access and prospects are improved and they are formalized,” Modi said, adding that they have further ensured tax reduction and less compliance burden for them. 

Referring to the uncertainties of the current global scenario, the prime minister said that India’s growth has been an exception. 

“Nation is moving forward with the resolutions of Viksit Bharat,” Modi said, adding that 25 crore people have risen out of poverty in the last 10 years.

The Prime Minister said the government’s intent and commitment are very clear and there is no diversion in its direction. 

“Our government has no lack of political will. For us, the aspirations of the country and its citizens are paramount,” he said. 

The commitment of ‘Nation First’ is reflected in the $5 trillion economy goal, saturation approach, emphasis on zero effect-zero defect and pledge of ‘Aatmnirbhar Bharat’ or ‘Viksit Bharat’. He highlighted the focus and emphasis on expansion and monitoring of schemes. 

Calling India’s private sector a strong medium for creating a ‘Viksit Bharat’, the Prime Minister said that wealth creators are the main driving force of India’s growth story.